The Real Conversation You Should Be Having With Your Family
Everyone these days is talking about real estate but very few are talking real estate.
The 24-hour newscycle feeds the demand for market drama focusing on a few choice data points to inspire heightened emotional responses from its followers in regards to price, mortgage rates and sales volume. But, in the end, that’s all they are: a dot on a line... on a chart published days ago... based on data that might have been gathered weeks ago.
Everything else is interpretation, extrapolation, opinion and prognostication.
Such conversations definitely fill newspapers and websites while fueling social media tirades & talk-radio but, what’s in it for you?
Not much, I’m sorry to say.
The fact is that little of any of that has to do with the two things that matter most to the everyday Joe and Josephina who are either raising children or supporting them as life coaches and/or grandparents having left the nest:
- First, that you own “useful” real estate;
- and, secondly, that it’s employed effectively.
Buying and owning “useful” real estate is a conscious choice in stewarding a property towards its next ”user”. Stewarding requires forethought and strategy in regards to decisions about conversions, upgrades and redesigns and their impact on a property’s utility and marketability when you choose to either sell it or rent it at a later date. Useful real estate is always in demand and it always fetches the best price that the market can afford.
Too, the property that you own has to be put to work - it should never be allowed to evolve into a lazy teenager that sleeps in until noon, saunters down to the refrigerator for a free meal and then demands an allowance for doing nothing more than consuming anything and everything in its path. No, your property has to contribute to your family’s wealth building efforts each and every day just like you. But, how?
Useful property can always be put to work. Employed as a home then that structure has to provide a safe, healthy living environment for you and your family, operating at a high level of efficiency while minimizing waste.
If the property is a rental property then it has to generate as much revenue as possible while minimizing operating costs as well as wear & tear.
And, if the property is vacant land - then it must be assigned a utilitarian purpose such as having a residential or commercial structure built on it; storing RV equipment out of season; or lending it out to a farmer for pasture or crops.
Owning, managing and converting real estate is an active conversation about creating wealth and financial security for you and your family. It’s a family business in which everyone can contribute and gain - from a young person’s contribution to keeping the yard free from branches and leaves to the high earners of the family maintaining a solid credit rating capable of securing suitable financing to acquire the next property.
The reward is a lifetime of wealth and financial security - where the family business has more than enough disposable income to ensure that the kids graduate from college debt free while mom and dad can retire when they want to without any financial worries.
All that said, as parents, grandparents and great parents of millennials we share a common frustration in watching them grow and prosper while failing to establish the essential savings and wealth-building programs for which they will inevitably have to rely on in their later years.
Not that earlier generations did any better in that regard but, the fact that millennials don’t share the same passion for owning property that older generations did while having children later into their careers puts little Cody and Candice in their first year at college at just about the time when mom and dad should be shifting into overdrive and enjoying the ride after 25 years on the job - all with the extra struggle of not having the wealth reserves they could have if they had invested in property early on.
Complicating Cody & Candice’s struggles, teachers and public employees who have the ability to retire right now with a full pension are second guessing that path for the simple fact that the monthly stipend won’t provide for both their own lifestyle and that of their children who are either still living at home or mid-way through college. So, the jobs that Cody and Candice are being promised upon graduation aren’t available because the tenants currently holding those positions can’t afford to retire.
Oh, the irony.
The financial forecast, then, is rather bleak for everyone caught up in such circles and that is why starting a family business owning and managing property is a necessity rather than a luxury, these days - even if it’s just aquiring a more useful home.
Fret not, it’s not too late to get started - it’s never too late until it’s too late.
So, let’s find you useful property that can be put to work for you and your family.
Call The Mash Team today and, let’s get the real conversation started.