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I heard a radio story about this girl. I think its great that she is getting into this business at a young age, and buying these houses while prices are at rock bottom... just curious though, because of her age (not yet 18), how much input are you having in helping her decide what to buy, how to set up contracts with renters, advertising, and most importantly how to deal with contractors? Dealing with contractors is a lot of times hard enough for grown ups, and i cant imagine a teen girl doing all this by herself.
Thanks for your questions. Because of her age she cant legally be on any of the properties. She goes with me to view all properties that are considered. She figures out how much tile we need, paint colors, lights, fans, etc. We have a standard rental contract that we use. She knows the contract and goes over it with any new potential renters. We advertise on Craiglist and meet potential renters at a public place/restaurant, etc. We interview the contractors together but have now found one that we have been using for the last year or so and he and his crew do most of the work. There are other issues that arise, for instance, a dryer going out. She will get on Craigslist and find a new one. Willow will call when we get a new house and she will have the utilities switched into our names.
She doesn't do anything totally by herself. We are partners and work as a team.
Thanks for your questions. Because of her age she cant legally be on any of the properties. She goes with me to view all properties that are considered. She figures out how much tile we need, paint colors, lights, fans, etc. We have a standard rental contract that we use. She knows the contract and goes over it with any new potential renters. We advertise on Craiglist and meet potential renters at a public place/restaurant, etc. We interview the contractors together but have now found one that we have been using for the last year or so and he and his crew do most of the work. There are other issues that arise, for instance, a dryer going out. She will get on Craigslist and find a new one. Willow will call when we get a new house and she will have the utilities switched into our names.
She doesn't do anything totally by herself. We are partners and work as a team.
How does one "own" a home at 14 if they can't be listed as the owner? Are they in a trust that she is the sole beneficiary of or something?
Thanks for your questions. Because of her age she cant legally be on any of the properties. She goes with me to view all properties that are considered. She figures out how much tile we need, paint colors, lights, fans, etc. We have a standard rental contract that we use. She knows the contract and goes over it with any new potential renters. We advertise on Craiglist and meet potential renters at a public place/restaurant, etc. We interview the contractors together but have now found one that we have been using for the last year or so and he and his crew do most of the work. There are other issues that arise, for instance, a dryer going out. She will get on Craigslist and find a new one. Willow will call when we get a new house and she will have the utilities switched into our names.
She doesn't do anything totally by herself. We are partners and work as a team.
That's very very awesome. You're doing great as a parent teaching her responsibility finances and life in general. My hat's off to you and your daughter. Just great. Keep it up.
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