It's career day at your local high school.You are picked like every other Activerain member to step forward, give your two cents. There is a classroom of high schoolers toying with the idea of what they think they want to do with the rest of their life. That's where you come in. You are here as Joe and Josephine Professional REALTOR, banker, stager, title company exec or home inspector to give them your words of wisdom. Advice, experiences, lessons learned over the years you have been doing what you do. What would you tell them? What could you leave the class with today that helps them in their journey regardless of if they ever get into the real estate game? In other words, what have you learned you can share or mentor this class with as a jewel, something to save them heartaches, wasted steps, or to save them money? What would you tell them?
During my turn at the podium, I would think of something a high school career day speaker that sold cars told us. He said the outside of the car is shiny, sporty, sexy. The tires wet with slick dresssing in a can, the inside smelling like cherries or a pine forest. But look in the trunk. How neat and clean and well preserved is where you don't see. Check under the hood for signs of primer paint overspray, or door jams that show this car has been in an accident, the paint does not match, etc. This was before CarFax. Back to real estate, what to tell them to be on the look out for or to remember as they consider buying their first house, some recreational land, or as they kick the tires on a rental property, condo, waterfront cottage?
In my case, I would remind the class that owning beats renting or throwing "cash into the trash". I would encourage them to budget their monthly income, to live below their means and to save 10% of what they make as a strict habit. I would also tell them it's like flipping burgers and you have to start somewhere.
Don't expect a property like their parents own right now. Have impulse control, wait for the deal to come along and study the market. What they buy is not forever ownership either.Like a starter used car, consider they are working their way up. This purchase is a stepping stone, an investment. And lastly, you can not have everything going gadget wise, materially and money in the bank too. What would you tell this class as pearls of wisdom if someone polled you?
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