How can you instill a financial education in your children? What’s the best way to teach young minds about things like real estate investing, and the power of performing assets? That’s the first question I’m answering on today’s show!
On this Q&A episode of Investing in Real Estate, I’m taking three great listener questions on financial intelligence for kids, how to find private money, and how non-recourse loans work. Join me on episode 835 to hear my answers to your questions!
On this episode you’ll learn:
- How to teach kids about financial intelligence.
- The best ways to find private lenders.
- How banks look at properties for non-recourse loans.
- And more!
How to Teach Kids About Financial Intelligence
I love this question so much. Financial intelligence is an important skill, and it’s one that we don’t typically learn in school. I think the most important thing you can teach your kids is the difference between performing assets and liabilities, and how to turn a liability into an asset.
Here are a few resources I can recommend:
The Best Ways to Find Private Lenders
If you’re looking for funding on a deal, I would suggest attending local real estate meetups. Go to meetup.com and put yourself out there. You can put together some flyers that contain all of the details about your property. If the numbers make sense, then you should be able to find local lenders at local real estate meetups.
How Banks Look at Properties for Non-Recourse Loans
With a non-recourse loan, the loan is based on the merit of the asset (and not necessarily the borrower). A non-recourse loan is a commercial product, meaning it requires an LLC. When a bank studies a property for a non-recourse loan, they assess everything about the property and the neighborhood! Ultimately, their goal is toe ensure that the property is a low-risk deal for them. Banks typically are looking for new and clean properties that are tenanted and in great neighborhoods.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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