Generational Reasons to Succeed
How to transform investment real estate purchasing strategies or processes might be more meaningful to you than another generation; whether you are a member of Generation Z, a millennial, a Generation X, or a baby boomer.
In my book, 31 Days to Purchasing and Renting Your First Investment Real Estate Property I offer specific strategies tailored by generation. However, please note I don’t mean to pigeonhole all people according to their age. It’s just a way of identifying the common characteristics of the different generations. Above all, allows me to help those in different stages of life to build a strong financial foundation that’s right for them.
Life stages might be a better way to categorize guidance.
The Gen Z Suite Strategy – How to Transform Investment Real Estate
Members of Gen Z are often labelled “digital natives.” Therefore, like the millennial generation, they get painted negatively because of their screen time. Again, I am not a big fan of labels and trying to fit a whole generation into a tidy box.
Gen Z will bring leadership to the world coming out of the pandemic. Investment real estate will see transformations in how it is used because of Gen Z. Simiarlity, I see opportunities for what I call the “Gen Z Suite,” a strategy built on income suites with their grandparents.
More than ever grandparents are playing a bigger role in the lives of their grandkids. The family bonds are stronger than ever.
The Grandparents of Yesteryear are Not the Grandparents of Today
When I was growing up as a grandchild three of my four grandparents were not active in my life. Both my grandfathers both left this earth far too early, dying at 66 and 67 years of age respectively. In addition, both my grandmothers were both gone by their early seventies.
As a grandparent I introduced my grandkids to downhill skiing and this past summer my wife and grandkids took golf lesson together. Both these activities are part of our lives for the foreseeable future.
Transcending the Past – Message for Grandparents
In their book, Transcend: Nine Steps to Living Well Forever , authors Ray Kurzwell and Terry Grossman, MD, talk about how health and medicine are moving into the new information technology era. Kurzwell, who has written extensively about a key characteristic of information technology called “very rapid exponential growth.” He talks about how we now can dramatically reduce the risks of our biggest killers, heart disease and cancer; therefore, dramatically slow down the aging process. The purpose of Transcend is to explain how you can take full advantage of the available information. This information helps eliminate your chance of disease and dramatically slow the aging process, starting right now.
Simple Message for The Z Suite Strategy and All the Z Generation
If you have a strong relationship with your grandparents and they are still active in your life have the conversation. Ask what they want to do with their retirement or later years in life?
You might find they would like to travel or go south for the winter. However, your grandparents would like to have a home base to return to. They could be very receptive to being your tenant in a bungalow or second side of a duplex.
Option Without Moving – Benefits Galore – How to Transform Investment Real Estate
Your grandparents may have a property; maybe this property is a bungalow. Your grandparents might be interested in selling their property to you. They get to stay where they are. No disrupting their lives. The funds they earn from the sale of their home add enjoyment through retirement or later years in life.
You develop a suite in the basement and you have your own home that you know. What a cool benefit!
Are your grandparents currently renting? Therefore, by working with you, you can find a property that brings more value to them in terms of lifestyle. Check out the idea below.
The Idea in Action- How to Transform Investment Real Estate
One of my clients recently wrote me a thank you note after I helped her with the idea of purchasing a property with the purpose of renting to her grandparents.
“I’m the proud owner of a beautiful home, building equity for the future while providing my aging grandparents with housing security at the same time. Thanks, Rick!
This property is a bungalow. Her grandparents currently live on the main level. My client has developed a beautiful suite for herself in the basement of her new home.
My client’s grandparents were renting a one bedroom condo with no backyard. Today they are renting from my client and have a larger and more comfortable living space including a backyard to enjoy.
In conclusion, if you work together with your grandparents to find the right property for them. Your grandparents end up with a great place of live. Similarly you have a great investment property; Win, Win!