Number 1 is gone!

[gwasser]

Yesterday after 20 years was the great day! My daughter moved out of the house to live on her own. Rather than renting from a unknown landlord, I set up my first JV with her. She gets 25% of the profits on the apartment we bought (I did the money part) in return for her managing it (i.e. getting a roommate, paying the utility bills, keeping the place clean). Of course she pays rent for her half of the unit, how else can she call herself indepedent?

She was an active partner during the purchase and selection process and we have found a cute 2 bedroom, top floor, apartment surrounded by shopping centers, a nearby LRT station and 2 stops away from UofC.

The bad news is, I have a sore back from all the furniture moving. Boy, I did not realize how much stuff she had accumulated. Best of all, even her mother (my spouse) thinks the apartment is fine!

 

[GarthChapman]

What a great way to help her get started, and you moving towards an empty nest...

 

[realfortin]

QUOTE (gwasser @ Sep 2 2008, 08:35 AM) Yesterday after 20 years was the great day! My daughter moved out of the house to live on her own. Rather than renting from a unknown landlord, I set up my first JV with her. She gets 25% of the profits on the apartment we bought (I did the money part) in return for her managing it (i.e. getting a roommate, paying the utility bills, keeping the place clean). Of course she pays rent for her half of the unit, how else can she call herself indepedent?

She was an active partner during the purchase and selection process and we have found a cute 2 bedroom, top floor, apartment surrounded by shopping centers, a nearby LRT station and 2 stops away from UofC.

The bad news is, I have a sore back from all the furniture moving. Boy, I did not realize how much stuff she had accumulated. Best of all, even her mother (my spouse) thinks the apartment is fine!

Well done. It teaches her many lessons at a very early age. She will experience the feeling of ownership and responsibility while learning about business and property management.

 

[DonCampbell]

Congratulations!

The next phase in life begins (for both of you). And the best news is, by showing her what can be achieved by investing intelligently, you not only set her up financially, you set her up with the right mind-set.

We should all be leaders in our lives.