How it all Happened...

This winter we purchased a property we are turning into a vacation rental that we named, "The Waters."  One day while we were gutting it out, the next door neighbors son showed up. The property had sat mostly empty for 2 years as his dad was older and didn't make it out to the lake anymore.  When he showed up Ryan went over to chat with him, as he does:) and found out that his dad had died and that he came out to check everything over and hopefully sell the property.  It had been listed for sale 2 years prior for $240k, a hefty price tag for a lot with a trailer that is mostly a tear down.  It never sold.  He had said his dad had offers for $140k and never took them and wished he had.  Ryan casually threw out, if you decide to sell please let us know first, we'd love to think about it.  The sidewalk of our new property is pretty much the lot line to this property so with it being so tight, it would be nice to have some extra space. 

Later that day the man had a realtor come out to see what he could sell the lot for.  The price he came up with was $130K, so the man offered it to us for $125k.  Remember we are in the thick of a reno and a mortgage we just took out.  I wasn't super excited about another large purchase.  And then it hit me.  How amazing would it be for Tate to have a lake lot, be close to the rentals so he can help us manage them, and work towards something while he launches his career from home.  We asked him about it and he got pretty excited, and also very nervous all at once.  Ryan chatted with him and said, "It's hard becoming a man overnight isn't it?" Launching is now taking on a whole new meaning for him. 

The property came "as is" with the trailer house and garages completely full.  The man walked away 2 years ago and there was still food in the cabinets and clothes in the closet.  That being said, we also knew we were getting a nice pontoon and a nice dock, as well as 2 old golf carts and a bunch of tools.  All equaling about $20-$30k in price.  So we told Tate we will buy the pontoon (an upgrade for Lakeside) and the dock ( an upgrade for the Oaks which it really needed) and lower his loan even more.  We also agreed to co-sign the mortgage for him so he would be qualified for the loan.  So Tate is responsible for a $95k mortgage, but this is how we broke it down even more.

The beautiful thing about owning your own business is that as soon as the kids are able to work, you can pay them tax free on both ends, up to $16k/year. (Check your state allowances as they may differ) I know you all have seen Tate working hard for us the last few years, and everyone asks, do you pay him?  Yes we do, and its a benefit to both of us.  We pay him hourly up front, and we also have been putting some away in his *future fund*.  Most people start college funds, we have future funds because we have never promoted college unless our kids showed a desire in going.  We really were hoping Tate would be excited about a trade (HVAC, electrical, plumbing) since Ryan taught him all of those and he does great at them, but he wasn;t passionate about any of them to pursue them.  He worked landscaping for a few summers and fell in love with it, as well as anything outdoors.  So he wanted to start his own business.  We had saved up about $40k in Tates future fund, so when this opportunity came along he decided to use $15k of it as a downpayment on his land.  The money is there for them to use for anything business/future related and we have really retrained our brains to view us helping our kids at the age of 18 to create a life where they are able to start a family early if they want and not start majorly in debt over giving them large lumps sums of money when we die and they are 60 years old.  Our other huge goal in life is to make it possible for them to keep their spouse home at all costs as we find so much value in a mom being home to disciple, train up and love on her kids.  And lastly, above all else, we want our kids being obedient to God, using the skills and interests He has given them, work hard, and walk in His will each day.  We pray He directs their paths and steps (more on that to come)  1 month ago we didn't foresee Tate buying a property.  But when the Lord gives you opportunities, you pray about them and move forward with the best knowledge and wisdom you have, and it's amazing how He takes care of us. 

SO HERES THE FULL BREAKDOWN

Future Budget = $40k

Tools needed to start a landscaping/Outdoor business (all found for great deals on marketplace by Tate) $5500

Down payment on a lot $15,000

Still to purchase - A truck that can pull a trailer/bobcat $15-20k (But Tate is selling his truck and jetski he paid cash for over the years for about $10K, so he'll take another $10k out of his future fund. 

Leftover = $9500 for an emergency fund

Tate will work for us all summer and finesse his skills as well as get a nice portfolio to show what he's capable of.  He plans to diversify his business so he can stay busy year round, so stay tuned for that. He also we borrow dad's tractor or bobcat as needed until he has income coming in and can purchase one himself.  His mortgage will be right around $600/month and hopefully within a couple of years him and his dad can build a cute starter home on his lot. 

Shifting your mindset as to how you want to launch your kids starts early and takes intentionality!  That's why a few years ago Ryan and I created a course about living differently in todays world. Being set apart, being intentional, taking the time to invest in your family and your future, because before you know it the time slips away and major life events like graduating a kid are here!  Our course covers parenting, marriage, finances, technology with kids, and creating a home to raise them in.  Its broken down and super simple but gets your family talking about what you want your family culture to look like.  I decided to offer 75% off with code SOLD because I believe every family should have access to it! 



Use code SOLD to save 75% off the course making it under $30

Our plans are always to be our kids biggest cheerleaders, to do what we are able to do to help them succeed as long as they are working hard, taking initiative, and wanting to learn.  And it makes it a joy when you know they are digging into Jesus and being obedient to Him first and foremost.  His plans are ALWAYS better than ours, and that's the biggest lesson we want to teach our kids.