Sarah Woellert Registered User
Posts: 11
(3/25/04 6:41 am)
Minors in real estate?
Hi, i have a 16 about to be 17 year old brother who wants to get into this stuff with me, and I am trying to figure out just how much he can do on his own, and how much he is going to have to do kind of under the table with me, or someone else (like mom) as a front. Can a minor be the beneficiary of a land trust? Can he be the Trustee? Is he allowed to sign a sales agreement? can he borrow money? from anyone? even if it was me giving the loan? And if he can't I was wondering........What if he formed a corporation and did all his business under his Inc. name, Then would he be able to do all of this? And on that sublject, Is he even able to form a corporation?
They should teach this stuff in high school.
StacieJG Registered User
Posts: 10
(3/25/04 7:09 am)
Re: Minors in real estate?
According to Robert Kiyosaki (Rich Dad Poor Dad) schools are wonderful at teaching children to be employees. I must say that I wholeheartedly agree with that line of thinking. It's part of the reason I'm glad I homeschool...however, these are all new concepts to me, too, so I've been caught in the same trap of teaching them to be employees (we'll, actually I've done a few things right, but not nearly enough, to develop entrepreneurial spirits in them). Because we homeschool, though, I can totally shift directions & go on a more entrepreneurial bent now!
I hope someone gives some answers to you about minors. Unfortunately, I don't have the answers, but will be immensely interested in the answers you receive so we'll know what to encourage our boys to do, too.
Stacie
p.s. Thanks for answering my "books" post!
Sarah Woellert Registered User
Posts: 13
(3/26/04 8:00 am)
homeschooling
yeah, that is really cool that you are trying to teach them the stuff that they will really need in life. I was homeschooled up through the 10th grade, then i went to private school for a year, then public and came home my last semester. I think the most useful thing i ever learned there was not to listen to everything you hear.
Their science department was a joke. My whole class cracked up when they started telling us that canaries used to be dolphins. It hasn't been that long since i graduated either, so i know things can't have changed too much. (since 2001)
Doug Pass Registered User
Posts: 3
(3/26/04 3:12 pm)
Re: homeschooling
Good to see there are some fellow homeschoolers in the real estate crowd. My daughter has developed into a young entrepeneur by going around the neighborhood and selling cookies (home-made, not the Girl Scout stuff), offering to wash cars, and babysitting. She's 12 years old and has $600 in the bank. I plan on taking her along when I look at houses that I might buy and flip, having her manage rental property I already own, etc.
Jay Compton Registered User
Posts: 106
(4/2/04 3:37 am)
Age question??
Sarah,
I might can give some input to this question because I was faced with it several years ago. When I put my very first house under contract for purchase, I was 17. I had to wait until after my 18th birthday (3 weeks later) to actually close the deal. I am now 30 years old and I've bought and sold I-have-no-idea how many homes and apartment buildings... But to this day, my closing attorney tells me I can't sell to a buyer under 18.
Now, I wouldn't see why they couldn't be the primary shareholder of a corporation, but...I'm not an attorney...Just a junk house buyer...
Jay Compton
Sarah Woellert Registered User
Posts: 16
(4/10/04 8:54 am)
Re: Age question??
Thanks Jay! That does help me with the question of his being able to buy or sell in his own name. Now that I know that he can't, I will move on to researching the corporation aspect. If there are any lawyers out there reading, I could still use some input on the Land Trust issue for purposes of buying and selling subject to the existing loan. Since as the beneficiary of the Trust, He would not actually hold the deed to the property, but would only hold the beneficial intrest of the trust, would his age affect a transaction of this type?
Email This To a Friend
Topic Commands
Click to receive email notification of replies 
Click to stop receiving email notification of replies