One DAD got her kids to save pocket money to buy a house – emphasizing that it “won’t be a free ride” when they grow up.
Cam McLellan, 47, has encouraged her children Hannah, 14, Gus, 12, Lucy, 11, and Ruby, six, to save more than £1,000 each on a mortgage on one estate land near Melbourne, Australia.
To earn pocket money, the siblings packed thousands of books into their father’s fortune.
The plot is priced at £360,000, with property investment specialist Cam and his wife Felicity helping their children reach a £64,572 down payment.
They are also designing the house that will eventually be theirs.
Talking to Daily Mail AustraliaCam said he wants to help his children gain a foothold in the market.
“It is much harder for people to get into the real estate market right now and in the coming years it will get harder and harder,” he said.
“That being the case, my wife and I know that we will always have to help our children get into the market and so we thought, why not now?”
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Cam has also set up a trust fund to help her children secure mortgages.
Once it’s built late next year, they plan to rent it out while it collects in value.
He predicts the property will double in value to about $1,342,000 in 10 years.
The family will then sell the house with the children sharing the profits.
But Mr McLellan insists it will not be a “free trip”, with his four children.
They will have to return the deposit that he and his wife have placed.
Cam is a director and co-founder of real estate firm OpenCorp but said he and his wife don’t work because they live off their extensive portfolio.
He passed his wisdom on to them.
His older children were worried about what it took to invest in real estate, and concepts like capital gains taxes.
https://www.thesun.ie/money/8122861/helped-four-kids-save-pocket-money-buy-house/ I helped my four kids save pocket money to buy their first home