|
My father has been decently successful with RE investments. House we grew up in, plus 7-8 local rentals, and a few in Montana. Other than Montana, he always did all the maintenance (with some help from me) himself. Now he's reaching an age where he can't do it any more, but almost all of the mortgages are paid off so he can hire someone.
If I could afford to take 2+ weeks off every couple of months to clean up a rental, it might have been tempting. Dealing with all the deadbeats it just wasn't worth it to me.
My mortgage is paid off in 2022. I can't wait to have an extra $3000/month so that my wife can retire, then once I reach minimum age for my pension I'll head out the door too.
Wife/I had a heated discussion last week because she suddenly wants to buy a new property, and keep the house for the kids but also have room for them to move in with us??? I can't see starting over with a new mortgage on a new house, nor paying the new taxes.
Wife sees that Zillo lists our house in the mid-700s (WHAT???) so we can just trade up to a multi-floor McMansion further into the suburbs. Problem is those are in the low-1.7s now. Even if we could cash out all our equity and find something to trade straight across, it's those new taxes that would kill us. Right now we pay on land+improvements in the 185s since she originally bought the house almost 30 years ago.
Dad says he bought his last vehicle a few month ago. Just hold on honey, we'll soon have plenty of rentals, I'm the secondary on the family trust <JOKING>
|