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Bob Baldwin
  • Investor
  • Shelbyville, Kentucky
20
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93
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Where was ALL this INFORMATION 40 years ago ?

Bob Baldwin
  • Investor
  • Shelbyville, Kentucky
Posted Apr 16 2013, 16:26

Basicly I am looking for some ADVICE from the SENIOR INVESTORS on Pre-planning or Starting to Convert to CASH for future Generations .most of what I read about on BP "TENDS" to be geared toward the YOUNGER GENERATION with lots of GURU's and Newbies . My APOLOGIES to those NOT in that situation .

Got out of the service back in Late 60's .grew up in a Very Rural part of Conn. lots of Dairy farms in the area .
really did NOT have a pot to "P" in but was very very interested in Real Estate . really NO such thing as mentorship back then .I was lucky to get on with UPS in their early expansion ,I think at the time they were in 13 states .tried college but NOT my thing .

Decided if I wanted to learn anything about Real Estate I would have to be " CREATIVE" I ended up trading my time with 2 Bank officers ,2 lawyers and 1 CPA all investors . I mowed their lawns , plowed their snow ,shovelled their sidewalks , and plowed their gardens for 20 minutes of their time in really a Q&A sessions almost weekly . Certainly LEARNED a lot .

Fast forward 40+ years Looking at age 70 SOONER than I had Planned . Put 2 kids through College , Fronted the $$$ for their house down payments , matched their "Principal : payments with theirs , Ended up paying their houses off in about 8 years .6 grand-kids and 1 Great Grand Kid latter ,I have been lucky enough or Frugal enough to Pre-pay enough for their College education and set up a trust 50K if they need Down payments for their first houses ,They would be Primary Residences .

over the years I have dabbled in Raw land , built some Spec houses ,built a 34 unit Apartment rental , finished out a 50 unit Condo Project for a Bank whose developer had gone bankrupt, put up 3 small strip malls and a Convenience store /Gas station .If I had to liquidate all present holdings NET would be 8-10 Million as per the Assesments . Not a problem but one issue is they are in 3 different states .All are FREE and CLEAR except for Taxes ,Insurences, and monthly expenditures .

consulted with 3 different attorneys , 2 CPA's and 1 Probate judge .Sadly got 6 different opinions on WHAT I should do .NOT sure WHAT I should do at this point So far the kids both have very successfull business they own their buildings but have really NO interest in real Estate Investing .

as stated I could liquidate All or have some type of Trust in place for ongoing income for generations to come . NOT sure WHAT to do . myself the wife and kids are fairly Frugal in our life style .though they are ALL Urging me to make a decision on structuring something in place for generations to come .

NO I am NOT going to WHOLESALE Any of the Properties !!!

Perhaps the only thing I need is to retire to Fla. buy a NICE FISHING boat or perhaps an ASTON-MARTIN and just sit in it with a BIG SMILE on my Face

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