Old timer investors. Are you going to be one?

Old timer investors. Are you going to be one?

Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes

The two investors I knew growing up kept at it their entire lives. Here is an article about a local Portland guy that is a legend in RE. Do you plan on investing forever?

Joe Weston unplugged
Published: Monday, November 19, 2007, 8:21 PM Updated: Wednesday, November 21, 2007, 9:35 AM
By Ryan Frank, The Oregonian

I had lunch Monday with Portland's 69-year-old godfather of real estate, Joe Weston. Weston has been at it for decades. He owns 2,500 apartments and industrial and commercial property across Northwest Oregon. He also remains the controlling interest behind the Hoyt Street Properties. I love this job because the real estate industry is full of personalities. Joe Weston is one of the Old School guys. He's worked in the same aging office building on NE Broadway for 40 years. The building happens to be a short drive from where he grew up at 31st and Flanders. At lunch, Weston wore his trademark red, white and blue tie with bald eagles.
Weston is traveling more these days but he remains busy as always. A quick run down what's on his to do list:
- Hoyt Street still has two blocks left in its current Pearl District phase and a whole other phase to follow. They're working to get more height bonuses from the city. He says sales are "extremely slow" at the Encore, his current project under construction.
- Weston is now doing some projects on his own. Benson Towers was the first. The Cosmopolitan in the Lloyd District will be next. He has OK'd the Cosmopolitan through construction documents. He plans to shelve the plans, then restart the project when the market returns. Weston pushed the Cosmopolitan ahead of another condo, the Manhattan. The Manhattan had been planned downtown just west of I-405. "Why did I reverse? It has smaller units and when the market comes opens up it will at a lower price point," Weston said. He plans to serve Lloyd District workers and people who live elsewhere but have a second home in the city.
- How long until the condo market returns? Weston says it will be "at least two years."
- Weston has a small place in NE and another place near Oregon City. "I don't go out there too often. Gas is too damn expensive."
- Over the last five years, Weston has purchased a bunch of land near 12th Avenue and Sandy Blvd. His holdings are now equal to 20 city blocks or about 800,000 square feet. "What am I going to do with it? Damned if I know." Weston likes the property because its platted for superblocks -- 460 feet long instead of the standard 200 feet -- that make it easier for development.
- He's also bought hundreds of acres near the Scappoose airport. He's in talks with the city of Portland for a new a police/fire training center, Mayor Tom Potter's big project.
- Weston moved across the river to buy about 73 acres at 192nd Ave. and Highway 14 near Camas. He said: "Vancouver is no longer a bedroom community of Portland, Oregon. It is a city unto itself."
- Weston says Central Oregon's market is dead, dead, dead. He sold much of his land and owns only two big lots in the Broken Top Highlands.
- In California, he owns about 78 acres in Palm Springs that he's developing for housing lots. "The nicest lots in Palm Springs."
Clearly, Joe Weston is not retiring any time soon.

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Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y

Hello, my name is Will and I am a realestateoholic and will happily be for life.

Also attend AA meetings - Acquisitions Anonymous

See this reply in the discussion

47 Replies

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  • Real Estate Investor · Louisville, KY · Member since 2012 · 39 posts · 9 votes
    13y

    I'm on track to be an old-before-my-time investor. Does that count?

  • Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    13y

    Brian H. No, because if that happens you won't be an old-timer. These guys lived into their 80's. While they were busy working they had great lives too. They were opposites in many ways, one kept debt while the other was a F&C guy. You have to have a good time.

  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    13y

    I see real estate as a rest of my life investment. Active now, passive in retirement. Passive 10% yields? Why not?

  • Investor · Central Virginia Area, VA · Member since 2012 · 80 posts · 28 votes
    13y

    I'm getting older, I'm still investing, and loving life...so something is definitely working! I'm on the F&C old timer track. I won't have 2500 properties, but I will absolutely be enjoying a passive investing retirement in three more years! Although I like to think of it more as my next career stage...just a much more fun career stage that will include a lot more vacations!

  • Clemson, SC · Member since 2012 · 82 posts · 19 votes
    13y

    If you enjoy investing, why quit? I can't imagine being entertained day-in and day-out with shuffleboard and bingo. Maybe by the time I retire I'll have found a time-consuming hobby.

  • Commercial Landlord · Oshkosh, WI · Member since 2013 · 299 posts · 88 votes
    13y

    Il never quit! I am addicted to investing. If I live that long I will be doing deals beyond 70's if I have the health.
    When your nitch becomes entertaining it is hard to walk away from. My challenge is staying balanced in life and doing things besides real estate. I have had to limit myself to 9 hour days 6 days a week to stop from being un balanced. I try to take long breaks during holidays too like 2 weeks to enjoy life with family. Doing that 3 times a year lets me reconnect with things that matter the most people!
    This business has made it possible for me to take off years during my career, coast and take time off to jet ski and fish and travel and go boating as well as snowmobiling and motorcycling as well and play with hot rods and just have time to really do things at home. I could not have gone to the places I have traveled to without this business. Most careers dont allow enough time off or enough money to live life! If I had not picked real estate to do for a living when I was 22 years old I would probably have become a history teacher.

  • Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
    13y

    I know an 80 year old guy with 120 houses. He works from sun up to sun down. He will be the richest person in the cemetary.

    I've already decided to retire at 55, buy a diesel pusher, and travel the country.

    Some of these old guys just love to work. Others are greeters at Walmart and look miserable.

  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    13y

    In order to continue a long career you must enjoy what you are doing. When you combine that with the potential for high and continuous returns, I think we all agree REI is a great path to persue.

  • Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    13y

    Jon Klaus wow, 10% is decent for passive. You talking about financing other people's projects? Selling on contract? Care to elaborate a little?

    Thom H. my comfort level is the F&C old timer kind of guy too. Just wish there were more cheap houses to buy for cash.

    William Donaldson my observation is the more active retiree (old timers) age folks are happier and healthier. Some work and others do other stuff. Making money seems to be a pretty positive addiction for some.

    William Bannister good to have you on board. You are obviously very experienced and doing fine. I suspect retirement will treat you well too.

    Rob K I have seen you say retire at 55. Going a 100 MPH then to 0 in nothing flat. Oh well, you may get a house or two back so a little involvement will probably be a good thing. Sounds like fun.

    Jeff Greenberg I agree since RE requires lots of commitment and time if one can enjoy the journey they will be much happier at their destination, whether it be golf or managing 120 houses.

  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    13y

    I'm thinking about a fully managed portfolio of rentals.

  • Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y

    Do you guys believe investing for those periods of time, you will be able to obtain 2500 units? I mean 40 years is along time...does that mean Mr. Weston was all work and no fun? Haha

    GM

  • Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    13y

    Jon Klaus it doesn't get much better than that. Wish I knew how to get to TX.

    Geoffrey Murphy that is only buying 62.5 units per year. I think he has fun. He drives a yellow VW bug with a plate that says "don't bug me." He also eats at Subway, forever frugal. He is a renter too, choosing to rent a pretty nice place downtown.

  • Commercial Landlord · Oshkosh, WI · Member since 2013 · 299 posts · 88 votes
    13y

    Thanks for the kind words Jeff. I enjoy in between traveling and real estate projects coming in this forum here to share with others+ I learn a lot too from others doing business and from other points of view. If this place had existed as well as a few others I when I was 18 years old my net worth would be 10 times what it is now. The info we trade in these forums is priceless.

  • Lender · Los Angeles, CA · Member since 2012 · 147 posts · 76 votes
    13y

    69 is not old. 89 is getting there. You'll find out how young 69 seems when you're sailing toward 60. I'm careening!

    I think I'll be out teetering around at 95, probably having some younger person drive me around, while I go to meet contractors to get estimates on new windows.

    Addictions are addictions. That's why we appreciate property collectors anonymous.

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    13y

    Hello, my name is Will and I am a realestateoholic and will happily be for life.

    Also attend AA meetings - Acquisitions Anonymous

  • Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    13y

    Joffrey Long I don't think 69 is old either. I just turned 60 and am glad to arrive. I like the idea of thinking long-term when you are older. It proves you have plans.

    Will Barnard you are young enough to hit that 40 year mark. Maybe Josh will start issuing pins.

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    13y

    Wow, that is what I work so hard for, my "pins"

  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    13y
    Originally posted by Will Barnard:
    Wow, that is what I work so hard for, my "pins"

    Hey, surviving IS hard work.

  • Investor · Chicago, IL · Member since 2012 · 80 posts · 31 votes
    13y

    Glad to know I'm surely amongst my peers. Real Estate addict as well.

  • Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
    13y

    I insure a lot of apartments. I have one client in LA that owns 196 units, she is 99 and still is on top of everything. It is a bit of a throwback as she does not use email or have a fax machine so we use snail mail and meet in person twice a year. Her 81 yo daughter drives her around. She has never sold a property.

  • Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
    13y

    Probably. It's kind of a family thing going back at least 5 generations to pre-WWI Germany. My ancestors were Jewish developers who got a feeling it was a good time to skedaddle out of Germany right about 1900. As I understand it cost them everything but it was a good call and they started buying and developing in Southern Illinois after that.

    My dad's been at it for about 20 years and has a large portfolio and a management company in Springfield, Missouri. He's been encouraging me to consider selling the rest of my Indiana stuff and relocate there and rebuy there. I have to admit I'm tempted. Out of all my close friends who were landlords in the boom, I'm the only one left standing. It's really kind of a part of me.

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    13y

    I am too young to start thinking about being old!

    Seriously though, I plan to actively invest in real estate until I no longer enjoy it. When I was in the Air Force a Colonel I worked for would always say "I respect someone who knows when it is time to move on", and I agree. If you still have the passion and ability to continue doing what you do, keep doing it, but as soon as the flame starts going out, there is nothing wrong with stepping back.

  • Real Estate Investor · Niles, OH · Member since 2010 · 26 posts · 7 votes
    13y

    Just starting out... But hope to continue my entire life... "till death do us part" :)

  • Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    13y

    Joe Bertolino that is inspiring. I wonder when her last purchase was. It is interesting to see people like this buy through good times and bad. A guy I knew was such a good negotiator but even he paid too much at certain times during market cycles but once you reach a certain point it is hard to get hurt unless you do something really crazy.

    Tim W. it is great to grow up in a RE culture. Have always admired families that have accumulated RE in quantities.

    James Vermillion I guess there are 2 sides to that coin. My observation is people that are really successful in a field are generally at it for a very long time. There have been and no doubt will be again times when RE is out of vogue. People just don't think it is cool. That is a good time to be in. This is when people laugh at you. OTOH selling everything is a powerful reward for a lot of effort, if the money lasts longer than you do.

    Allan Landfried glad to see you getting started. You must be in a good market there to get started. Having a future that just keeps improving is the way to go IMO.

  • Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
    13y

    Jeff S. I know she bought a 12 unit property last year and has asked for quotes on a few properties in the past few months. She has a PM but every buying decision is made by her or her daughter.

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