In June of 1966, my Mother and Father sold their duplex to buy this 4plex, paying 38K. This building made life comfortable for our family, but as young children, we didn't understand it. It put my brother through college, made a new car every 4-5 years possible...etc. My Parents never took RE investing any farther. Dad worked his full time and a part time job, Mom stayed in the house until we kids were older, then worked part time. This building was enough to help, not too much to be a burden.
My Mother just passed away on the 21st of December, my Father on the 16th of December of 1998.
In my Mother's generosity, she left the building to we three kids. My brother and sister never had any interest, but I did. Although I've been running it since Dad died, today I sign the papers to make it officially mine, I'm buying out my siblings.
It is a bitter sweet day for me, I'm proud to carry on with this building, to keep it in the family name. I hope my Parents will look down and be happy with how I run it. I'm sad to be reminded of my Parents passing, they were my world, the best Parents a kid could ask for.
To those of you who are second generation landlords, I'm sure you thank your Parents for showing the way. "Give a man a fish, and he will eat today, teach him how to fish, and he'll never be hungry".
I am far, far from rich, but I'm never hungry.
Thanks Mom and Dad for showing the way.
Great post @Arnie Guida Who are you mentoring to do the same ? Son, daughter, nephew, niece, etc......
No one at the present.
As you know, being a landlord isn't for everyone. Also, there are many misconceived ideas about it, and those are tough to overcome
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