I'm RICH, RICH, RICH!!!!!!!!!!!!!!!

I'm RICH, RICH, RICH!!!!!!!!!!!!!!!

Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes

My guess is that you had mixed thoughts when you originally read the name of this topic. I wanted to generate as much interest in it as possible and hope it will serve as kind of a warning to a lot of people here on BP.

As many devout BP members know, approximately 10 years ago when my last child of six finally left home, my wife and I took off as full-time RVers for six years and had a fantastic time. Due to some a Real Estate challenge, I got back into real estate very actively in buying, selling, and building. I spent two years in South Texas doing exactly that, followed by moving to Florida to purchase and stabilize some real estate there.

With each of our last three moves we were moving further and further away from our children and grandchildren. There were still numerous opportunities to visit the kids and a few family reunions mixed in so it wasn't exactly going cold turkey from them. After 10 years, my wife and I sat down and made a list of the things that were positive about staying in Florida and also a list of reasons to leave. We finally decided it was time to go back to southern Utah where three of our six kids and seven of our 11 grandkids reside. It is also much closer to the rest of our family.

We moved to southern Utah approximately 6 months ago and it has been a great move. I haven't given up on real estate and actually have completed two spec homes and have purchased four more lots, just last week. The first two homes were built with my brother-in-law who lives here and the last two lots I purchased to build spec homes with one of my sons who lives here. This is the business end of it.

The reason for the title of this thread is the following.

Last Friday night, my wife and I were able to attend a birthday party for my 10-year-old grandson. It was great to see all the excitement of all the family members.

On Saturday my nine-year-old grandson from another family asked his single mom if she was going to have a Super Bowl party. She didn't exactly know what to do about this! Soon I received a phone call from her explaining the situation and asking if grandpa would put together a Super Bowl party for her family and invite the others. We had a great get together, pigging out, watching an exciting game, and enjoying the comraderie and friendship of each other. I had even been involved in a betting pool and told the five grandkids that were here, that if I won, I would divide the money equally between them. It kept them interested in the game! We actually won the quarter that ended 17 – 15 and it looked like there was a possibility we might even win the fourth quarter. That didn't happen.

During the Super Bowl party another granddaughter who was to turn 15 yesterday told me there was only one thing she wanted from me for her birthday. She asked if I would pick her up right in front of her middle school in my Viper! I told her sure and I was sitting there when school let out. When she got in the car she was smiling from ear to ear and felt she was on top of the world at least for a moment. My son married this girls' mother just a little over two years ago so I've only been a grandpa to this girl for only a couple years. My wife and I have become very close to this girl and her little seven-year-old sister. Life can be extremely hard for a 13-year-old in this day and age and I'm so glad we have been able to be involved in her life.

Last night we spent three hours at their home for her birthday party with a little seven-year-old sitting on my lap most of the time! Yes I'm rich.

I hope now you understand the reason for the title of this thread. I've mentioned before both on BP and in other forums how I wish I would've spent more time in the early stages of my career with my kids. I'm sure I still would've obtained the financial security that I have now, but I certainly feel I could've taken a little longer and spent a little more time with my small ones.

If any of you see signs that your kids or spouse are missing you, I would certainly urge you to try and reorganize your thought process and find time to spend on those things that are most important.

On the back of my book I have a picture of my wife and my six kids. Underneath the picture I have the following "best investments this author has ever made!" I wish I would've taken better care or at least equal care of these investments to care the other financial investments I have received.

The last thing I have written at the bottom on the back of my book is "I have learned that MAKING A LIVING is not the same as MAKING A LIFE". Unfortunately, we are never given a re-do. I hope you'll consider this when you find yourself putting in 12 to 16 hours a day on your real estate investments. Is this really what you want to remember 10 to 20 years from now?

Yes, I really do feel rich, rich, rich today but for none of the financial reasons. Rich

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Investor · -, IL · Member since 2010 · 409 posts · 616 votes
14y

Couldn't have been put any better.

The last property I purchased I did all the rehab myself and spent every weekend there. When my 5 year old daughter asked me early one Saturday morning "Daddy do you have to go work on the rental house again? I wanted you to sit and watch cartoons with me". It literally broke my heart having to go and work on the house.

I learned my lesson and things are different with the current house we just purchased. I did the demo myself which took 1 weekend, have a contractor doing all the remodeling and I will finish doing the painting. The next house I plan on trying to stay completely hands off, only checking in on the contractor.

My kids are only this little once and I will never get this time back. So what if I have to work a few more years when I am older. At least my kids will have great memories of me when they were little, not memories of daddy always being gone or too busy.

See this reply in the discussion

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  • Investor · Little Rock, AR · Member since 2010 · 628 posts · 251 votes
    14y

    Wow Rich!! What a timely topic. It hasn't been 20 minuets ago that I told my father that I will not be so "hands on" with my next rehab so I can spend time with my son and grandkids.
    Thanks
    Don

  • Investor · -, IL · Member since 2010 · 409 posts · 616 votes
    14y

    Couldn't have been put any better.

    The last property I purchased I did all the rehab myself and spent every weekend there. When my 5 year old daughter asked me early one Saturday morning "Daddy do you have to go work on the rental house again? I wanted you to sit and watch cartoons with me". It literally broke my heart having to go and work on the house.

    I learned my lesson and things are different with the current house we just purchased. I did the demo myself which took 1 weekend, have a contractor doing all the remodeling and I will finish doing the painting. The next house I plan on trying to stay completely hands off, only checking in on the contractor.

    My kids are only this little once and I will never get this time back. So what if I have to work a few more years when I am older. At least my kids will have great memories of me when they were little, not memories of daddy always being gone or too busy.

  • Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    14y

    There are several reasons why I'm a fan of yours. This post is one an example of just one.

  • Developer · Houston, TX · Member since 2008 · 488 posts · 121 votes
    14y

    Good post Rich

  • Rental Property Investor · Taylor Mill, KY · Member since 2011 · 105 posts · 24 votes
    14y

    Great post Rich!!

  • Flipper · Indianapolis, IN · Member since 2011 · 20 posts · 1 vote
    14y

    Great post Rich.
    One of the main reasons never to rehab yourself. If you can pay somone $15/hr to do the work for you and you do it yourself, then guess what you are worth? I'd rather spend my time as a leader and not as a sheeple. Gives me more time to enjoy my life. I'm also RICH, financially and spiritually, even though I have no wife and no kids and I LOVE EVERY MINUTE OF IT. Wife's and kids are great for most but not for everyone. I'm on a euphoric high 24/7 with no regrets.

  • Real Estate Attorney · Dallas, TX · Member since 2011 · 124 posts · 29 votes
    14y

    I was going to start a thread titled "I'm Andy, Andy, Andy!" but I don't think it would be as good.

    (sorry, just thought it was funny that your name is Rich and you were posting about being rich -- I did enjoy the post though)

  • Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    14y

    Rich
    I couldn't agree more. Although I miss my mountains in Colorado, Eva and I have five of our six kids (all adults), within 5 miles of us, here in California. We moved back to care for my father, who has Alzheimer's, and I am actually living in the house I was born in 51 years ago.

    I do have one question. How do you keep your kids from moving back in with you? LOL

  • Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
    14y

    I'm old school Rich - that is I truly believe FAMILY FIRST! This is a great topic because it helps keep me focused as my wife and I prepare to have our first child (we're working on it). But I have already decided that I will be hiring people to handle most of my day-to-day real estate duties and working mostly from home as we home school our children. It may mean making less money but we are certain our children will be happier and become more well-rounded because of it.

    Growing up we didn't have much. But my Mother worked in corp. America and my Father (who had his own business) spent ALOT of time with us. He taught us how to swim, took us to the beach often, parks, Grandma's house, you name it. Now as adults we don't think about how much money he didn't spend on us. We only remember the time he spent with us while my Mother (basically the primary bread winner) sacrificed and did what she had to do. Because of that, today we're all a very close family with an immense amount of love and respect for our parents. And my siblings are all great parents too (And even though I'm not a parent yet I'm a youth mentor for the inner city community in which I grew up)! Thanks much for the great topic Rich!

  • Investor · Hampton Bays, NY · Member since 2009 · 907 posts · 258 votes
    14y

    Rich, thank you for reminding me that while I still need lots more money, I am a rich and Happy man.

  • Investor · Los Angeles, CA · Member since 2011 · 242 posts · 61 votes
    14y
    Originally posted by Andy B.:
    I was going to start a thread titled "I'm Andy, Andy, Andy!" but I don't think it would be as good.

    (sorry, just thought it was funny that your name is Rich and you were posting about being rich -- I did enjoy the post though)

    HAHA!

    Great post Rich when I have kids I will definitely keep this mind.

  • Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
    14y

    Rich thatwas a great post and I can relate to it. I often find myself going to take care of my properties leaving my Son and wife to spend the day together without me.

    You are definitely admired by me not only for your RE acomplishments but also for your ability articulate to put life into perspective with a simple post.

    I really like the line about Making a living VS making a life. We really need to try and balance these to things as one is much more precious then the other.

    thx again for your insight.

    Chris

  • Involved In Real Estate · Little Rock, AR · Member since 2008 · 33 posts · 9 votes
    14y

    Rich,

    Awesome message! It hits home as my wife and I just had our first child, he is 9 months old. I left our business to start investing in real estate so that I could make my own schedule and spend as much time with my son as I want to. It's great to know there are many people out there that feel the same way we do. Please continue to post your thoughts and please don't wait to answer our questions, we may not know what to ask! Thanks again, and looking forward to meeting you in Denver.

    Ray

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    14y

    Thanks for all the replies. There weren't very many questions to respond to.
    Ray – congrats on the little one and good luck!
    Mike M – it really wasn't too difficult. When you leave and go out on the road as full-timeRVER'S leaving your kids with your cell phone number and your e-mail address, they pretty much have the decision to sink or swim. A motorhome or fifth wheel on the move becomes a very difficult target for kids to move back home to!

    In our new home we do have a guest room and also a pirate room for our grandkids. The room has a bunk bed that looks like a pirate ship and an old world desk and pirates chest. When they come to visit they had directly for that room. You'll notice I called it a"guest"room. This reminds me of my original visit to Oregon when I crossed over from California and saw a sign that read welcome to Oregon, enjoy your "VISIT". The message was implied but very easy to understand. The same thing pertains to my guestroom.

    ANDY! ANDY! ANDY! very funny.
    Rich

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    14y

    Rich,

    Whatever happened to being "Mike Mike Mike"?
    (You'll have to explain that one to everybody on the forum, or else they'll think I'm loony).

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    14y

    Steve – I was always known as Mike throughout my life but I always sign legal papers as Richard M. I got tired of explaining to people that my name was Mike when I was signing legal papers the other way. When I became involved on bigger I just shortened the Richard M to Rich. Pretty simple actually.

  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    14y

    Completely agreed. My wife and I gave up high 6-figure salaries when we decided to get married and start a family -- the benefit was that we also gave up 80 hour work weeks, traveling 3 weeks every month and being accountable to bosses and shareholders 24/7/365.

    We'll likely never recapture the income we used to have (unless we become much better real estate investors :), but the fact that we get to spend as much time as we like with each other and our boys makes it absolutely worth it.

    Thanks for the reminder...it's too easy to lose sight of this sometimes...

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    14y

    Tough decision for many, but obviously the correct one for you AND your family. Rich

  • Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
    14y

    Great post! It's easy to overextend oneself in this business. I don't think it's possible to hear a message like this too many times.

  • Real Estate Investor · NJ · Member since 2011 · 9 posts · 1 vote
    14y

    Great Post! This in direct alignment with what Suze Orman always says: "People first, then Money, then Things"

  • Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    Rich,
    Great post! When I first started out in the military, my focus was on work. Then I got married and my focus was still on work. I gave a little bit more time to spend with my wife but not much. I do try not to bring work home with me but that's hard sometimes. Then a few years later we had a son and I deployed a month later. I missed my son so much. It was hard being deployed, hearing him cry on the phone and I asked what's going on? Just not being with my family and seeing my son grow up was literally killing me. Then I got hurt and was sent back for a few months. I got to spend time with my wife and son before I had to go back to finish the deployment.

    Then a year later I deployed again. It's tough to be away from your family. My wife asked me the other day if I was staying in past 20 wearing a new rank (which means more responsibilities, travel, working for someone, etc). I said no way! Oct 2016 and I'm done.

    There's more to life than just work. Life is short. Spend as much time as you can with your family because they're all you have.

    Tom

  • Investor · Little Rock, AR · Member since 2010 · 628 posts · 251 votes
    14y

    Thanks Tom
    Wishing you success and happiness.
    Don

  • Member since 2009 · 499 posts · 117 votes
    14y

    You certainly ARE,,,,Rich!!!!!!

  • Jesse PollPro Member
    Real Estate Agent · St George, UT · Member since 2012 · 78 posts · 8 votes
    14y

    Rich; that was an Awesome message. The reason that I want to be a RI is so I can be able to move back home and spend time with my family. I have been in Las Vegas for almost 4 years now working and going to college. I will be done this summer and within 2-3 years I would like to be able to have a sustainable business and go home for good. Being home once a week gets hard.

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    14y

    Jesse,
    Are you leaving Vegas this summer? I only live about 100 miles North of their and I get to Vegas quite often. What are you graduating in? Rich

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