[quote=scaredyclassic][quote=flyer]Esco, creating generational wealth for your kids is a good thing, and that is something you are definitely on track to do, should you choose to.
I remember when our parents, and most of the family got into the real estate game. As kids, my wife and I had no idea then, what great decisions they were making, and, at the time, I don’t think they could have realized the full potential of their actions either. Of course, we continued to build on their gains, so it’s worked out well for all of us, just as it should for you and your family.
Interestingly we know many families who have done the same, and most of their stories are very interesting. One involves some good friends of my parents who started out buying tons of fixers and building the portfolio–with Dad and 5 sons doing all of the work themselves–fast forward to an empire that includes mega apartment complexes, shopping centers, etc., etc. Impressive for a guy who moved his family of 12 (10 kids + Mom and Dad) out to San Diego from Wisconsin where he was a milkman:) Sure, over the years they have had to fine-tune their business based upon changing market conditions, but all of them are still doing well.[/quote]
What if he’d moved to Utah? Phew.
I am very jealous, although I could never have done it and might all be meaningless, I applaud u.[/quote]
As an accountant, I think of equity in two pots (booked and unbooked).
Booked is the amount I think I can plan on regardless of how bad the economy gets etc, unbooked is a reflection of market prices above that.
In some ways, I’m still at the casino, no chips have been cashed, the night goes on.
Oddly enough, the ‘success’ doesn’t really change my life that much, I can be more relaxed about things but with good mental training, that is accessible to anyone.
