The most ironic thing I always hear from people that want to make money is that they have no plan on how they will enjoy all that money they make. They all know that they want to make lots of money, but they don’t know how, or on what, they will spend it to enjoy having it. I suppose someone may receive enjoyment from having lots of it, but just having a quantity of money doesn’t equate to enjoying the benefits of that accumulation.
So, I think I can see soholingo’s dilemna. Does he enjoy the benefits of money now or later? It would seem the overall general jist of real-estate is to build that money accumulation over time. Aside from slick talking salesmen that have a book or program to sell you. Mortgages usually run you 30 years, sometimes 15 if you can work it right. Renters pay off your mortgage over those 30 years. You sell down the road when it appreciates. Etc. Etc. Most people that get into real-estate may initially dream about the $19483187418732487817341626387132989 dollars to be made in real-estate per month, but once they get in, and if they stay in, they realize that real-estate is gonna be a long-term activity. True, there are people that make real-estate their job/business and they move properties quickly. But, even here on these forums, I would say its about half and half. Outside of these forums, I’m sure we all know many, many people that come and go yearly, if not monthly or even weekly, on the get-rich-from-real-estate bandwagon. The whole point being that real-estate is, for the most part, a long-term activity.
Now, soholingo has an opportunity to enjoy the benefits of real-estate quickly. That being living in a nice house for most of the rest of his life. It all comes down to a balancing game of when do you want to enjoy the benefits of money from real-estate. True, you can turn $100,000 dollars into multiple millions of cash in your pocket when you are 60+, 70+, 80+, but what are you going to be able to enjoy with that money? Bingo at the casinos? Shuffleboard on a boat? A “nice” retirement home? Golf? YAWN At 70+ one most likely won’t be able to enjoy a 300+ MPH car. Going 4x4’ing over boulders in backcountry. Heli-skiing on remote mountains. Big-game safari’s in Africa. Rock climbing and rapelling. Waterskiing. Scuba diving. Parasailing. Spelunking. And last, but most definately not least, sex in exotic locations. :biggrin :shocked :biggrin :cool :beer True, there are those few older people that are amazingly active past their 70’s, but the majority of people just won’t be able to enjoy things in their 80’s that they could have enjoyed in their younger years. Even a huge house, when you’re in your twilight years, you don’t want to clean that thing. Arrange all the furniture. Walk up and down all those stairs. Do the yard work.
So, one has to decide what they want from the benefits of real-estate profits. Do you want to enjoy the wild, energetic things of youth? Or do you want to enjoy the peace and calm of the later years? Figure out which one you want and then direct your money from real-estate onto that path.
From the sound of it, I would say to soholingo, burn it now, because you may not be able to enjoy it later.
In my case, I would say, burn it now, because I may not be able to enjoy it later in the way that I want to now.