Some of the properties are in bad areas, most of them are duplex properties.
Well either he is Rich, Breaking even, Or so far in debt that he can’t get out. Dependes on the LTV (Loan to vaule) on the property’s and the cash flow.
I completely agree with you Summit. By the way where’s your father’s property are? Please update any information if he’s selling.
Why are you asking us? ASK YOUR UNCLE!
Is this a rhetorical question? Are you serious?
The level of one’s wealth in real estate, as in any other investment or business enterprise, can only be determined through a compilation of assets minus liabilities.
Someone who owned a single property could have a net worth that exceeds that of your potentially “rich uncle”, if that single property is unemcumbered with debt, yet your uncle properties are leveraged to the hilt or even upside down, when subtracting the Current Market Value from the current debt.
These is no way to intelligently answer this question. Wealth is not simply a question of quantity but of quality.
Good luck to you, and to your uncle, either way!
If his name is Rich then yes he is Rich
Okay now for a real answer. Ask your uncle about his real estate holdings. I am assuming your interested in getting into the biz. I am sure he can mentor you. If he amassed 80 rental properties, then he obviously doing something right. Of course he can be just breaking even in the current market because many tenants can not pay rent with unemployment so high. Unemployment hits all levels of people, rich and poor so all investors can suffer there.
But like 1 poster mentioned, you can own 1 property and be rich. I have a friend who only own one property and it is paid off in full. Is he rich, YEP, since it is a 300 unit apartment building which is always 100% rented because of it’s location on the intercoastal waterways in Florida and his gross rents exceed $55,000 a month. No clue on his net, but I know it is over 15K a month and real estate alone is worth over 15mil.