Guidance please: emotional connection to property?

[Hannah Stern]

Have you ever had an emotional tie to property? What did you do about it? How did you weigh pros Abs cons?

I’m not *really* a newbie at managing real estate, but definitely never looked at it as an investment the way a lot of folks on here do, and exposure to this community has led me to question my mindset, so I’m looking for your thoughts, please. 

40 years ago, my mom bought a piece of garbage house in a small neighbourhood of Brooklyn, NY. She “house hacked” before it was cool and turned the upper floors of her brownstone into apartments. I grew up in it. 

In 2021, her fixed up house in Park Slope, Brooklyn would go for about $4mil, and the rent now supports her Alzheimers care. 

From what I’ve seen on here, I could do a 1031 (I think that’s what it’s called), and purchase another property, maybe a multi family somewhere, that brings in more than $18k per month… but I have these emotional ties to the house. 

Someone talk some sense into me. I imagine that if I bought the right apartment building I could probably retire next year and still have enough for the best care for her. But I love that house.

Have you ever been through selling a family home? How did you manage the sentimental side?

Thank you!