He was successful because he was on a learning journey and we all enjoyed taking the ride with him.

Do they smoke?

Most people that I talk to about it give me strange looks when I tell them that we own rental properties but basically live in a tiny house (400sq ft RV) ourselves.Eventually, we'll go back to having our own brick and mortar house, but this season is actually pretty fun for us and we've really been enjoying it.

After enjoying a net income of $36,000 per year on a net $67,000 investment, I sold the real estate to the operator for $335,000.

In short, you need working windows, no cracking/chipping paint inside/outside, smoke and CO2 detectors inside, no overgrown greenery/trees outside, no holes in the walls, if you have carpet inside - it can't have stains or rips in it, and some other small stuff.

If you have other great amenities that people can enjoy together then the kitchen will be an afterthought. 

Dad can put properties into trust (or whatever) as he goes along.Once Dad drops off the twig, then you and sis can enjoy the stepped up basis and the knowledge gained, and know that Dad didn’t feel like he was shunted aside. 

We sold one property this year where we wrapped the 4% mortgage note into a 10% note and as a result are enjoying a 17% annual ROI for a minimum of 2 years and possibly as long as 10 years if the borrower/buyer does not pay us off early.After 40+ years of real estate investing, in many different markets across the country during many different economic climates, both in residential and (primarily) in commercial, I can tell you that hard and fast “rules” should be constantly evaluated to see if they are limiting the opportunity to “jump start” your wealth building.   

I'm trying to enjoy my morning coffee.....

I enjoyed your podcast episode.