roundcorners said:
Yeah, you don't know me and you don't know or understand any context in which I live. The property being sold is a result of what took me 2 years to accomplish. To convince my mom to dump a higher risk property (single tenant). There were good cash proceeds from that sale, which could have been used to purchase a home. But I spent weekends/weekdays on top of my current job to identify and close a property within the requisite period (1031x). The current building was purchased because it was a newer build, that had a very attractive cap rate and other characteristics. It turned out to be a very good investment with good cash flow, but also an investment that no one was prepared to handle (multi-unit apartments aren't easy). From hiring/firing property managers, evicting non-paying tenants, to taking our personal lines of credit for improvements. Yeah... I forgot that you can't take a secured line from a 1031's property because it would be classified as taxable boot. So when there was roof leakage/rot, guess who flipped the bill? I don't help her because we share money or because there's something in it for me. My dad passed away in 1989 and she's always relied on her children as well as tried to help them. I paid for college and grad school (well, still paying grad school) myself. My mom wasn't handed anything either. She's 70 and still works every day running the apartment, but she's getting old. My siblings and I agree its time to hang 'em up so she can relax and spend time with her grandchildren. We are trying to get her to also sell her personal residence to downsize somewhere (likely Irvine).
You can be irked at me, what I do, what I stand for, that's fine... you can also be scared of black people when you walk by them walking down the street... it's your perrogative, but generalization doesn't always work in life...
