Hands-On vs. Hands-Off: Real Estate's Own Active-Passive Debate by Steve Abramowitz
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Comments
Thank you. Same for you and yours, especially around Thanksgiving.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
Marjorie, Yes, one has to make sure the passion doesn’t turn into an addiction. You have to control it, almost like a pre-alcoholic. In your example, he apparently couldn’t and it took over his life. But he let this happen and experienced the loss of meaning in his life. My guess is he may not have a gratifying family life or the internal strength to make sure his life stayed in reasonable balance.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
Marjorie, well put, it has been ingrained in me. It’s so much so because as a teenager I never thought I would go in this direction. Rejecting the “real estate way of life” was part of my teenage rebellion. Both my brother and I ultimately bought into the family mystique. He is quite comfortable with going in that direction, whereas if I had the knowledge and foresight I would have invested in REITS and other index funds. It would have been an easier life and no less financially rewarding. Alberta and Ryan will have that chance, if that is the way they choose to handle their inheritance. I don’t want them to feel “ingrained” as I felt.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
Marjorie, I understand how you feel. For most people it’s the same for their required minimum distributions (RMDs). I should add that I have held and maintained these properties and depreciated them for over 40 years. If I sold, recapture of the depreciation would drastically lower my cost basis (almost down to the value of the land alone) and the taxes, consistent with my personal and business values, would be enormous.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
A simple reason I didn’t go the way of Delaware—I didn’t know much about it and I’m reluctant to go in the direction of something about which I don ‘t have a firm grasp. And, hey, I don’t find 4 properties and 2 million a small stake. About your son, I have the same issue with Ryan. But we all recognize he will sell most and go in the direction of REITS and index funds, which will give money and lifestyle freedom. Your son might have to try out what he’s interested in (a passion?) and find out for himself it’s not his cup of tea. It’s often a sign of love and respect when a child is interested in the work of his parents, so be proud.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
Right on. I feel that the closer a person finds work that is not too far from his passion, the less alienated and disappointed he will be.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
Thanks, I think you chose correctly. Less stress, more liquidity and a total return that compares favorably with that of real estate. I would do it your way if I had a “do-over.”
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
Hi Kathy, I didn’t make clear that even with the hassles of direct ownership, our quality of life is quite good. Money certainly isn’t happiness, but it does bring a lot of freedom to live our lives pretty much as we want. Then, to be sure, I am 79 and have a few chronic illnesses that won’t stay chronic forever. Both of my parents died at 81 and I’m not stupid. The stress for me will be short-lived and they will be free to invest as they want knowing they will be free from worry that the tax man would get a very large chunk from all the work we have done all these years.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
All true, but I would include one or two private pieces for diversification. REITS tend to be beholden to fluctuations in the broad market, whereas that’s less so for personally owned property.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024
Hi Edmund Yes, it was, definitely. I also had a more sentimental/respectful reason. Owning private real estate has been the engine that has driven my family’s financial well-being across four generations. Maybe I’m just a sucker, but I know Alberta and Ryan won’t be—they don’t have the personality and they’ve witnessed the stress first-hand.
Post: Hands-On vs. Hands-Off: Real Estate’s Own Active-Passive Debate by Steve Abramowitz
Link to comment from November 3, 2024