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Personal Finances / Buying or Selling a Home

URL:  http://boards.fool.com/i-forgot-to-mention-that-my-parents-made-millions-30650525.aspx

Subject:  Re: When can I qualify for a loan? Date:  4/24/2013  1:31 AM
Author:  LLRinCO Number:  125118 of 127697

I forgot to mention that my parents made millions in real estate. Married in 1959, they came to Colorado with a paid off car and nothing else. Dad went to the university while mom worked. They lived in a 20 foot trailer. After graduating, my dad started working (engineer) and mom had children. Mom, coming from Iowa, did not want to be poor when she retired so in the 1970s they purchased a house to rent out (mom did alterations on the side to save for a down payment). One house became two, some were flipped and sold. In the 1980s they bought 2 apartment complexes. Those were later sold and they bought a lot in an industrial park. Two commercial buildings later, dad was able to quit his day job. They ended up selling their buildings in the late 90s and carried the loan for the investment groups who purchased them. They get over $10,000 a month income from these properties, own a $500,000 house free and clear (and made money on every personal house we lived in). So glad they invested in real estate and weren't renters!
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