Back in 2002, I was settling into a new job in San Francisco when the dotcom bubble burst shook me up. That’s when I decided to get into something more tangible—real estate. I was aiming to create a stable source of income through real estate because, honestly, those tech stocks weren’t reliable.
Fast forward a few years, just as my real estate goals were getting clearer, the housing market crashed. It knocked the wind out of my sails, making me doubt if I’d ever find financial freedom.
But now, things are looking up. My rental income is solid, property values are sky-high, and mortgage rates are incredibly low. However, real estate is now less of a revenue stream and more of a stressor, especially since I’m juggling fatherhood during a pandemic. The last thing I want is to be fixing toilets and chasing down rent.
The smart move would be to sell all my properties while the market’s hot and pivot to something less stressful and more enjoyable. The pandemic showed us that businesses that can’t be shut down are worth their weight in gold.
Yet, I can’t bring myself to sell everything. I keep thinking about the future, particularly how tough things might get for my kids. Owning properties might just be the buffer we need to protect them from a harsher world.
Education is getting insanely competitive, and even with perfect scores, kids are finding it tougher to get into good colleges. Then there’s the job market in big cities—outrageously expensive and incredibly selective. It’s enough to make anyone anxious about their children’s futures.
Despite everything, the idea of a real estate empire is about giving my kids a leg up—maybe even a job if things get really tough. They could learn about managing properties, which might be their stepping stone to building something of their own.
At the end of the day, as a parent, your job never really ends. You worry, you plan, and you hope you’re giving your kids the best shot at a good life. It’s not just about making money; it’s about making sure they have options, even if those options include managing family properties.
It’s a lot, but who knows? The world changes, and maybe the challenges we imagine today will be the opportunities of tomorrow.
