TMI thread. Discussion of sensitive ADULT issues/triggers. Enter with awareness!

[HejiraNYC]

Originally Posted by louielouie2000

This is my worst nightmare. I still own a very cursed condo back in Charlotte which I'm currently renting out. We bought the stupid place at the height of the bubble because it was next to a massive mixed-use redevelopment (housing projects which were being torn down in a rapidly gentrifying area to be replaced by Whole Foods, condo towers, etc), and we thought we'd double our money in 5 years. Naturally when the economy went south, the redevelopment stalled, the developer went bankrupt, and now we have blight adjacent to our complex. On top of that, the complex we bought in was older and the units were being gutted and rebuilt from the inside out. So when the economy tumbled, multiple buildings were left completely gutted and open... more blight. We couldn't sell our condo now even if we took a substantial hit. Thankfully, so far, the tenant we have has caused us no problems. But with that condo's track record (floods, fires, thefts, insurance boondoggles, etc), I expect it any day now.

Back to money vs being a slave to it; my other half and I have quite an interesting potpourri of friends. We have best friends who make $15,000 a year, and we have good friends who make $15M a year... and everything in between. We seem to especially have a lot of attorney friends (everything from corporate lawyers to prosecutors). The one thing I can say about all of our friends who make six figures or more is that they work their @sses off. They truly earn every penny they make. But just like me, so many of them lost their jobs and their most of their portfolios in the recession. It just kinda says to me that no matter how hard you work, that you're just as susceptible to downfall as anyone else. And honestly, our friends who make more money just seem to have bigger bills: expensive home and vacation home mortgages, pricey car payments, spending for lavish vacations, food, furnishings, and clothing, etc. In my eyes, life is pretty complex and hectic (but beautiful and fun!), and I just prefer to keep things simple.

As long as you're cash flow positive on the place, it's probably a good idea to keep it. I assume you're also devaluing the property for tax purposes? That is certainly a handy upside to owning rental property...

I am not trying to brag (believe me, I'm not...), but I think I make more than most of the people I've known. And as far as I know, I work the least hard! I suppose about ten years ago I was more of a Type-A go-getter. But age has really mellowed my ambition in that regard. I keep hoping I will once again magically get struck with the inspiration to climb higher, but I'm beginning to think there will be no second coming for me. The eye of the tiger has cataracts. I am grateful for what I have and I don't really want or need any more. I know that sounds kind of defeatist, but it is what it is...