Completely opposite outlooks. Who’s right and who’s wrong
It seems that he Black community is at odds when it comes to inheriting Real estate and generational wealth
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Completely opposite outlooks. Who’s right and who’s wrong
Dafunkdoc_Unlimited
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3 people = the Black community??
I have my grandparents house
I have no children, but i do have a niece and nephew but they live in DC and NY…
For the right price i will sell, since i have no children
I have no children, but i do have a niece and nephew but they live in DC and NY…
For the right price i will sell, since i have no children
3 people = the Black community??
Huge debate in the comment section
OperationNumbNutts
Superstar
Several factors.
1. Worth selling if that money will be used for another investment.
2. Worth selling if the house isn't in a good area with no economic development and no one plans to care for it.
3. Worth keeping to live mortgage free and only having to pay annual taxes.
4. Worth keeping if it's in an upcoming area.
Too many factors. I know folks who sold homes passed down to them in DC. The family split a few hundred grand and those places now are worth close to a million.
Again, would someone have taken care of the property during that time. This is actually an issue going on with land as well.
1. Worth selling if that money will be used for another investment.
2. Worth selling if the house isn't in a good area with no economic development and no one plans to care for it.
3. Worth keeping to live mortgage free and only having to pay annual taxes.
4. Worth keeping if it's in an upcoming area.
Too many factors. I know folks who sold homes passed down to them in DC. The family split a few hundred grand and those places now are worth close to a million.
Again, would someone have taken care of the property during that time. This is actually an issue going on with land as well.
MajesticLion
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Dafunkdoc_Unlimited
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And you vetted all the accounts/posters in that section??
There’s too many factors to have a direct answer. Is it a single family home in bumble fukk USA? Ir is it a Multifamily unit near a booming downtown.
Anyway the term “General Wealth” seems to have people in a chokehold.
Anyway the term “General Wealth” seems to have people in a chokehold.
Dafunkdoc_Unlimited
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Are you sure those are actual people in that comment section under a chokehold???
UncleTomFord15
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Just because it's "grandmas" house doesn't mean it's worth anything. It still has to be in a desirable area and still needs to be maintained.
Richard Glidewell
Yall done tore all the bottom of ya shoes w/me!!!
The fact that they can't fathom what a paid off house means is financially illiterate and whatever crumbs they would get for selling wouldn't go toward anything anyway.......sad to see......
My grandparents bought their duplex in the late 60s, immigrants. They have both passed but we still have it and rent to cousins and aunts. Building is in great shape, we had it gut remodeled in 2015
I can't speak on other families, but I can speak on mine.
Granny #1 got tired of BK winters, sold her NYC place and bought a place in Central Florida. When she passed, NOBODY wanted to be responsible for that mortgage, and no one wanted to live there, and there just wasn't a lot of people wanting to rent.
After trying to hold it down for a a year, nobody wanted to chip on the rent, house got sold for a song.
Granny #2 got tired of BK Winters and bought a place in SW Florida to be around her Mother and Sister that were still living. They passed. So now she's down there alone, don't want to move back North to the cold. Getting on in years, she now needs some nursing care, and then she needs to be in a nursing home. How was she gonna pay for it? Had to do some legal maneuvering to sell off assets so she could apply to Medicaid... Again, sold for a song.
Folks think generational wealth is something that's easy to achieve, and the reason we don't have it is cause "ya'll buying too much weave, Jordans, rims, and flat screens, and taking hoes out to Cheesecake Factory" but that's not how life moves or the economy moves.
Do you even live in the same city? The same state? Could you? (I know I can't)
Do they even need Front End Developers/Data Scientists in Nacogdoches?
Can you get 5G and fiber where Granny stay?
End of life care is EXPENSIVE, and do you have the type of money for quality care? If you don't the house is getting sold.
You really gonna move Mama into your raggedy apartment? Bathing her and helping her go to the toilet?
Ultimately, the family needs to come together and have a real board meeting.
Just cause cats scraped up 3% by cashing out their 401k or got a NACA loan when the interests rates were low, doesn't mean they're cut out to run a real estate business.
Otherwise, this stuff is more internet bird babble.
Granny #1 got tired of BK winters, sold her NYC place and bought a place in Central Florida. When she passed, NOBODY wanted to be responsible for that mortgage, and no one wanted to live there, and there just wasn't a lot of people wanting to rent.
After trying to hold it down for a a year, nobody wanted to chip on the rent, house got sold for a song.
Granny #2 got tired of BK Winters and bought a place in SW Florida to be around her Mother and Sister that were still living. They passed. So now she's down there alone, don't want to move back North to the cold. Getting on in years, she now needs some nursing care, and then she needs to be in a nursing home. How was she gonna pay for it? Had to do some legal maneuvering to sell off assets so she could apply to Medicaid... Again, sold for a song.
Folks think generational wealth is something that's easy to achieve, and the reason we don't have it is cause "ya'll buying too much weave, Jordans, rims, and flat screens, and taking hoes out to Cheesecake Factory" but that's not how life moves or the economy moves.
Do you even live in the same city? The same state? Could you? (I know I can't)
Do they even need Front End Developers/Data Scientists in Nacogdoches?
Can you get 5G and fiber where Granny stay?
End of life care is EXPENSIVE, and do you have the type of money for quality care? If you don't the house is getting sold.
You really gonna move Mama into your raggedy apartment? Bathing her and helping her go to the toilet?
Ultimately, the family needs to come together and have a real board meeting.
- End of Life/Nursing home
- Funeral Expenses
- Lawyer Expenses
- Real Estate Taxes
- HOA fees
- Maintenance and Repairs
- Property Mgmt?
Just cause cats scraped up 3% by cashing out their 401k or got a NACA loan when the interests rates were low, doesn't mean they're cut out to run a real estate business.
Otherwise, this stuff is more internet bird babble.
You're boiling down a complicated argument into yes no. So many factors
* Is the house in livable shape
* Does it need a lot of expensive work
* Is it even close enough to work to live in
* Is it in a safe neighborhood
* Is the upkeep going to be more than you afford? (Grandma leaves you a $1,000,000 house that needs $2,000/mo in upkeep and property taxes)
* Do you have other debts that are more pressing
* Do you share ownership with other family members
* Is there another family member in town who could use free/cheap housing
* Is the house in livable shape
* Does it need a lot of expensive work
* Is it even close enough to work to live in
* Is it in a safe neighborhood
* Is the upkeep going to be more than you afford? (Grandma leaves you a $1,000,000 house that needs $2,000/mo in upkeep and property taxes)
* Do you have other debts that are more pressing
* Do you share ownership with other family members
* Is there another family member in town who could use free/cheap housing