Leaving a Legacy with Real Estate.

My grand father recently passed away at the age of 101.  Yes 101!  He would boast he was actually in his 102nd year.  Doing the math you would determine that he was born in 1906.  I don’t just marvel at the longevity of his life, but the times he experienced and the legacy he left behind.  Then I started to wonder … “What legacy will I leave?”.  I am a father of three after all.  I would hope they would have children of their own and so on.

 

One thing that stands out for many in my family is Grandpa’s house.


Below is an excerpt published by the auction site for his home that best gives history of the house:


Prince Edward County - Loyalist's descendants sell 203 - year-old family homestead September 22, 2005, by Community Press

For the first time in 203 years, the locally famous Redner family homestead, located in the village of Rednersville, in Prince Edward County, is available for sale.

The farm lot on which the Redner house stands was granted to Henry Redner in 1802. Now six generations later, Bernard Redner, in his 100th year, is offering the home for sale.

Family members still proudly display the Crown Patent for the land which was granted to their patriarch in 1802. The village of Rednersville grew around the family plot. A staunch United Empire Loyalist and one-time member of the New Jersey Volunteers, Henry Redner originally lived in a log cabin on the property. After the cabin was destroyed by fire, his grandson, James Redner, built the current stone house across the road from the water in 1840. The 165-year-old home contains most of its original features including 24” thick solid stone walls, spacious principal rooms, original baseboards and trim, hard and soft wood floors, deep window ledges, original archways and ten-foot ceilings.

 “Step into the centre foyer and you’ll feel as if you’ve stepped back six generations in time,” says Gordon’s Senior Marketing Consultant Manson Slik. “It’s a grand stone home, rich in detail and Prince Edward County history, written about in several local books.” The house sits regally on a hilltop above the Bay of Quinte, offering a commanding view of the water. Lined with lush, mature pear and apple trees, the 22-acre property could support more fruit growth, making it a possible location for aspiring winegrowers looking to establish a northern county winery, or a small private estate winery.

 

What lessons can I learn from Grandpa and leave a legacy for my children? 

  • Buy early
  • Hold onto your property
  • Borrow less, lend more

Buy early:

Buy now.  Don’t wait, buy now.  Simple strategy but accurate. 

What is the market doing today is it holding, increasing or declining?

Am I going to live in this home or rent it out?  If you answer “yes” to either of those questions then buy now.  Regardless of whether I pay down the mortgage or if I have tenants whose monthly rent pays down the mortgage, the key is the mortgage is being paid and equity realized.

 

Hold onto your property:

Start with your home that you reside in.  Pay it off as quickly as possible.  Leverage that property so that you may buy more and begin paying that off as quickly as possible.  I make money when I sell homes.  Yet here I am encouraging you to hold onto your house.  At some point I would expect you to sell of course and turn that equity to cash, but real estate is a long term investment.  Then benefit to holding real estate is far greater than flipping for a quick buck.  How do you want to be remembered?  “My dad was in it for a quick buck” or “My father created wealth not just for him but for future generations”?

 

Borrow less and lend more:

Most of require a mortgage to purchase a home.  My grandfather learned the art of eliminating debt and becoming a source as a lender.  You can I can too.

“How?” you ask, by increasing our equity and leveraging that equity to buy more.  By owning clear title property you can use that as source to purchase property for yourself or use it as a source for others.  Have you ever heard of a privately held mortgage?  You probably have, well you can be the lender as well.  Grandpa held mortgages for many young couples starting out helping them get into their first home, what a tremendous gift to give, the ability for some one else to own real estate. 

 

These topics I’ll endeavor to explore further, so return often and begin creating wealth and leave your legacy.

 

Your Friend in Real Estate,

 

Patrick Galesloot

Patrick Galesloot

Patrick Galesloot

Broker/Owner
CENTURY 21 Advantage
Contact Me

Blog Archives

Tags