RE: I have over a million dollars in assets (real estate), own a business and I always feel broke.
1) Do you FULLY OWN the real estate assets, or do you still owe money to the banks or lending company?
2) How much do you have to pay on maintenance and property taxes on your real estate? Are they stable or going up above inflation?
3) Are your tenants reliable and trustworthy?
4) How are property prices trending in your area?
Your answers to the above question will tell us why you feel broke or confident about your finances.
I own all my real estate, no loans.
Maintenance probably around 3-5K and property taxes around 20K a year
I don’t have any tenants, most of my property is industrial/commercial and vacant land, the commercial property is for my business
Price trends have been sideways since the RE crash of 2010 (NJ)
The zoning is what kills the property values, it is miszoned and will cost me a fortune in lawyers and fees to get it zoned right. Also rumored that my area will be getting sewers in 5 years so the values would go through the roof when that happens Right now sewers are about 2 miles away, 20 years ago they were over 20 miles away.