Easy Come, Easy Go

When I said "It's basically the same story with anyone who inherits money before learning how to make it themselves." While age is implied, I don't think age has as much to do with it. I've seen people at age 25 with more drive to learn than people that are 65. I know one lady that's verging on 65...inherited a house, sold it, blew all the money, recently got two more when her mum passed, she's now down to one. And the last I heard, that one property is now on the market as she's in desperate need for cash. Sigh.

 

Yep, my siblings and I were aged between 51 and 62 when we inherited our parents’ estate.

It wasn’t a life changing amount. I used my share as the deposit for my next IP; I bought my parents’ house from their estate.

 

Right

I wonder if in the main .......comes back to what you learn, environment, if parents are good with money, children will learn, And follow same pattern????

 

How did the siblings take you buying your parents' house? Did you get a valuation done or did they name their price?

 

Good question. The pattern itself is not reliable as times change and people need to adapt to new ways of making money. One can't simply follow the exact same investing pattern and expect it to work, over 2-3 generations (I don't think anyway?). It's more the attitude I think, and yeah I think that a good attitude is something that can be taught.

 

Not in my experience.

My anecdotal cases are that most treat it as a windfall and just blow it on things like travel, cars, ...

In my family, I am the exception.

 

Long story but the short version is:

After weeks and weeks with the property being on the market (and dropping the list price), we finally received an offer in writing.

I asked my siblings to vote in writing on whether they wanted to accept that offer or my proposal which was $5,000 higher but otherwise the same conditions.

If I didn’t get 100% of their votes for my proposal, then I would withdraw and the other offer would be accepted.

They all voted for my proposal .

 

Glad it went down amicably...things get funny sometimes among family when large sums of money are involved.

 

I once bought a place from siblings who were selling a home inherited from their recently deceased mother. I noticed it was at minimum, 50k under valued. I told them I'd offer 15k over the asking price, knowing their stupid / greedy asses would think it was a great deal. They accepted immediately, which was an especially stupid thing to do since I literally made the offer within about 30 mins of the ad being posted (I refresh dozens of times a day when I'm in acquisition mode, I'm a machine). A few days after settlement I was speaking the to agent and he said he had received so many calls after they accepted my offer they realised they should have held out. HAAAAAAAAAAAA!

The moment I knew it was inherited I knew they were mine for the taking*.

*Another time the agent was representing their friend, and offered to bring the friend down for a face to face negotiation. Another stupid move which I capitalised on. What type of agent allows the buyer and seller to meet face to face? It's funny when you as a buyer are thrown such easy opportunities. I would never mention the house is an inheritance, cause that tells you, odds wise, you're dealing with a bunch of fools that want the money asap.

 

This is what I did - except it was a dozen times an hour lol.

Sadly my acquisition days are over for the time being - reached serviceability ceiling years ago. But I betcha I cold still bag a bargain without breaking a sweat. Those skills don't go away.

 

Sounds like they had bad executors.

 

We had a great executor - me .

 

Na the kids were at the helm.

 

... and they had no idea?

 

If it was at least 50k undervalued, I see no other conclusion

 

... and some/all of them were the executors of their mother’s Will?

 

No idea, the agent just told me 3 of her kids were the ones managing the sale.

 

Sounds like those three were the executors.

If so, then

 

Fair enough