In the last post you read about David. In this post I share news about the birth of our son, Steve. In addition, Nadine and I buy a small apartment building near the campus of The University of Minnesota.
Steve J. Stanley is Born
The 2-story house we purchased in Brooklyn Park, Minnesota was an ideal starter home. We were very fortunate, that since I had served in the Air Force, we were able to qualify for the mortgage, which in 1987 was about $79,000. As I mentioned the house was only 2 blocks away from my brother making our stay in the home even more of a homecoming. Clinging to my habit of changing something that is already good, I talked Nadine into selling the house after about 14 months. By this time our second child, Steve, came into our lives, a healthy and thriving baby boy. So, except for my restlessness, life in the suburbs had been everything we expected. Then, based partly upon the go-go real-estate conscientiousness of the 80’s and my desire to begin an investment portfolio, we purchased an owner-occupied duplex to seed the portfolio. The building was in decent shape and located near the campus of The University of Minnesota. Nadine, Jenner, Steve and I would live upstairs. Upper and lower units each had 2 bedrooms plus a porch, which our downstairs renters used as a third bedroom. Our mortgage on the property was approximately $99,250.
Our work situation at VTC had begun to deteriorate. As a start-up VTC was mostly dependent on securing recurring investor funding to continue operations. Projects were cancelled, and work for Mask Designers was sporadic for weeks creating an atmosphere of uncertainty. So when the entire second shift was laid off, none of us were surprised. Many of us were able to get unemployment benefits to soften the blow, but the companies action still badly stung us. The only thing worse, in my view, is getting fired.
Did you ever own income property?
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