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Let me tell you about my two rich uncles. Everyone always said
they were wealthy, which confused me when I was growing up because
they didn't seem to ever spend it. They didn't dress well or drive
nice cars, and they never sent me anything more than a card and a
crisp dollar bill for my birthday. But they're very generous with
advice. Whenever I see them at a family gathering, they always
corner me and give me a lecture on the value of thrift or the power
of compound interest.
Recently, now that I have a real job, they've been trying to get
me to save some money for investment. Their favorite topic is real
estate. I'll never get rich paying rent, they tell me; the way to
get rich is to be collecting the rent. That's how they made most of
their money. They started out by buying a couple of properties and
collecting rent from tenants, and they did so well that they were
able to buy some houses. Now they mostly have houses (since they
pay better rent) but they each kept the first apartment they
bought, for sentimental reasons, even though they pay much less
rent. They have plans to move on to something bigger, but they
haven't yet.
All their holdings are in the East Coast resort city where they
used to live. (My uncle Charles has since moved to Minneapolis, and
my other uncle George lives in San Diego.) It's a top tourist spot,
so they get a steady stream of beachgoers and high rollers who will pay top rents.
Here's a map they showed me:
Charles' holdings are shown in red, and George's are in blue.
The squares are houses, and the triangles represent apartments.
To inspire me, they added up all the rental income they each get
and showed me the figures. It did inspire me; but not to buy real
estate. I ran right out and found a great place for a cache. Can
you find it?
