|
My side business has been rental real estate. It never really pays off until you sell, or pay off the mortgage. I'm trying to figure out a plan now that I'm 62 and have a 6 unit apartment building with a mortgage at about half of what I could sell it for. My son may step in at some point, which would work great.
My oldest daughter has owned a restaurant she bought 15 years ago as a going concern. It is one of the longest continually operating restaurants in our mid sized town. She is either going to sell or just walk away in 2-3 years. She's in school now to do a complete career pivot. She's made a good living up until COVID, but it took her 10 years to pay off the owner loan she took. She was taking a salary during that time. Work from home is killing our downtown and the small business owners that have been there forever.
Long winded way of saying, it depends on the business.
__________________
Jerry
1983 911 SC/Carrera Franken car, 1974 914 Bumblebee, 1970 914-4, 1999 323ti
|