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I joined a local apartment owners association. It has over 1,000 members and its members own over 60,000 apartments. I did a rough calculation and it comes to that every member owns 40 units on average.
Most of them seem to be at least fifty years old, many much older. A couple bought a 20 unit apartment building for $7,000 per unit in the seventies. Each unit is now worth more than $200,000. They wanted to sell two years ago because both of them are more than seventy years old, but last time I talked to them(a year ago) the gentleman told me they changed their idea because if it appreciates more than $400,000 per year and the rent is enough for their all spendings then it seems to be a stupid idea to sell. The gentleman was an electrical engineer, he just happened to have the guts to buy.
What I want to say is, wealth accumulates with age. Many times one year makes a big difference.
P.S: I did not renew my membership with the association this year because I feel old and depressed there. :)
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