Long-Term Minneapolis Duplex Owners: What’s Your Property Worth, and What’s It Costing You?

The book Your Money Or Your Life has been on my mind a lot lately.

Written by Vicki Robin and Joe Dominguez, the book is a personal finance guide that helps readers achieve financial independence.

What sticks with me, or rather, the specific topic from the book that’s been on my mind is that money is what you trade your time and life energy to earn. In other words, every dollar you earn costs you a certain amount of your limited time on earth.

That’s been the theme of the listing appointments I’ve been going on lately: long-term owners whose duplexes, triplexes and fourplexes have been financially good to them, but who, later in life, find themselves valuing life energy more.

Tired of the home improvement projects they once enjoyed doing, none of these long-term owners have told me owning a duplex was a mistake. Rather, they’ve shared how their properties funded the acquisition of a business that became a full-time career, gave their adult children a place to land, or helped them pay off other assets they’ve decided to keep.

Most of these owners are simply doing a cost-benefit analysis. The question is whether the time and effort they put into the property is still worth the cost of the ever-dwindling supply of life’s energy.

They call me to give them a value on their duplex, for advice as to what, if any, repairs they need to do. Then, typically, they go home and make the comparison for themselves. In retirement, are the dollars worth the time?

If you’re a long-term property owner who would like to know what your property is worth in order to take the same personal inventory, give me a call. I am happy to help, no matter your priorities.