How to turn small-medium size property portfolio into a “fxxk you money” empire?

Me and my sister will eventually inherit about 20 small units, offices, apartments and stores in the outskirts of Rome, Italy.

They are in a poor neighborhood, some people don’t pay, and a few times tenants disappeared without notice and all the money they owed us.

If I were to believe the Rich Dad/ Poor Dad, money guru, self development fluff (which I kinda do) I’d say my parents have always had a negative view and perception of these property.

They see these properties as taxes, maintenance and legal issues. It is in part true, but they are also an amazing wealth opportunity.

Now don’t get me wrong, they are grateful for these properties but their thinking is static and risk averse and can’t shake off the “the worst is yet to come” mentality.

I hear of people turning nothing into billions, and here i am with something . How do I turn it into multigenerational wealth of a scale where the daily maintenance of these properties becomes trivial and easily outsourced?

I’m talking optimizations of current properties, reinvestment of incomes, portfolio differentiation, etc.

I am talking about going from a portfolio that is 100% real estate, to a portfolio where real estate is maybe 20-30%. Possibly without selling current properties.

I’m looking for anything from generic advices, books, articles on incoming housing crisis, university degrees, examples of companies that do this kind of management.

Any suggestion is welcome.

Even simple ideas and concepts like reinvest 20% of the income in more properties, or whatever that is would be helpful.

PS Don’t think these properties rake in millions. Even before taxes and costs we’re talking a couple hundred grands at best. Still great money but we want to turn them into something more.

submitted by /u/CluelessPajama
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Me and my sister will eventually inherit about 20 small units, offices, apartments and stores in the outskirts of Rome, Italy. They are in a poor neighborhood, some people don’t pay, and a few times tenants disappeared without notice and all the money they owed us. If I were to believe the Rich Dad/ Poor Dad, money guru, self development fluff (which I kinda do) I’d say my parents have always had a negative view and perception of these property. They see these properties as taxes, maintenance and legal issues. It is in part true, but they are also an amazing wealth opportunity. Now don’t get me wrong, they are grateful for these properties but their thinking is static and risk averse and can’t shake off the “the worst is yet to come” mentality. I hear of people turning nothing into billions, and here i am with something . How do I turn it into multigenerational wealth of a scale where the daily maintenance of these properties becomes trivial and easily outsourced? I’m talking optimizations of current properties, reinvestment of incomes, portfolio differentiation, etc. I am talking about going from a portfolio that is 100% real estate, to a portfolio where real estate is maybe 20-30%. Possibly without selling current properties. I’m looking for anything from generic advices, books, articles on incoming housing crisis, university degrees, examples of companies that do this kind of management. Any suggestion is welcome. Even simple ideas and concepts like reinvest 20% of the income in more properties, or whatever that is would be helpful. PS Don’t think these properties rake in millions. Even before taxes and costs we’re talking a couple hundred grands at best. Still great money but we want to turn them into something more. submitted by /u/CluelessPajama [link] [comments]

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