So I was talking to a CW who is (or I guess now appears to be) relatively good with money. So we were talking about how another CW just bought his 3rd rental house and then he let's this barb out.
CW: Oh, I don't think I could do that, I already have 5 mortgages.
Me: ... 5?!?!?! ... 5?!?!?! How do you have 5 houses?
CW: Well, there's our house, husban'ds 1st house, wife's first house, wife's mother's house and husband's parents. SO yeah, we pay 5 mortgages a month. It's not that bad.
Me: Oh, so you have 4 rentals with 2 to family, so that's not so bad, but yeah, I could see how another would be hard to manage
CW: Well only 1 rental. We aren't actually on the parent's mortgage, we just pay it, same for wife's mom. Wife's first house is only a 2/1 apartment, so we never felt it was worth the hassle to fill it since husband's 1st house (3/2) is filled, but it's a negative cash flow.
Me: .... why?... what? ... how? ... (weird confused look)
Me: So, since you've been paying the parent's mortgage for 10+ yrs, you at least are going to be willed the parents' house when they pass (they are in their 90's)?
CW: No, it will be split between all 5 kids, and we've never talked with wife's mom, but we assume the same. It's their house not ours, so we don't have a say in it.
Me: Oh, look there a meeting I have to get to before my mind blows up.