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Man renovates building with son and sells it for $240k profit, other family members get upset when he won't share the money with them: 'They didn't help in any way'

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  • An older man looks over his shoulder inside a building that is being renovated
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  • Am I wrong for not sharing the profit I made from selling an investment property with my family?

    About two years ago I bought something really cool. A one room school house in a town about an hour south of where I live.
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  • I'm semi retired so my plan was to do most of the renovations myself with my wife and kids pitching in.
  • I said that if they helped we could do something as a family and make a profit.
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  • We could split any profits. My wife said she thought it was a stupid idea. Our kids said they didn't have the time to help.
  • My son from my first marriage was the only one who pitched in. He and I went 50/50 on the down payment and all the renovations.
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  • His wife Paola and my grandkids all worked with me making it into something special. All in each of us put in $80,000 to purchase the building and on renovations.
  • What we made sold for around $400,000 in January. We paid his kids $10,000 each. We paid Paola $20,000.
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  • And after everything was said and done we each got about $100,000 each. The money I invested was mine not money from a shared account.
  • My wife and kids didn't invest a single cent. But now that they found out that their niece and nephew and their mom made money and that their half brother made $100,000 they are p ed that I didn't share.
  • My wife is upset that she isn't getting anything out of the deal. That's not true.
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  • I'll use my profits to take her on a vacation. The majority will go into my retirement account.
  • We had a family dinner last weekend and it was not cool. My younger kids said I should have cut them in in a family project.
  • My wife says I should give her half of my part. She also said I should give my two grandkids from our kids some money too.
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  • They are 6 and 8. And they didn't help in any way whatsoever. Not even taking out garbage.
  • My other grandkids helped a lot. Mostly with the yard. They earned their money. It wasn't a gift.
  • It was a cut. In no way do I think I'm in the wrong but my wife and two of my kids think I'm being an a.
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  • An older man stands in the middle of a building that is being renovated
  • Renyerd NTA, clearly. The other members of the family brought no capital, no sweat equity, and from the sound of things not even any personal interest (asking about it, progress updates, hey can we swing by to see how much you've done, etc). Only question I have is who the h I bought a one-room schoolhouse for 400K...
  • Live_Shopping_8074 Original Poster's Reply It's a 2,700 square foot open concept cabin on 5 acres.
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  • Live_Shopping_8074 Original Poster's Reply I'm going to spoil my wife and grandchildren.
  • Potential_Drive 7999 You are right. They don't deserve a d In thing they didn't do any of the work. The other side of the family are a bunch of gems
  • Live_Shopping_8074 Original Poster's Reply All of my grandchildren are great. I will probably use some of the money to take them all on vacation.
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  • Eucalyptus517 Why the f should they get any anything out of it? If they didn't put it in the work. You offered them the opportunity and they declined. you're not the a h le.
  • Live_Shopping_8074 Original Poster's Reply They think since I gave my son, my daughter-in-law and two of my grandkids a share they deserve to wet their beaks.
  • PrudentConcentrate 78 I figured they'd get paid one way or another.....you are nta, just a sap
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  • Live_Shopping_8074 Original Poster's Reply For treating my grandchildren to a vacation? How much did your grandparents hate you?
  • shyfidelity You know you're NTA, so. Your family certainly sounds financially secure, and $100,000 doesn't stretch as far as you'd think. I don't think Reddit is going to argue with you
  • annebonnell No, you are not the ah le here. Your wife and kids are. Remind them of the tale of the Little Red Hen.
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  • CuriousPenguinSocks NTA, easily not one bit the AH here. Your wife and kids though? They are HUGE AHS here and entitled ones at that. I would be very frank with them. They invested ZERO money, your son invested the SAME as you, he is a partner, not just family you gave money to, he is a business partner. His kids and wife, put in sweat equity, they are paid labor! Your kids and wife sound selfish, lazy and entitled. I would be having none of that attitude.
  • GlittzyyLove NTA. Calling it a family project after the profit shows up is convenient

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