Other changes occurred in community buildings. The office became
a common house, where everyone gathers for family meals and games.
And the bunkhouses got makeovers, too, meaning all the kids can be
accommodated at once.
Today, Reed guides his boat up to the dock where grandson Woods
stands with a cane pole, anticipating his first catch. The grandchildren
gather by the picnic table for a taste of homemade vanilla ice cream. While
Diane cuts into the day’s first watermelon, Timmy and his wife, Ingrid,
invite the adults to cool off on their porch with a frozen margarita.
“Our family has never had a gathering spot like this,” Reed says. “We
come out here to get away from all the distractions of life. Being able to
bring extended family and build memories is what this is all about.” i®
Doing Business
With Your Friends
Diane Hogan offers advice on
joint real estate ventures:
Hire an attorney
to do the dirty
work. “It’s a big com mitm ent
financially, and a lawyer is
essential. Having an outside
advisor is key.”
Be sure
everyone in the group
agrees on the overall vision for
the property—you want to have
the same aesthetic and goal.
Partner with
people who are on
the same page financially. “It
wouldn’t work if you had one
fam ily unwilling to spend any
money on anything with another
fam ily who wanted to splurge too
often on too much.”
A vacation
property can be a lot
of work, so share the load. “We
all have different duties and
jobs—from taking care of the
pool to handling installations.”
Set up an annual
fund and tim e
line for the property’s needs.
“We have a certain amount of
money for projects and upkeep,
and we vote on what’s most
important.”
l o r b u y in g in fo rm a tio n se cfta g e 2 13 .
