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Old 06-21-2019, 01:44 PM
 
75 posts, read 134,728 times
Reputation: 88

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My husband and I plan on acquiring long term and vacation rentals in the near future for passive income. Thank you for the helpful replies (very few of them)......I seem to have inadvertently triggered many people but I guess I expect too much from this forum. Also, I asked for people who retired early for their personal experience and advice not people just criticizing me. Now I know why I visit this forum so infrequently.
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Old 06-21-2019, 01:49 PM
 
6,244 posts, read 4,725,740 times
Reputation: 12795
Quite a few of us tried to give some helpful information. If you think you were abused it is indeed time to move on.
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Old 06-21-2019, 01:56 PM
Status: "The nicest curve on a woman's body is her smile" (set 16 days ago)
 
Location: Florida/Tennessee
2,404 posts, read 4,307,608 times
Reputation: 1278
I guess you didn't hear what you wanted... right?

Retiring early... why? kids? family? land? city living?

People need to be "productive" and that doesn't necessarily men making money. We need mental stimulation, intellectual challenges, some need traveling some need a homestead. I am retired, but not early.... and four kids are expensive.

I have a buddy and his wife who retired after selling his business.... 40-ish, DINK's. They're divorced now. Both working again. Solid relationship is vital. Good health important too.

Lots of unknowns and variables, but one thing is for sure... what you feel today will be different tomorrow.
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Old 06-21-2019, 02:06 PM
 
996 posts, read 347,624 times
Reputation: 3175
Quote:
Originally Posted by vision67 View Post
retire 25 years before medicare?

Good luck with that!
^^^this.
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Old 06-21-2019, 02:40 PM
 
2,745 posts, read 6,415,248 times
Reputation: 2326
Quote:
Originally Posted by teaolive3 View Post
My husband and I plan on acquiring long term and vacation rentals in the near future for passive income. Thank you for the helpful replies (very few of them)......I seem to have inadvertently triggered many people but I guess I expect too much from this forum. Also, I asked for people who retired early for their personal experience and advice not people just criticizing me. Now I know why I visit this forum so infrequently.
Ah, well, good luck with that

I'd call it closer to a career change than a retirement. You are going to become a real estate investor/landlord. It isn't without risk. It takes a lot of work to do it successfully as your only gig. It's going to take some time to build up a stable of cash-flow positive properties and work out the kinks to your venture. It, at least, has the advantage that you can use leverage to make it happen.

The competition for cheaper properties where the economics to do this even make sense around here is so fierce. There seems to be a never-ended set of people that think it is easy and are out there trying to buy properties. The people I know doing it successfully started while they still worked. It took them years of gaining experience, making contacts, finding contractors they trusted, etc. Mistakes were made, although not fatal ones. They generally know about properties through contacts, and buy before they hit the market.

"Retiring" in just 4 years when you haven't started the process yet seems incredibly optimistic to me.
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Old 06-21-2019, 02:51 PM
 
514 posts, read 114,460 times
Reputation: 1106
Quote:
Originally Posted by teaolive3 View Post
My husband and I plan on acquiring long term and vacation rentals in the near future for passive income. Thank you for the helpful replies (very few of them)......I seem to have inadvertently triggered many people but I guess I expect too much from this forum. Also, I asked for people who retired early for their personal experience and advice not people just criticizing me. Now I know why I visit this forum so infrequently.
Most here took the normally accepted route to retirement.
You are going off in an alternative path.
But there are plenty others like yourself who have done it and are very happy.
You just need to find that group to help you plan your future.

Like I said..google "early retirement forum" and you'll get plenty of suggestions, many coming from folks that didn't take the normal path to retirement.
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Old 06-21-2019, 03:46 PM
 
6,244 posts, read 4,725,740 times
Reputation: 12795
Sounds great. Just borrow some money for downpayments, buy properties, rent them out and make some serious money. Why didn't I think of that? Oh, that is right I did check on that years ago. I found that many people did not do well as small time landlords. They had constant issues, vacancies, painting and repairs, unexpected expenses and could not cover costs. Then there was a friend of mine who tried it. He ended up paying a bribe so a deadbeat tenant would leave and then he had to do a lot of repairs. He lost $10K on that deal. It seems the laws are not on the side of the landlord. Who would have guessed that?

Anyway many of us will remember the name of the OP and if she returns some of us will not be that interested in providing any help.

Last edited by jrkliny; 06-21-2019 at 03:59 PM..
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Old 06-21-2019, 03:48 PM
 
911 posts, read 208,708 times
Reputation: 1085
Retired at 47 yrs old. You better have a well rounded life with a lot of hobbies and interests (I did) as well as the finances to cover those interests if they happen to be costly to do.
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Old 06-21-2019, 03:53 PM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
Quote:
Originally Posted by Dire Wolf View Post
The median household income in the US is only somewhere around $60K/yr. Non-retired folks making that are paying FICA out of it. They are often younger and paying rent. Saving for retirement. Etc.

If you've got a paid off house, live even very slightly modestly, track your spending, you can easily get by on $50k for a couple in most areas.
69k here in nyc qualifies you for a low income nyc housing project ....so it varies greatly by area ..median income in our area of queens is 118k
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Old 06-21-2019, 04:06 PM
 
Location: DFW - Coppell / Las Colinas
31,999 posts, read 36,621,015 times
Reputation: 38611
Quote:
Originally Posted by teaolive3 View Post
I would like to completely retire by the time I’m 40. Thank you for any advice.
I was curious and looked at your old post history. Back in August last year you talked about cashing out your 401k and buying Investment property.

Did you ever do so ? How did that work out ?

Last edited by Rakin; 06-21-2019 at 04:19 PM..
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