Quote:
Originally Posted by misshelicopter
... just seems like a lot of work seeing as how we want to settle down and have kids soon. if i were in my later years i would probably see that as being positive but its a bit much!
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I only wish I would have started doing this when I bought my 1st house at age 19. Remember... make you $$ work FOR you, and by the time your 40 you will not need a job, as investments will support you. (instead of relying on a pension that will disappear, as mine did after 32 yrs of employment...
got laid off 6 wks before retirement eligibility... good thing I'd been doing real estate in my 'free' time...)
We did lots more complicated stuff than this during our 20 yrs of child rearing on single income while homeschooling. (I made each of our kids design and build a home from scratch before grade 10, at which time they went to college instead of High school using WA State Running Start program). That little adventure was tough on kids and parents, but... they each ended up with ~ $70,000 to spend on college or stereo or whatever...(and they never want to touch a hammer of shovel again (kept them interested in college
)). Our neighbors are currently doing similar, but more complicated with 4 kids 1 income. (They buy distressed homes or build new every 2 yrs while keeping their shop on acreage rented while gone). They just moved into their 3rd place in 6 yrs, and have made $200k on each of previous ones.
You don't have to make it complicated at all if you get acreage large enough to parcel, and sell a chunk off every two yrs. One friend did that with a parcel that was in the city limits, so his lots were small. They did 17 lots on 7 acres and made ~$80,000-$100,000 'tax free' every two yrs. The surveyor and attorney did all the work, they just collected the dough. (and took occasional trips to celebrate)
Using the modular home idea, you can have someone else do the work for ~$5000 to set up a home. I just like to keep a bulldozer around the house, so doing this in my free time is an excuse to use it for other stuff than planting flowers.
If you want to do something smart... spend your home $$ on a campground, mobile home park, or RV park, and live there in a far corner of the property, and let the campers / tenants pay your payments (and taxes!!!). When you are age 40, the million dollar place (by then) will be free and clear, you will be collecting $10,000 / month income whether you are in WA or Tahiti, and can afford a manager to run it. Do this about 3 times in tax free states, if you desire wealth beyond income replacement. (I'm satisfied with income replacement, BUT I am very DISSATISFIED with the WA State property taxes on primary residences... they cost me 10X more than I spend on food everyday, and have NO VALUE to me, personal homes are liabilities, NOT assets (Don't forget that or let a realtor / banker try to tell you otherwise))
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Wanting to move to Thurston County, wheres good?
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