I've been going at this a pretty long time. I've had my share of ups and downs. I've interacted with a lot of people over the years. I've received a lot of advice as well. That's what makes this so difficult! In the end if you don't want to work forever you have to save for retirement. My strategy is to save in my 401k, invest in rental properties and maybe if there is anything left get a check from Uncle Sam when I hit a certain age. We all are afraid that our 401k's will run out before we die. That is why I am picking up rental properties. When they are paid off I'll receive an annuity stream to augment my 401k withdrawals. I'm not going to count on Social Security. If I get some payback great...if I don't then that was the crappiest thing I ever had to invest in. What are you thoughts on the subject???
Hmm I'm still young but I've saved 25% of my income every year and now I'm making almost double what I was when I was doing that. So yeah I'm fine I would just suggest spending money on what makes you better and not what makes you "happy"
Its a pretty sound plan. Though, it can be tough dealing with the people when it comes to rental properties. Maintaining a property is easily done, depending on what you are starting with yourself.
If you are able to invest in newer properties, yeah, a property manager is the way to go. If its 25+ years old, a property manager just ends up being an expensive middle man. Might as well deal with license contractors yourself. The 'PM' is going to just be relaying messages.
Read "Rich Dad Poor Dad" by Robert Kiyosaki ...he's a financial genius who's pretty much accurately predicted every major financial event for the past 20 years. Not so much a financial self help book but more a book on financial philosophy ...makes you think about work and making money in a different way.
Property managers can make or break you. You could end up with some crack addict that makes you look like a slum lord, you will be screwed before you figure it out. You need a iron fist. No excuses, no exceptions, no mercy. Try to find ways to evict and keep the deposits. If you have pretty fluid revolving door you will makes some loot.
Social Security is an utter failure of a policy now. This generation, the millennials, will have nothing at all. EDIT: millennials*
As a general rule I do not buy a property I wouldn't feel comfortable moving my own family into. In this way I avoid terrible tenants. Terrible tenants are a detriment to your P&L. In fact I've lived in 2 of the 3 properties I own. The trick is to find that sweet spot where responsible people want to live but not so expensive you can't cashflow on the deal.
Oh. Yeah I lived in a bunch of crappy places. It's how you save money. The most successful landowners/landlords I have known were ruthless. It didn't matter what income bracket they catered to. The same principles apply. $5000 - $500 monthly. You treat them all the same. I got to know all my landlords. They always want to be buddies. They always want free work. Lol. But still ruthless. Smart people man. It was a common trait. Nice chatting with you.
I've thought about rental property but I'm hesitant of taking out another loan before my house is payed off.
Youbcan also look into lendingclub.com i make about 12% ROI trick is the split it up and fliter you can find some really great investments
this stuff baffles me.. how does one retire from a GAME. Didnt realize this GAME was a career,job, didnt know we got paid to play this GAME as a career. Lol 8/10 times ppl would be back. Its a GAME dont retire from a GAME. Well wulf now that ur "retired" guess ill see u on the golf simulator 2016 lol. These threads crack me up good bathroom reading tho.
This isnt a kaw retirement thread. You read the thread title and immediately started typing, didnt you?