scine
New Contributor
- Joined
- Jun 23, 2008
- Messages
- 46
Rep Bank
$235
$235
User Power: 30%
Hello all!
I forget exactly how I came to this site, but I've been coming on here for a few months now, picking up tidbits and reading about others experiences.
I'm 34, work as a Network Administrator at a non-profit in Portland, Or. I make a pretty good living and my wife does as well.
But after going through our finances and our 401k's, and the like, I've come to the conclusion that it's not going to be enough for the lifestyle we'd like to live.
I don't want to retire, sit at home all day long, and hope that nothing bad happens financially. I've always been a "face the problem head on" type of person. So, I asked around and my friends father, who's been a real estate investor for many years, suggested I go his route.
So, I did, and am doing, a LOT of research on the subject and it appears that's probably the way I'll go. I've got some money saved up for a down payment on a place, and I am actively searching for a decent starter.
I've spoken to my friend's father, my realtor, whom I particularly trust because of his honesty and "no bs" attitude, and people on here about various things I've wanted to know.
I plan on hiring an attorney, CPA, and a management company to help deal with the things I don't know about or feel I'm not up to par on.
My ideal goals is about $5 million when it's all said and done. At 5% return rate, that's $250,000 a year in income that my wife and I can comfortably live on. That allows for future medical issues (she's diabetic), fiscal emergencies, daily expenses, and world travel if we so desire.
Of course, if I get to the $5 million within 10 years or less, I may certainly quit my job and do it full time.
Here's my rough plan:
Purchase my first duplex/tri/quad at around $300-$400k range (In my area, that's very doable) Put every dime into an account and pay the mortgage, my various expenses, and the rest just leave. I understand that it'll probably be tempting to want to tap into it to buy frivolous things like cars, motorcycles, etc, but I'm keeping my eye on the big picture: Retirement before age 50.
Once the place has settled and I've got a steady stream of income, keep a years worth of expenses/mortgage payments in a side account for emergencies, and the rest gets saved up for the downpayment on the next place. After a few years when the new place gets all settled, rinse, lather, repeat.
I imagine that it'll take about 3-5 years for the first place to get to where I want, then the next place may take around 2-4 years to get to the next step of a third place.
Each time, I plan on buying bigger and bigger places. Probably first place 300-400k. Second, 500-800k, next 1m-2m, and so on.
So, am I being realistic? I certainly hope so.
Now that I'm properly introduced, thanks for all your help past and future!
I forget exactly how I came to this site, but I've been coming on here for a few months now, picking up tidbits and reading about others experiences.
I'm 34, work as a Network Administrator at a non-profit in Portland, Or. I make a pretty good living and my wife does as well.
But after going through our finances and our 401k's, and the like, I've come to the conclusion that it's not going to be enough for the lifestyle we'd like to live.
I don't want to retire, sit at home all day long, and hope that nothing bad happens financially. I've always been a "face the problem head on" type of person. So, I asked around and my friends father, who's been a real estate investor for many years, suggested I go his route.
So, I did, and am doing, a LOT of research on the subject and it appears that's probably the way I'll go. I've got some money saved up for a down payment on a place, and I am actively searching for a decent starter.
I've spoken to my friend's father, my realtor, whom I particularly trust because of his honesty and "no bs" attitude, and people on here about various things I've wanted to know.
I plan on hiring an attorney, CPA, and a management company to help deal with the things I don't know about or feel I'm not up to par on.
My ideal goals is about $5 million when it's all said and done. At 5% return rate, that's $250,000 a year in income that my wife and I can comfortably live on. That allows for future medical issues (she's diabetic), fiscal emergencies, daily expenses, and world travel if we so desire.
Of course, if I get to the $5 million within 10 years or less, I may certainly quit my job and do it full time.
Here's my rough plan:
Purchase my first duplex/tri/quad at around $300-$400k range (In my area, that's very doable) Put every dime into an account and pay the mortgage, my various expenses, and the rest just leave. I understand that it'll probably be tempting to want to tap into it to buy frivolous things like cars, motorcycles, etc, but I'm keeping my eye on the big picture: Retirement before age 50.
Once the place has settled and I've got a steady stream of income, keep a years worth of expenses/mortgage payments in a side account for emergencies, and the rest gets saved up for the downpayment on the next place. After a few years when the new place gets all settled, rinse, lather, repeat.
I imagine that it'll take about 3-5 years for the first place to get to where I want, then the next place may take around 2-4 years to get to the next step of a third place.
Each time, I plan on buying bigger and bigger places. Probably first place 300-400k. Second, 500-800k, next 1m-2m, and so on.
So, am I being realistic? I certainly hope so.
Now that I'm properly introduced, thanks for all your help past and future!
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