Posted by Aaron on March 10, 2002 at 14:36:59:
I keep going around and around with myself. - Posted by Aaron
Posted by Aaron on March 10, 2002 at 12:37:15:
My biggest problem is that I earn a really good income in my day job.
My wife and I want to buy and hold rental properties.
Everyone says cashflow is king. I have cashflow in the form of my day job.
Would there be anything wrong with buying properties sub2 and just keeping them for the long term as income properties instead of just turning around and selling them L/O?
Remember that I’m not terribly cash poor and make a good income with my “day job”.
If I could aquire 1 to 2 properties a year sub2, that would go a long way towards building up a nice chunk of equity, not to mention income.
Sure, I can do the occasional L/O for raise cash if I need it, but woudnt long term cash be better in my situation?
I’m 31 right now, so long term for me is about 15 to 20 years. Retiring @ 50 would be nice.
Here’s a classic Piper post… - Posted by Andrew
Posted by Andrew on March 10, 2002 at 20:15:30:
Here’s a great post, about a real estate retirement plan, from a few years ago by Jim Piper. Gotta love those archives!
Yea, just do it! (NT) - Posted by David Krulac
Posted by David Krulac on March 10, 2002 at 18:14:54:
Thanks for the replies! - Posted by Aaron
Posted by Aaron on March 10, 2002 at 14:43:45:
It’s great to know there are other like minded people.
PPS…Thanks for the book selections John, I’ll check them out.
Re: I keep going around and around with myself. - Posted by Todd in WI
Posted by Todd in WI on March 10, 2002 at 13:51:54:
I saw this post, and after months of being a lurker, I needed to respond with my own comment. I am in a very similar spot in my career as you are. I am 36 and have a good day job that earns me an income north of $150K. Unfortunately, the days of stability and comfort in the daily grind have left us all in this new century. The point being, it is upon all of us to figure out the best and most effective way to provide for our families and ourselves. I too am on the very front end of beginning my “REI as a second career” plan. I checked my FICO this weekend and scored a 752 so I am dilegently looking for my next deal. RE has been a passion to think about for me for years but now I am going to make the jump to develop it into the way I live in the next 10-15 years. Good luck to you and all us newbies.
Re: I keep going around and around with myself. - Posted by John
Posted by John on March 10, 2002 at 13:18:57:
If you haven’t you might want to read Rich Dad Poor Dad and Retire Young Retire Rich by Robert Kiyosaki, I also like Creating Wealth by Robert Allen…then see how they can help with your intended gameplan.
Re: I keep going around and around with myself. - Posted by Shawn Dostie
Posted by Shawn Dostie on March 10, 2002 at 12:59:32:
I am the same way, but I still buy at a price point that I can move it in a hurry if I have to or I want to do something different. I love buying multi family. Where else can you buy income and a svings account at the same time with no cash out of pocket.
Re: I keep going around and around with myself. - Posted by phil fernandez
Posted by phil fernandez on March 10, 2002 at 12:54:50:
Nothing wrong with your idea. I have always been a buy and hold guy.Fifteen or Twenty years comes and goes awfully fast. Subject To’s would be a good way to get into property with little or none of your own money while you are building up future retirement equity.
Re: Thanks for the replies! - Posted by John
Posted by John on March 10, 2002 at 17:09:52:
Re: I keep going around and around with myself. - Posted by Randy_CA
Posted by Randy_CA on March 10, 2002 at 14:34:38:
Would you mind sharing how you obtained your FICO score?
Re: I keep going around and around with myself. - Posted by Michael
Posted by Michael on March 10, 2002 at 13:08:49:
I have to agree. I’m just starting out myself, own nothing as of yet. However, I make a decent living and at this point I couldn’t imagine walking away from the bene’s, guaranteed salary…etc. I’m 27 now and hey…if RE became so good that I was missing income opps because of the 9 to 5…I guess I would rethink it. But, let’s think about aquiring 1 or two a year that provide +CF from now until a point 15 year from now. At that point, those one or two a year start successively becoming free and clear. You’d be ahead of plenty of your peers regardless of what happened throughout those fifteen years career wise. Retire at 50… not many people can do that regardless of what salaries they command throughout their working years.
As your plan develops keep me updated, I think we have the same focus.
Re: Thanks for the replies! - Posted by Aaron
Posted by Aaron on March 10, 2002 at 17:51:24:
I’ll need a quick flip just to pay for books! roflol