PharmingFIRE
Dryer sheet wannabe
- Joined
- Dec 24, 2012
- Messages
- 13
Hello Everyone,
I have been lurking here for a few months now and finally decided to throw my Introduction into the forum, say "Hi" and maybe get some good advice or possibly a reality check on my plans.
Since the downturn in the economy and the instability in the workplace I had decided that I did not want to have to rely on a paycheck so I began looking for a way out. We had begun researching income properties and finally last year my wife and I bought two, three-family homes. Great income producers that net approx. $500/mth per unit after paying mortgage, allowing 10% mgmt, 10% repairs and 10% vacancy. I am managing now so income is a little better.
OK, so that is 3K/month and we are thinking $5K/mth after taxes would be more than sufficient for the wife and me.
We also have 200k cash (cash and vested options) and about 350k in retirement accounts.
We would like to RE next year but not sure how to go about generating that additional 2K since a good portion of the money is tied up in accounts I can't access until I am 59.5yrs. We could buy another property with the cash but that is a lot of eggs in real estate and leaves a lot of money in the retirement funds. Without such a good return investment like the real estate idea I think we fall very short by not having access to the retiremnent accounts.
We have good salaries so if we wait until next year we'd have another 150k saved in the mix but even then...
Is it too early to retire? Am I intoxicated by the sweet but perhaps too distant smell of freedom?
Thoughts? Advice? Random ponderings?
Thanks
PF
I have been lurking here for a few months now and finally decided to throw my Introduction into the forum, say "Hi" and maybe get some good advice or possibly a reality check on my plans.
Since the downturn in the economy and the instability in the workplace I had decided that I did not want to have to rely on a paycheck so I began looking for a way out. We had begun researching income properties and finally last year my wife and I bought two, three-family homes. Great income producers that net approx. $500/mth per unit after paying mortgage, allowing 10% mgmt, 10% repairs and 10% vacancy. I am managing now so income is a little better.
OK, so that is 3K/month and we are thinking $5K/mth after taxes would be more than sufficient for the wife and me.
We also have 200k cash (cash and vested options) and about 350k in retirement accounts.
We would like to RE next year but not sure how to go about generating that additional 2K since a good portion of the money is tied up in accounts I can't access until I am 59.5yrs. We could buy another property with the cash but that is a lot of eggs in real estate and leaves a lot of money in the retirement funds. Without such a good return investment like the real estate idea I think we fall very short by not having access to the retiremnent accounts.
We have good salaries so if we wait until next year we'd have another 150k saved in the mix but even then...
Is it too early to retire? Am I intoxicated by the sweet but perhaps too distant smell of freedom?
Thoughts? Advice? Random ponderings?
Thanks
PF