i finally gave notice. i've had enough.

[knucklehead 61]

i gave my notice that i am quitting in 2 to 4 months from a job i've has for 31.5 years. just turned 49. plan to survive on our rental portfolio income, hsa's, & wifes ss. we currently own 22 properties, 9 are mortgaged. we are selling 1 mortgaged house. it should close in mid december which will give us about 110k that we can use 65k of to pay off one other mortgage & bank the other 45k. i have about 1.15m in my 401k & ira that will sit untouched for at least another 10 years, hopefully longer. my budget spreadsheets show that we are fine with just under 150k after tax income.

so, it looks like i will be joinging the class of 2016

i have lots of things planned to occupy my time when retired:
build a 36' x 48' addition to my shop building.
restore numerous antique harley davidsons that i have owned for years.
learn to fly fish.
kayaking.
ride bicycles & motorcycles.
remodel or repair our rental properties as needed.
travel in our motorhome.
join a gym.
learn to reload ammunition.
get involved with local community issues & projects.
hiking.
camping.
open up a part time welding/fabrication/repair/ motorcycle shop.
learn to relax & read on our covered porch watching the river lazily go by.

 

[Katiek]

Congrats! Sound likes a plan!

 

[Daniel J]

Congrats, that is awesome.

 

[Rickt]

Congratulations and best Wishes!

 

[DROPOUT]

we currently own 22 properties, 9 are mortgaged.

Congrats Knucklehead!!!

At 1 time, I had 5 doors (4 properties) but due to a terrible PM and a devastating fire, I am now down to one. I've been hesitant to go with more, because of time commitments and just a bad taste in my mouth from the above.

Mind giving us some more info on your rentals? Are you PMing, or have you hired it out? Are they local or in another state/area? What sort of monthly time is spent on 22 rentals?

Any and all info is appreciated knucklehead! And once again, congrats!

 

[RenoJay]

Congratulations!


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[Trawler]

Congrats!!!!

 

[Senator]

Congrats!! I am also in 2016, although looking back I may have been able to go earlier.

I have 24 rentals/doors, and 12 are paid off. Similar income and portfolio values, although I do not count the DGFs portfolio.

Great job!

 

[VFK57]

Congratulation on your achievement and retirement. To manage 21 rental properties is like a part to full time job (depend on how you manage repairs and maintenance).

 

[kimcdougc]

Congrats!

 

[cyber888]

Congratulation on your achievement and retirement. To manage 21 rental properties is like a part to full time job (depend on how you manage repairs and maintenance).

Yep, unless you really enjoy all the time you spend on those repair and maintenance, then it won't feel like work I use to rent my vacation home - it was a lot of work. It made like $16K - $18K a year as a rental, but wife got tired and so we sold it for a profit.

 

[Fishingmn]

Congratulation on your achievement and retirement. To manage 21 rental properties is like a part to full time job (depend on how you manage repairs and maintenance).

Not in my experience.

I have 11 properties and it maybe takes 1-2 days/mo of my time. If I doubled it to match knucklehead it still wouldn't be more than 1 week/mo if that.

 

[papadad111]

Congrats !

 

[knucklehead 61]

Congrats Knucklehead!!!

At 1 time, I had 5 doors (4 properties) but due to a terrible PM and a devastating fire, I am now down to one. I've been hesitant to go with more, because of time commitments and just a bad taste in my mouth from the above.

Mind giving us some more info on your rentals? Are you PMing, or have you hired it out? Are they local or in another state/area? What sort of monthly time is spent on 22 rentals?

Any and all info is appreciated knucklehead! And once again, congrats!

we own & manage one prop (2 houses on one lot) in san jose, ca.
we own & manage 1/2 of a commercial building in san jose, ca.
we own 1/2 of a house with a pm in campbell, ca.
we own 18 properties in 3 towns in oregon. (23 doors) with a great pm.
i spend zero time on any of them, other than the two in san jose (we live in an apartment in the shop building that is also on the property). i had to replace two toilet tank fill valves in the last couple weeks. took about 1/2 hr.

when we move to oregon, i will probably spend more time on the rental fleet as i can do nearly any rapairs needed...although labor rates are cheap, 15-35/hr depending on the trade, so i may just swing in a hammock & watch them work instead.

 

[knucklehead 61]

Not in my experience.

I have 11 properties and it maybe takes 1-2 days/mo of my time. If I doubled it to match knucklehead it still wouldn't be more than 1 week/mo if that.

i do spend a lot of time running spreadsheets though, but i enjoy it.
always crunching numbers trying to figure a faster way out, such as a cash out refi on one prop that gives enough $ to pay off a higher rate loan on a prop with too little equity to refi on it's own.

 

[knucklehead 61]

update: we shut the business down & only have 1 employee left finishing up some of our service jobs & warranty issues.
sold off 6 of the 7 vehicles & about half of the shop machinery, tools, & equipment.
as soon as i can sell off all the rest of the business assets, service accounts, & a couple big projects i will officially retire & more to our house on a river in Oregon.
we already gave the current tenants notice to vacate by feb. 4th. if we are out of cal before then i guess we can cruise around in our motorhome for a while. life is now good & (almost) stress free!

 

[Katiek]

Congrats! Looking forward to hearing more from you on this next stage and how you're enjoying your active retirement.

 

[Markola]

A suggestion to knock off two birds on your ER list: Look up your local Oregon chapter of Trout Unlimited and take the president to coffee. I'm involved where I live and it's a great network of ER-types and others who protect and restore local trout and salmon habitat, and you'll meet lots of new fly fishing buddies. Enjoy!


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[Cassius King]

Sounds like you are set.

"learn to relax & read on our covered porch watching the river lazily go by. "

This sounds like an amazing way to spend some time. Enjoy!

 

[knucklehead 61]

One more day & i'm out!

 

[38Chevy454]

Congratulations on getting things finished up and on to your new retirement life!

 

[knucklehead 61]

so today was my last day in the office.
i officially retired from the job i've had since high school back in 1984.
it has not been an easy road nor has it been a fun job, but it was lucrative.
i'm so happy that it is over & that i can start the next chapter of my life as an investment manager & building my new shop addition built so i can tinker with jeeps, old harley's, machining, welding, & fabrication.
we should be moving into our house in Oregon the first week of February.
until then we will be hauling stuff back & forth to the shop up there & enjoying not dealing with employees, unions, or customers. i can't believe i made it out at 49!

 

[Daniel J]

Congrats!

 

[Fedup]

Congrats!


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[Rickt]

Congratulations!