Hey guys, I think some of you saw my post asking about rental properties and stuff but for the ones who didn't, here is some info.
age 23, single
Income - $50,000
rental income - $1,500/month
mortgage - $624
loan on 1st and second rental - $24,000
loan on 3rd rental - $25000
Personal loans/Credit Card - totaling $17,000ish
First step is to pay off the 4 personal loans and save up about a $10k emergency fund. I am in the process of buying a duplex, (income $800/month, cost $280/month) So my take home pay will be about $4780/month with all rentals rented. I'm planning on paying the minimums on all loans except my 4 personal ones until they are paid off. I plan to have all 4 gone and paid by 01/01/2014 and I think it's do able. Now to my questions.
I'm for sure opening and fully funding an IRA as soon as those loans are paid off (personal loans = $550/month in payments
I'm currently only putting 5% of my checks (employer match 5%) into my 401k.
I have the ability to fully fund a 401k, fully fund an IRA, and then have some to spend and still save a bit. But I'm only 23, should I actually be putting that much into my 401k every year? What worries me is the inability to access my money if need be. Are there better options for me? I am doing really well with my rentals, but I'd like to take a little break from buying and renting propertiesfor now. Maybe take a year off (i do plan to go full time, but want to get more practice in first haha)
I guess my bottom line question is: What should I invest in that will give me growth for the future yet also liquidity incase of emergency? Is there an option?