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Old 12-23-2009, 09:22 PM   #21
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Hi Techboomie:
You asked about owning rental property in another state.

I have a condominium at a ski resort 800 miles from where I live. It is marketed and managed by a property management firm. It rents on a weekly basis in ski season, and sometimes gets month-to-month rentals in the summer.

My experience has been fairly decent, but not stellar. The property management firm takes 40%(!), but I do absolutely nothing in terms of management, marketing, operations, etc.

The property loses about $3K/year (including debt service, maintenance, utilities, insurance, etc.) , and I use it for about a week per year. It has appreciated by about $90K in the past decade, so if I ever decide to sell it, I will turn a profit.

If you're thinking of a more 'normal' monthly rental, I think it could be very different. I have no experience at this, but I'd worry a lot more about tenant selection and the possibility of 100% vacancy when your tenant moves out. I'll leave this one up to someone who knows more.


PS: I wouldn't bet on a pension as a primary reason to stay in the job. There's just too much that can be changed over 20-30 years, and you have no control over the changes.
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Old 12-23-2009, 09:28 PM   #22
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Originally Posted by techboomie View Post
see people retiring like between age 35 to 40 on this board, I want to do that too, how do they do it? With the government job, I feel like I wont be able to retire early; I will have to wait until I'm 60.
I don't think that many people on this board retired between 35-40 unless you count the handful of Wall Street types and entrepreneurs. Most are at least 40+ when they retired.

From your handle, I assume you are a programmer of some sort. I'd kill for a job like yours even if I would have to take government pay. All of my private sector engineering jobs were 80% of an investment banking job minus the investment banking pay. I recall one particular nightmare project in which the manager made the wrong call of trying out a new technology and still promised the same 3 month delivery time. Let's just say we did the 3 month sprint 5 times in a row. I basically flushed a year and half of my life down the toilet. I had no time to do laundry or even shop for grocery. At the end, I had shooting pain down my left arm, nightmares about work, and a lack of desire to live. The bonus? A dinner and a $100 gift certificate. Wow, really, you shouldn't have.

If you feel that your day job is a total bore, do some side jobs or do some development work that you have always wanted to do. Heck, accept a half time consulting job. Just make sure you use a different computer than your work computer. This way you get paid for 1.5 jobs and while really doing about 1.2 job's worth of work. It's not exactly ethical, but it will keep you from being bored to death.
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Old 12-23-2009, 10:06 PM   #23
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Buns, that reminds me of a temp engineering job I was doing, while studying for the patent bar during the evenings/weekends. It was only 40/hours a week, and only lasted a month, but the pay was awful ($16/hour, no benefits). It was also for a delivery system, and they redid the work about four times, just during the time I was there. I don't want to even imagine what it would have been like if that had been an 18 month job, and it wasn't restricted to a punch-out at 40 hours.
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Old 12-24-2009, 02:14 AM   #24
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I asked almost the identical question last year. Please check out this thread. It may be helpful to you:

To update the story, I quit my secure municipal government job and joined a private company. The pay was only slightly better, but my new job gave me a lot more opportunities to travel and eat fancy company-paid meals. On the other hand, since I joined the public sector at the tender age of 21, to be purely profit-driven is an uncomfortable feeling for me, which I did not realize before. Yes, you can say I've been thoroughly brainwashed by the lefties.

Also, it turned out my new job is not as secure as it appeared, due to the economic downturn. Although there is no news for lay-offs, we have been losing money as a company and I don't know how long our company/branch can last. Also, there is a lot more dysfunction in the private sector than I thought.

Do I regret leaving my muni job? Not really. By the time I left, the golden handcuffs were so bad that I felt suffocated. The new job gave me the room to grow and learn new things.

I do have to say that I miss my public sector coworkers. Since there was no competition, we were really like family to each other. My current coworkers, though nice, are somewhat competitors as well, at least for bonuses, etc.

Another freedom that the new job offered is to know that I am able to be mobile. When I was working for the city government, there was a sense that the longer you stayed, the less employable you are elsewhere. I certainly don't have that feeling now.

Ironically, I am now applying to join the federal government. Because of my background, security clearance will take years, so I am in no rush. The reason I decided to return to the government is 1. I actually like the idea of working for the public good, 2. The posts are mostly overseas, which I think would not get too boring, and 3. I can retire after 20 years of service. I am 31. If I can get in by the time I'm 34, I can retire by 54.

After turning 30, my biggest revelation is that life is really too short. I would rather do something I enjoy than sticking to a job I'm indifferent about for job security. That's just wasting my life away. (Of course, if you are within 5 years of FIRE, it may be worthy of an exception)
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