32 and ages to go...

[jeichs]

Hi, I'm 32, married with 2 kids. I've got a ways to go...but already down the path(decent job, ok savings, and 2 properties). Can't wait to pick up some good ol' knowledge.

I also am a financial professional specializing in reverse mortgages. I can always answer anybody's questions about the programs...what about it is good, bad, and ugly!

So, anyway that's me! Please say hi when you can...

Jason

 

[rodi]

Hi Jason -
You're young enough to make some great choices towards early retirement. LBYMs now, so you can save/invest more. It snowballs with time, and you can hit the early retirement goals. Are your properties income generating? More income is always good because it means you can save more now.

 

[jeichs]

Hi Rodi!

Yes, my 2nd property is income producing. Possibly looking to pick up a 4 unit in a few months as long as I can save more. Kinda finding it tough to put away all of my cheese; so always trying to improve on that.

Jason

 

[MooreBonds]

Hi Rodi!

Yes, my 2nd property is income producing. Possibly looking to pick up a 4 unit in a few months as long as I can save more. Kinda finding it tough to put away all of my cheese; so always trying to improve on that.

Jason

I realize that some people have quite the knack for real estate investment, and perhaps you have a certain built-in rock solid plan (like buying a complete rehab, and doing the remodeling work yourself, resulting in a very low cost basis)...but without knowing anything about your situation other than your limited info above, I'd strongly suggest diversifying. It may be a slim chance, but you could wind up with one unit vacant, and another unit with a deadbeat who hasn't paid rent in 4 months, and who can't be legally evicted for another 6 months...a good slug in a diversified dividend portfolio wouldn't be a bad thing to focus on building up next other than another property, especially with a spouse and kids in the equation.

 

[obgyn65]

Hi Jason. Welcome.

 

[WestLake]

When I was in my 30s and 40s I mostly concentrated on acquiring rentals. I still had a good profit sharing plan at work. By the time they switched to a 401K plus profit sharing, the properties were mostly paid off and I could max out on the contribution. I'm 54 1/2 and the last five years I have also been maxing on a Roth. So I waited a bit to get a little diversification from Real Estate. It has worked well for me as many of the properties have doubled, tripled and even quadrupled in value. I bought in an up and coming area (East Dallas) close to downtown with good schools.