BreathFree
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Greetings, Fire community!!
I searched and read many rental property posts going back to 2013 last night. I appreciate all of the insight. Any one have any opinion on the amount of financial assets that would be needed if your rental income covered all of your living expenses in early retirement?
My rentals bring in aprox $45,000.0 after expenses (yes, I planned for future roofs, ACs, flooring, general maintenance, termites (I'm in Florida), Hurricanes (Florida strikes again), property management, vacancies, taxes, insurance, and liability insurance. I've owned these for nine years and they have been fairly steady, even through the great recession.
My living expenses are approx 36,000 to 42,000 (I'm single, and cheap) depending on travel.
How much would you recommend I have in financial assets (stocks, bonds, CDs, Cash) before I Fire. I am currently at $700,000.
My plan originally was to save up one million but due to my current employment situation (oil and gas) I don't think I will make it without having to work an extra five years. I am currently 45 years old and want to quit. I know technically since the rentals are covering living expenses I can quit but I don't feel safe with rentals alone. Seems like too much in one basket.
I have learned a lot from this forum over the years and appreciate any comments.
I searched and read many rental property posts going back to 2013 last night. I appreciate all of the insight. Any one have any opinion on the amount of financial assets that would be needed if your rental income covered all of your living expenses in early retirement?
My rentals bring in aprox $45,000.0 after expenses (yes, I planned for future roofs, ACs, flooring, general maintenance, termites (I'm in Florida), Hurricanes (Florida strikes again), property management, vacancies, taxes, insurance, and liability insurance. I've owned these for nine years and they have been fairly steady, even through the great recession.
My living expenses are approx 36,000 to 42,000 (I'm single, and cheap) depending on travel.
How much would you recommend I have in financial assets (stocks, bonds, CDs, Cash) before I Fire. I am currently at $700,000.
My plan originally was to save up one million but due to my current employment situation (oil and gas) I don't think I will make it without having to work an extra five years. I am currently 45 years old and want to quit. I know technically since the rentals are covering living expenses I can quit but I don't feel safe with rentals alone. Seems like too much in one basket.
I have learned a lot from this forum over the years and appreciate any comments.