Snidely Whiplash
Recycles dryer sheets
- Joined
- Apr 12, 2009
- Messages
- 206
FIRE'd: The "FI" part is great, the "RE" part not so much for me anymore
I respect a lot of the advice and opinions I see posted to the board so I was hopeful someone here might be able to help me solve my quandary.
Background: Several years ago I worked for a municipality and, recognizing that the retirement plan would not support my wife and I to our satisfaction in retirement, I began buying multifamily apartment buildings. The price to return of the properties was exceptional at the time and things snowballed to the point where I left my job with the municipality to manage our portfolio of rental units. Through a combination of negative factors (meaning I got my fill of tenants, excessive regulations, etc.) in 2007 I liquidated the property portfolio and have since redeployed assets into individual stocks. Dividends, some rental income, and a bit of stock trading provides a relatively steady income of an amount that adequately covers our family’s current standard of living, which we are very satisfied with.
Most people I expect would be fairly happy with my current circumstances but I am struggling with it. The catch to all of this: I have an entrepreneurial itch that wont go away, but cant think of an endeavor or business that I could buy or start given my limited skill-set. I consider myself fairly competent, I am honest and willing to work hard, am pretty proficient in general computer skills, and have some skills that I acquired with managing the properties (budgeting, cash flow management, property / job cost analysis and profit potential, collections, quality control assurance, and payroll functions). Aside from enjoying RV travel I have no hobbies that could be converted to a business endeavor. Currently 45 years old and living in the MidAtlantic area but am willing to relocate for the right opportunity... or better weather.
I have been keeping my eyes open for a multifamily property but current interest rates have kept multifamily properties priced pretty high, and I don't see anywhere for interest rates to go but up, and consequently, multifamily prices to decline, so unless it was a red-hot cant-miss deal, I will probably bide my time waiting for a price decline. Acquiring some single family homes is one option but I’d really like to do something more purely entrepreneurial focused - a business of some kind that I could start / manage and grow. I would derive a lot of satisfaction from managing a profitable business which employs people at a decent living wage with benefits but I cant come up with an idea for a type of business that would equate to. And for the life of me I cant think of any possibilities (manufacturing of some kind maybe, but of what?). Having been FIRE’d since 2007 has been a mixed blessing; I feel disconnected from the general economy somewhat and haven't been out and about to recognize business opportunities. I have even considered taking a job just to get my toes back in the water but having not worked for anyone for better than 15 years that idea is not entirely appealing.
So, I guess I am asking for help from those of you who may have been successful in the business world as to how you would suggest I proceed?
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I respect a lot of the advice and opinions I see posted to the board so I was hopeful someone here might be able to help me solve my quandary.
Background: Several years ago I worked for a municipality and, recognizing that the retirement plan would not support my wife and I to our satisfaction in retirement, I began buying multifamily apartment buildings. The price to return of the properties was exceptional at the time and things snowballed to the point where I left my job with the municipality to manage our portfolio of rental units. Through a combination of negative factors (meaning I got my fill of tenants, excessive regulations, etc.) in 2007 I liquidated the property portfolio and have since redeployed assets into individual stocks. Dividends, some rental income, and a bit of stock trading provides a relatively steady income of an amount that adequately covers our family’s current standard of living, which we are very satisfied with.
Most people I expect would be fairly happy with my current circumstances but I am struggling with it. The catch to all of this: I have an entrepreneurial itch that wont go away, but cant think of an endeavor or business that I could buy or start given my limited skill-set. I consider myself fairly competent, I am honest and willing to work hard, am pretty proficient in general computer skills, and have some skills that I acquired with managing the properties (budgeting, cash flow management, property / job cost analysis and profit potential, collections, quality control assurance, and payroll functions). Aside from enjoying RV travel I have no hobbies that could be converted to a business endeavor. Currently 45 years old and living in the MidAtlantic area but am willing to relocate for the right opportunity... or better weather.
I have been keeping my eyes open for a multifamily property but current interest rates have kept multifamily properties priced pretty high, and I don't see anywhere for interest rates to go but up, and consequently, multifamily prices to decline, so unless it was a red-hot cant-miss deal, I will probably bide my time waiting for a price decline. Acquiring some single family homes is one option but I’d really like to do something more purely entrepreneurial focused - a business of some kind that I could start / manage and grow. I would derive a lot of satisfaction from managing a profitable business which employs people at a decent living wage with benefits but I cant come up with an idea for a type of business that would equate to. And for the life of me I cant think of any possibilities (manufacturing of some kind maybe, but of what?). Having been FIRE’d since 2007 has been a mixed blessing; I feel disconnected from the general economy somewhat and haven't been out and about to recognize business opportunities. I have even considered taking a job just to get my toes back in the water but having not worked for anyone for better than 15 years that idea is not entirely appealing.
So, I guess I am asking for help from those of you who may have been successful in the business world as to how you would suggest I proceed?
.
.