NW Landlady
Recycles dryer sheets
I have been lurking in this forum for the past week & U Peeps have amazing knowledge & ideas that I sooo wish I had checked out several years ago....
I feel really Stupid! Somehow I ended up on the Gerbil Wheel waaay too long & it won't be easy to get off of it for several years. Seems like someone encased the contraption in glass & I can't escape the wheel -- been running on it beyond my needs.
If retiring was as easy as giving notice to MegaCorp, I would gladly do it today, but unfortunately that is not the case. I am a business owner (Landlady) and I can't tell my boss to FOAD cause unfortunately I am the boss.
My stats are: Age 57, One SO/DP/DH who is ready to retire when he reaches 55 at MegaCorp next year. No kids - 2 pesky & adorable kitties.
I have about $300+K in mixed eq/munibonds/cash. This is actually miniscule compared with my Real Estate Equity, even in this down market. I own 6 apt bldgs that vary from 8 units to 36 units & 3 of them I own free & clear. I also own 3 SFH Rentals & a duplex - all free & clear. 3 of the Larger apt bldgs have Loans -- but still over 50% equity in them & good positve cash flow. DH keeps his assets/$$ separate and has between 700K and 900K depending on the Market in mixed mutual funds.
We co-own our house & the loan is paid off in 8 years, but we could pay it off tomorrow if it wasn't for the paltry tax deduction we get, we would!
To say the least, I feel really really really stupid because I am way beyond having enough money to retire on, but unwinding a RE portfolio shouldn't be done overnight due to tax ramifications (depreciation comes back as income--OUCH!-- Plus Cap Gains) & I was hoping there might be some knowledgeable Peeps in this Forum that have been there before & can give advice.
Right now I am having a few realtors look at the 3 buildings that I own free & clear to sell them, probably with Owner Financing. According to the realtors, this makes them more attractive than going to a bank for financing with huge down payments, etc. I ran a few What If Tax returns & the income from the notes will actually increase my tax liability (!?), even after I pay Unc Sam huge dollars for the sale.....
It may take a year or more to sell them in this [-]crappy[/-] Market, so I have to wait.
The other 3 bldgs can be sold later & are easier to manage since they are larger complexes. I manage my own buildings & don't really trust most property management companies, but when the time comes to FIRE, I may leave one or 2 of them in the hands of such outfits....
Anywho, I am here & happy I found this Place. Thank you for your welcomes and any advice you might have.
NW LANDLADY
I feel really Stupid! Somehow I ended up on the Gerbil Wheel waaay too long & it won't be easy to get off of it for several years. Seems like someone encased the contraption in glass & I can't escape the wheel -- been running on it beyond my needs.
If retiring was as easy as giving notice to MegaCorp, I would gladly do it today, but unfortunately that is not the case. I am a business owner (Landlady) and I can't tell my boss to FOAD cause unfortunately I am the boss.
My stats are: Age 57, One SO/DP/DH who is ready to retire when he reaches 55 at MegaCorp next year. No kids - 2 pesky & adorable kitties.
I have about $300+K in mixed eq/munibonds/cash. This is actually miniscule compared with my Real Estate Equity, even in this down market. I own 6 apt bldgs that vary from 8 units to 36 units & 3 of them I own free & clear. I also own 3 SFH Rentals & a duplex - all free & clear. 3 of the Larger apt bldgs have Loans -- but still over 50% equity in them & good positve cash flow. DH keeps his assets/$$ separate and has between 700K and 900K depending on the Market in mixed mutual funds.
We co-own our house & the loan is paid off in 8 years, but we could pay it off tomorrow if it wasn't for the paltry tax deduction we get, we would!
To say the least, I feel really really really stupid because I am way beyond having enough money to retire on, but unwinding a RE portfolio shouldn't be done overnight due to tax ramifications (depreciation comes back as income--OUCH!-- Plus Cap Gains) & I was hoping there might be some knowledgeable Peeps in this Forum that have been there before & can give advice.
Right now I am having a few realtors look at the 3 buildings that I own free & clear to sell them, probably with Owner Financing. According to the realtors, this makes them more attractive than going to a bank for financing with huge down payments, etc. I ran a few What If Tax returns & the income from the notes will actually increase my tax liability (!?), even after I pay Unc Sam huge dollars for the sale.....
It may take a year or more to sell them in this [-]crappy[/-] Market, so I have to wait.
The other 3 bldgs can be sold later & are easier to manage since they are larger complexes. I manage my own buildings & don't really trust most property management companies, but when the time comes to FIRE, I may leave one or 2 of them in the hands of such outfits....
Anywho, I am here & happy I found this Place. Thank you for your welcomes and any advice you might have.
NW LANDLADY