Retired by 40

MessyEnema · 2017-03-10T08:32:59+00:00

The rent from half a duplex doesn't sound like a lot of money to retire on chief.

How much income is it per month and how much do you need each month to live comfortably?

lemgtow · 2017-03-10T09:31:47+00:00

I'm a licensed Loan Officer. I'd like to talk to you a little bit about your plan. What I'm going to talk to you about is not me being rude at all, I just want to inform you of what it takes to succeed in this world of real estate investment, especially coming from a family that got rich through the entire industry.

First of all, you absolutely can and should raise the rates. In fact, I believe that you are legally required to do so, something something appraisal laws something about comparables.

I don't know exactly where you live, what the rents are where you live, etc. but I'm gonna be honest with you, the income that you'll be making off a single rental property unit is absolutely NOT going to be enough to retire on. It'll give you some money to play with, that's for sure, but it's not enough. 1 single unit, depending on where you live, can either net you $3,000 up to $10,000 or more per year. That doesn't sound like a lot to live on, personally.

Additionally, can you yourself personally manage a property? What about vacancy, can you potentially cover a long period of time with a vacancy? Do you know what goes in to property maintenance? Do you know how to keep good records? Do you know about holding a property in an LLC to minimize risk of lawsuits? It's really not as simple as people think. What if your pipes burst, what if your HVAC breaks, what if the roofing needs repair? Do you know who to call? Do you know who offers good rates on repairs? Many people are absolute decimated by being a landlord because of repairs. There are utter horror stories out there. You pay for repairs out of your pocket. Can you stomach a 20k$ repair if the ceiling collapses? If you don't know how to manage or do repairs, there's always property managers, but then you're going to have to deduct that expense from your gross rent. Gross rent - Expenses (Utilities, PITI, Property management cut if applicable, vacancies, repairs) = Net monthly cashflow.

It's good that you're taking your first step though. Just be careful.

TheTreasureGoblin · 2017-03-10T07:58:43+00:00

Damn, by 40 is amazing, keep at it!

801735 · 2017-03-10T09:29:58+00:00

Good job!

gods_bones · 2017-03-10T13:29:33+00:00

I have always heard that renting out condos/apartments etc. was a risky investment with lots of hidden costs.

espresso85 · 2017-03-10T10:13:39+00:00

I read recently that life expectancy is coming down after touching the 80s. What this means to an mgtow is to retire early and enjoy it as much as you can.

humbleguy73 · 2017-03-10T21:29:28+00:00

I bought my first home at 24. By now I'd be wealthy with multiple properties, travelling the world and retired by 45. That is.. if I stayed single. Most people at the company I work at retire by 50 comfortably.. that is if they are SMART about it. Well, not me.

I married a psychologically abusive bitch with bipolar disorder. It took me a decade plus to wake up and finally divorce her, but at a major cost to my health. After recovering from PTSD and major depression (I still have hard to control severe anxiety years later), I lost my fucking mind again. I married a woman who knew the game and saw me as a target. She was fucking skilled at deception. All the shit she old me. Lies. She convinced me she was sensitive of my past suffering and intended to help me rebuild myself and become stronger. She told me we'd build a successful life together. About her acumen at business and that she would be willing to sell one or multiple apartments which she owned to reinvest in our future life for ourselves. Well. All lies. 1> She had a child she abandoned 8 years before, told me AFTER we were married 2> The apartments weren't hers, they were her parents. 3> She knows shit about business. 4> She had ZERO savings.. despite bragging about having 'lots of money' and offering me tens of thousands of dollars (that she actually didn't have), knowing damn well I'd refuse the offer for a hand-out.

She turned into a stay-at-home pain in the ass. She doesn't work. Doesn't clean. Doesn't cook. She turned into a beast which demands that I cook and clean, AND work a full time job. But by then it was too late. The stranglehold (ring) was already in place. She turned into a vindictive psychologically and physically abusive bitch. She throws objects a me all the time for meager reasons. Such as if I didn't want to take a stupid 'selfie' type picture of her for her stupid facebook fake life, or she got pissed that HER trash filled food bowl wasn't picked up from the table... the MESS that SHE created. Well, her tantrum a few weeks ago flipped her on her head. I got a serious eye injury due to her hurling a plastic make-up bottle a my head. She found herself in jail charged with felony A&B with a Dangerous Weapon. Now I'm still getting screwed. She's trying to pile her mounting legal expenses onto ME. This is my life.

Moral of the story. DONT MARRY. EVER. NEVER. Don't fall for it. You WILL screw yourself. More important than any investment advice, is to NOT MARRY. This is the cornerstone of success on top of which everything else rests.

Good luck out there.

cha54mi · 2017-03-10T13:45:51+00:00

Dont rent your liver . It bad for your health

Onkel_Adolf · 2017-03-10T16:24:59+00:00

Rent out both, and live in a Winnebago parked in the driveway

Diam35 · 2017-03-10T19:01:21+00:00

Wait just a minute, so my plan of living out of a cardboard box was all for naught?

lol in all seriousness though, does anyone else think that not working is boring? I mean, how much fishing and hunting can you do? I think even if I didn't have to work again, I'd still work somewhere, my brain would turn to mush otherwise, I feel.

ShacklesBegone · 2017-03-10T17:52:37+00:00

I'm on track to retire later this year, in my 30s. I'll probably go back to school and learn a new trade to keep things interesting. No wife, happy life indeed, my brother. Good luck to you.

Title	Retired by 40
Author	Tallsmarthandsome
Upvotes	20
Comments	22
Date	March 10, 2017 7:51 AM UTC (9 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/5ykvzc/retired_by_40/
Archive Link	https://theredarchive.com/r/MGTOW/retired-by-40.602919 https://theredarchive.com/post/602919

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