Retirement Plan: Buy 24 Unit Apartment Building-owner occupied
Hi BP-ers! I am new to this site as a member however, have been glossing over numerous posts over the past months. My wife and I have a plan to buy an Apartment building with at least 24 units, and live in one of them (maybe two if we can combine two units for a bigger space?) when we retire. We are in our 30's now so have time to plan. My thought is that I can take a chunk of my 401k/ or other investments to put in a down payment on the building.and the rent collected after expenses, etc, will yield a good enough income to supplement my remaining retirement accounts & SS. Has anyone done something like this? I know I am short on the details, and numbers to get a detailed analysis but wanted some feedback on those who are actively investing in RE, to give me your thoughts on this plan. Thanks so much for your help and look forward to your feedback!