Rental property as a retirement supplement

[John Irvin]

I am 50 years old and have decided to get into rentals to supplement my income and possibly retire at 60 (any earlier would be icing on the cake).

Is anybody else in a similar situation?

Curious about strategies that others in my situation with similar goals are utilizing to get there?

[John Irvin]

@Cory S.

Thanks for the reply. I’m just starting to figure out how to navigate the BP forums.

Didn’t see replies on several posts.

Still working on renovating my first rental purchase. Purchased for $25k cash. Planning on about $15k renovation costs. 2 bedroom that should rent for around $700/month.

Looking at a second next week. It’s a 1 bed, 1 bath with detached garage. $25K asking price. Around $7k Reno. Should rent for $550.

Hoping to get around 10 properties over the next 5 years, to get to around $2500-$3000 monthly cash flow.

One of my biggest hold backs from early retirement is healthcare/insurance costs.