@Joe Splitrock you are right about things getting complicated if you rent out a space in your home more than 14 days out of the year. 14 days and under means you are not taxed on your earnings for those 14 days, no matter how much it is. Anything above that and including that though, is taxable. You also have to figure in the local hotel taxes for your county, and if there are any local laws or restrictions to it.
I'm curious to hear what their California situation looks like for this.
Congrats guys!! Thats awesome. Did you factor in just working till 30 anyway just because now the income is what you have to live on would decrease the amount of money you have available for additional properties? Just a though, 3 years isn't to much longer.
Congrats and to do it in your 20s is even more impressive! Live the dream!
That's motivation for sure!
congratulations! Did you house hack a room from your first sfh? I'm planning to do the same.
Awesome post Shelby. Very inspiring and motivating reading your story. I plan to hit $1 bil in revenue by the time I'm 25 so I can enjoy life while I'm young just as you are doing.
Woh! This is inspiring! So pumped for you guys! Live life!
I am just starting out, 26. My goal is very close to yours. Be able to "retire"/cover living expenses for my future family by the time I'm 36. It's stories like this that get my heart racing.
Congratulations Shelby Cook !! That's awesome! I hope to have the option of retirement by the time I'm 35. So hearing how quickly you were able to accomplish it is definitely motivation.
Congratulations @Shelby Pracht Love to read about these kind of stories especially one from someone very humble like you. Wish you much success in your future.
@Shelby Pracht Congrats! I hope to be in your position by 27 as well. I am looking for a little more monthly income but just hit 20 units and I turn 23 in a month and a half. My cash flow is now at $1500 to $2000. My next task is to set up my systems that will allow me to step away for months at a time and only have to answer a few emails or phone calls as needed. It will take time, but thats why we start young right! Thanks for the post and super excited for you and your husband!
I think you have got a great start, but I am going on a rant do I apologize up front. If you are able body and can work why should anyone subsidize your healthcare?
@Shelby Pracht - Congratulations! Nothing is better than being able to do what you want when you want to do it!
congrats. What a great topic. I love how RE Investing goals are different for everyone. My goals are very similar to yours. I don't want a huge company or to own a PM company. My goal is to own enough real estate that my wife and I cam simple CHOOSE to work or not. My plan will hopefully play out over the next 15-20 years. Congrats again!!!
why congrats that has to be a wonderful feeling at 27!
thats pretty awesome , i would suggest ( most of the gurus as well , suze foreman, clarke howard... ) it is pretty important to have close to one years expenses saved , in case no rent for 6 months during eviction , a new roof , any other unforeseen issue . if you buy a few more , you won't need to worry :)
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Awesome @Shelby Pracht !
Thanks for sharing your very inspiring story!
That is amazing! I am giving notice next month thanks to our passive income. While the husband is still in the rat race till he is 44 (he's in the navy and loves his job). The goal is to focus on growing our real estate empire and being able to retire permanently at 44 and 42.
Congrats guys! That is so awesome :) Love it!!
With all due respect,why would anyone want to retire at 27?
I wish you well in your endeavors but your margins seem very tight to me. But nothing wrong with taking a leap of faith as it can always be undone.
Serious question: What does one's day look like when you retire at 27 ? I can't imagine myself ever referring to myself as retired. I want to think I could play golf every day but it's just not my personality. I love flipping houses and no doubt the time is near when I will do fewer but I love waking up at 5am to look for the next deal
Congrats!! Enjoy all of this new-found freedom. You two are definitely motivation for a lot of us new investors!!
What a story! How awesome, congrats you two! Keep on going strong! Super inspirational for me at 24 and closing on my first duplex this Friday! I am nervous and excited! lol Thanks for posting such a great success story!!
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