Retired at 27!

105 Replies

I'm not there yet but I quit my crappy ex employer and not at a place I really like. It's not worth that extra 5-10k a year when you can pick up a rental to supplement it. I'm open to help others but it's not an easy thing.

Congratulations. Your story is so exciting. I have a mountain home in Colorado that I need to fix up and trying to determine if I should focus on long term lease or vacation rental. I will have to look at Airbnb to expand my analysis. Love your story and its motivating.


What a warming story.  Thanks for sharing that RE is not all about business, but also to allow you to enjoy life.

@Xu Som thank you for the support!

@David Bohner there's definitely pros and cons to each. We definitely make a lot more doing nightly rental than we would long term, but it's also a lot more work! I

Wow, congratulations! I can't wait to be in your position of pure financial independence!

@Shelby Pracht thanks for responding. How do you analyze the market to determine if nightly rentals will do well or not?

This is awesome to read and very inspiring! Congratulations and thank you for sharing :)

@David Bohner that's a great question. My suggestion would be to take some photos and throw a listing up on Airbnb and see how much interest you get. We did some research and realized that there was not any shared spaces at all in our town and only a handful of highly priced private rooms, so we knew we would have an advantage of being one of the only reasonably priced listings by nature of being a shared space. We were able to find our "niche" and definitely attract a certain sort of person. You can always take your listing down if you decide you want to rent it long term (or even not host any guests and decline all of the reservations until you make a decision. I've heard of people posting craigslist ads in a similar way before the space is ready or even before they purchase just to see how much interest there is.)

@DavidBohner - Where is your home?  I work in the Summit County real estate market and can tell you more about nightly rentals in our resort area v. long term rentals.  

@Amy Nakos My property is in Salida CO. It was a place my grandparents owned and my family would use it to vacation when I was a child. I rescued it from a tax lien after my dad inherited it and wasn't able to keep up on it.

@David Bohner - I can't really help in Salida.  I don't know much about their market.  Have you checked VRBO and AirBNB to see what other Salida rentals look like?  You can see the nightly rates and the calendar bookings.  I would think Salida would be better in the summer than in the winter!

That is so awesome! Congratulations on reaching a huge milestone, though I'm sure "retirement" is not the right term. FIRE away!

@Logan A. The crowd that Mammoth attracts changes with the seasons, but we have really high tourism year round. In the summer Mammoth has a lot of fishing and mountain biking, is a stopping point on the Pacific Crest Trail, and is only 45 minutes from Yosemite National Park. As far as tourism numbers go, I believe we actually have more visitors in the summer than the winter!

Originally posted by @Logan Allec :

P.S. @George P., I'm sure if they're retired, they don't need daycare!

 you can't rock climb and dirt bike and whatever else you want to do outdoors if those monsters are around you 24/7.

Great job! Are you all planning to acquire anymore properties in the future? Someone may have already asked this. I ask because I'd like to know how the financing would work on them with no salary for the bank to see. I've been wanting to quit my job and go investing full time but one of my concerns is financing through a bank and having no salary to show them. Nonetheless great story and I wish you both the best!

Originally posted by @Shelby Pracht :

My and my husband's goal was to be able to retire on our passive income by age 30. We just hit our goal, both of us at age 27! We are so excited and can't believe how our hard work paid off, and even more quickly than we imaged. 

We started just two years ago, buying our own residence which we house hack and live for free in (some months even cash flowing a couple hundred dollars). Next we bought a duplex with some storage units that cash flows $800-900/month and a single family home bringing in another $500-550/month.

I know we are definitely not flush with money by any means, but to have all of our living expenses paid for by our house hack, plus an additional 1300-1450/month for gas and fun money is plenty for us! Our goal at this point was not to build a huge real estate business, but to be able to do the things we love while we are young. So for us to have the ability to travel, ski, rock climb, and backpack whenever we want in our twenties still is a major win, I think :)

Our very last paycheck!

Congrats on your early success, but I've got some advice for you guys:

Have some fun while you can, but you're not retired and shouldn't even think of retirement at your age. You need more than that for the long haul, a million isn't what it use to be! Stay frugal, enjoy but don't over indulge, many finding "new money" find out they can spend it faster than they can make it. Saving and investing are two different things. Save 20-25% more than you spend, spend $100, save $125! At your age you're still growing financially. 

I slacked off around 42, kept slacking but kept at it to 50, then pretty much kicked back, after awhile you get bored, very bored and your age group is still at it, it's a social thing as well. 

Sounds like you have a great future started, but don't bail out, you have many productive earning years ahead of you, but yo can now take a different attitude toward earning, it's no longer out of desperation of "must do", but rather "can do". 

Life doesn't stop and it doesn't get cheaper, so plan ahead!  Best of luck!  :)    

Congratulations to you both on reaching your goal at such a young age. Getting out of the rat race and achieving financial freedom is the ultimate goal. I'm 51 and have been stuck in the rat race for 30 years. I'm currently working on my very first deal and I'm prepared to work hard to retire in 5 years or less. Best of luck in your future RE deals.

@Shelby Pracht  Congratulations on your success!  And thanks for sharing your story.  This is truly inspirational.

Awesome accomplishment! Be proud that you two are focused and act towards your goals as a couple and as a team!

@George P. thanks for making my morning. Hahah. So true!

@Ramon Smothers yes that is definitely a concern. We are planning on acquiring more deals this year and the three strategies we've been looking at have been using commercial loans instead of conventional mortgages, partnerships, and paying cash/owner financing. We also have more than 100k in equity in our duplex here, so we've discussed rolling that into a larger property at some point if the opportunity arises. 

@Bill Gulley Thank you for the advise. I'm always looking to learn and become a better investor. 

Nice! I've heard a few mentions of commercial loans lately to finance. I'll look into those too. Best of luck again! @Shelby Pracht

Thank you for taking the time to detail your success story! It really shows that all it takes is the will and a plan! I love it!

Thanks again!

Fantastic story Shelby Cook I am on track to try something similar. Me and my girlfriend are getting ready to purchase our first home. We want to get a single family in which we can rent the remaining rooms and cover the mortgage.

I have been looking at multi family properties to find some cash flowing deals but it's difficult to achieve $500 a month around here. Where did you get your duplex? Is it also in mammoth?

Great story and very inspiring. I'm hoping to join you in retirement in 10 years but hopefully I find some sweat properties that cash flow like yours and I'll be there much sooner.

How did you find the properties you own? Do you do any marketing or was it just relationships or MLS?

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