@Shawn Skaggs . Thank you, its all real and from the heart
Hey Todd, well, after reading all the posts by you and most of the posts of everyone else, this is what so would do: QUIT IMMEDIATELY..!
You won’t get this time back with your family.
Restructure any loans you have to pull out more cash for investing in RE. (Be sure not to over leverage.)
You are correct about Dave R., he would have cost everyone millions had we listened.
Pull the money out of your house, it’s dead weight that you can use it to reinvest into more RE.
Maybe, adjust your lifestyle to fit your income for the future.
Get your wife on the same page. And tell her to stop buying material garage, respectfully.
Maybe even sell your house and move closer to family if that’s what you want.
You can get major medical insurance for reasonable prices, even at your age.
Start living a healthier lifestyle to ensure y’all don’t get sick or hurt.
Start enjoying life now, especially with your grand babies.
I honestly think you already know what to do, you just want someone else to say JUMP.
Best wishes and thanks for sharing. You seem pretty intelligent based on your posts and I’m sure you’ll figure it out. No regrets is the game.
Also, if you leave your job and acquire more capital then you’ll have more time/freedom to look for more deals.
@Andy Crawford reach for the moon! Someone has to
@Charles Faul congrats and incredible man!
@Derek Smith . Thank you, you are right, hearing from others helps. I am letting fear grip me
Hi @Todd Powell thanks for sharing both the good and the bad, this is an inspiring post. Can you share some brief additional details specifically on your purchases - it sounds like you used (1) a HELOC for down payments and (2) conventional (commercial?) loans for the rest of the financing on each building. Is that accurate? Did that result in a lot of financing and holding costs as you rehabbed?
@Todd Powell LUCK -Labor Under Correct Knowledge
MIND. BLOWN. Reading your story has inspired me to be make LUCK in my own life and business.
If the money from your w2 is not why you are there maybe give up that specific job and find something that offers good insurance and a better work life balance. That way you can still have insurance for the possibility of health issues but you won’t work so much.
Originally posted by @Todd Powell :
@Theresa Harris. Thank you. My wife and I head up to portland, roughly 80 miles away every week or two. We love our family for sure! Just kind finding my W2 very inspiring.
Hey congrats..... portland is a pretty nice market and buying MF here (leveraged appropriately) can help you reduce your time spent and hopefully help you grow your wealth for your family.
I love MF and live off my cash flow :)
Thanks for the inspiring story. Real estate is a long game and your hard work and perseverance has paid some nice dividends.
As you contemplate early retirement, here are couple of ideas you may wish to explore.
Being a high wage earner, I’m assuming you pay a fortune in taxes. If you could structure your life around your rentals, you could qualify as a real estate professional and substantially reduce your tax burden.
I’d run your tax situation by your accountant to see what would happen if you could qualify. This may reduce your freedom number substantially.
I’m sure you are already doing this, but just in case. Are you flipping properties within a S Corp? That’s another angle to reduce taxes.
In terms of health care expenses, I find a lot of people stay in soul sucking jobs without exploring what it would actually cost to buy their own coverage. Having been self-employed my entire life, I find the cost for health insurance with the recent ACA improvements to be a bargain versus working for someone else.
If you decided to pull the rip cord on work, you may want to look into converting your tax deferred retirement plan into tax free retirement plan via strategic Roth IRA conversions. You could do this when your earned income drops or when you qualify as a real estate professional.
Finally, could you make a pivot to a real estate related career where you not only qualify as a real estate professional but make money as a real estate agent or as a syndicator? Your sales manager and flipping skills would be in high demand.
Just some thoughts. Good luck on sorting this out. You have a nice problem to solve!
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