BP brothers and sisters, I quit the last job I will ever have today to focus on RE investing. In 2003, while working in corporate America someone suggested Rich Dad Poor Dad to me. Eleven years and 28 properties later I'm finished with the rat race; I'm 50. I wanted to share this with the BP community because none of my working friends want to hear it.
I bet they don't! Congratulations!
Congrats on reaching your goal Glenn!
good job man!
Congratulations @Glenn McCrorey !
I've set my goal to be like you one day. Looking forward to hearing about your experience and success/failure stories!
Congrats @Glenn McCrorey !!!
Congrats. How about some more details about the journey, motivation, trials and tribulations etc.
How did you get to 28 properties while still working full time? I am at 4 now and hoping to average 2 more per year yet ready to quit my traditional job ASAP. I turn 40 next week and while I originally had a goal to be fully retired from my cubicle at 50...the idea of 10 more years simply hurts to think about it. My portfolio is nowhere near what is needed to replace my current income so I would have to quit and become a full time realtor to make up the difference, but that sounds better than being stuck in my cubicle.
Was there any issue with being at 21 properties and thinking you were close enough, why not quit then? Was it just your plan to quit at 50?
Thanks for your thoughts and congrats.
Very cool @Glenn McCrorey
Think you will be glad you did. Quitting is a head trip and it takes a while to wrap your head around it but life, just as in retirement, is what you make of it.
So, how are you doing it. Are you living off cash flow alone?
Congrats, I also would love to hear your story!
Awesome!!!! I'm inspired.
congrats @Glenn McCrorey
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Agree with @Chris Simmons You should expand on the story. It's been inspiring to watch and I'm sure others would appreciate it as well.
@Brandon Turner, although I am admittedly biased, I have been wanting to nominate my dad as a podcast candidate for some time. I can't think of a better 50th birthday and retirement present. Hilarious, down to earth, and sharp guy with a great story and unusual business model!
Congratulations. Thats got to be such a liberating feeling.
Its funny that you did it at 50. That was kind of my target at one point too (but that was before I found this new job).
Some questions I have.
1) Do you make enough from your houses that you can not only replace your income but also make enough that you can continue investing in real estate?
My biggest fear is that if I ever were to quit my job, I would no longer be able to invest in more real estate (not sure if I would qualify for loans as easily). And I actually think I have as much fun finding the deals and seeing the transformation of the houses we do as I do collecting the rent checks, that it would be really hard to give that up.
2) How many of those do you have paid off, if any?
3) Did you do any flipping at all along the way?
I am only buy and hold and am up to 32 houses. But wondered if you were able to flip some houses during your run so that you could buy down the houses you have today and increase your cash flow to allow you to quit.
Some great stuff. Love that you did it at 50. Always good to set a goal like that and hit it. And now you're still young enough to really enjoy that kind of freedom.
Thats the one thing that I always point to when people ask me if its a good idea to invest in real estate. A 401k might pay you money when you retire, but thats a long ways off and you won't see a penny of it until you're so old you might not be able to enjoy it as much as you should.
But real estate will pay you money today and real estate will pay you even MORE money tomorrow. After all, rents go up. Mortgage balances go down and eventually get paid off.
Thanks again for the share . I bet, when you started investing, this day seemed so far off it was silly. One house, two houses. Not going to live off that income. But you kept chunking it in and now you have 28 houses and are free as a bird. What are your plans for the day to day stuff that you're going to be doing with all that time? More real estate? :-)
Originally posted by @Glenn McCrorey :
...... I wanted to share this with the BP community because none of my working friends want to hear it.
This is the only thing about your news that is less than 100% awesome. But we'll celebrate with you! And, I think you can rest assured that somewhere among your acquaintances is someone who has noticed what you've been doing and has been inspired to take action. That was the case for me; I'm pretty sure the folks that first put the idea of investing into my head never had a clue!
Thanks all. I will expound tomorrow. Celebrating tonight by fishing in Tampa Bay.
Congrats! How does it feel - Like that scene in Shawahank Redemption with Tim Robbins standing in the rain liberated, with glorious music playing in the background???
Interested in hearing your story as well.
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