Calling all retirees! I want your story
Katie MillerPro Member
General Manager, Publishing at BiggerPockets · Denver, CO · Member since 2017 · 459 posts · 642 votesHello! I want to feature YOU in the next issue of BiggerPockets Wealth magazine (subscribe here! www.biggerpockets.com/magazine) if you have a fun/unique retirement story to share:
-Did you retire just before or during the pandemic?
-At what age did you retire?
-Why do you feel secure retiring in these uncertain times?
Answer the above by replying to me and I'll reach out to you via DM for more info if I like what you have going on!
I guess I unofficially retired in 2009 after my husband passed away, I was holding a key employee insurance policy check and the stock market was tanking. I purchased distressed properties with the money to renovate, hold and rent. I was fortunate that my brother owned a contracting business and referred me to his friends that were new home builders. They become my crews for the next 5 years because I could pay on Friday. By 2010, the guys that use to work for the large companies found me. An estimator for one of those firms convinced me that there was Opportunity for female General Contracting firms. He got me bonded and within 3 months my company was an EDGE Contractor and we were working on public projects, an anatomy lab for NEOUCOM, a Rat Reasearch Lab, Incubator Building for Micron Electronics and the Sound System for the MAC at Kent State, a Starbucks, the Auburn Science Center and Residence Hall for Kent, Track and Field house for City of Cleveland and a Soccer pavilion for the city of Barberton. That was in a period of three years. Before my husbands death I owned a computer consulting business that sold and supported Computer Aided Design Systems for Architects and engineers.
Interesting experience, everyone assumed that it was my husbands business, and I had to explain working 12 hours a day was how I grieved. We built a business but it was not my passion. My partner and estimator moved back home to Cincinnati to take care of Mom and a disabled brother. I closed down the business. I use to kid that they only let me out of the office to sign contracts. The GC is the last person to get paid on a public job and I did the prevailing wage paperwork for every subcontractor I hired. I got a real estate license and started to flip houses first for investors then as part of an LLC with a commercial loan broker. I have a hard time retiring, I do not need to work, my investments from the last crash provide me a comfortable living and 1031 exchange opportunities. I now help with the property management group in my current brokerage. Most fun I had was volunteering at Habitat for Humanity. After 25 years of fixing computer problems it was great to be able to do something that that you could point to and say that I did that, and improve others lives. Maybe it was a nod to my husband, he was an Architect and there are numerous examples to his talent throughout Summit County.
Entrepreneurs don't retire we just do new and interesting things, because we want to, not because we have to.
Give me two to four more years and I'll be there. :)
-Did you retire just before or during the pandemic?
I retired in 2013
-At what age did you retire?
62
-Why do you feel secure retiring in these uncertain times?
Only because I had $2M in my IRA upon leaving my career, plus I receive a military pension and disability each month.
Uncertain Times? I’m just curious what is uncertain? I’m certain people have to have food, water, shelter. I’m certain the Sun rose this morning and it’ll go down tonight. My lord I’m just curious on what everyone is afraid of?
I’m certain if you play by 98 percent of society ways you’ll never retire. I’m certain you can create your own circumstances and create a life of your choosing and retire if u so choose if u take possession of your own mind.
I make more money off my investments than most people make off of social security or disability. My stuff is paid for so I’m the bank. So I guess I could retire if I wanted a mediocre life.
@Steven Ko. I can’t believe I’m reading this. This comment is kinda Primitive in Nature. If I had a mentality like that I would be posting on a Lean Pockets Forum. Reminds me of something I saw not long ago when I sold a house. The buyer had a cute girlfriend all rubbing up on his shoulder here he is signing loan documents Trump Style. The attorney asked if he wanted his prorated portion of the rent here is trying to impress this lady and he’s like”no he can keep it”. Spoke to the tenant the very next month the Landlord or New Owner is driving to his place of employment begging for payment lol. Point is if I thought on emotion I’d be broke. I was simply stating 1.) This whole uncertainty thing is kinda comical to say the least. 2.) I have some investments I bought really really cheap and are still paying me until this day. Why? Because I’m so smart or I’m so Great. No. I do the opposite whatever body else does. Theirs different controls you have to have if you want to be successful. The comment me hitting on someone I can’t tell a lot about you based off what u said. I’ll tell u why. What’s more important what we think or what we do? It’s more important what we think (or believe). If i know what someone believes I can tell u what they do. I just told u a lot about yourself.
I guess I unofficially retired in 2009 after my husband passed away, I was holding a key employee insurance policy check and the stock market was tanking. I purchased distressed properties with the money to renovate, hold and rent. I was fortunate that my brother owned a contracting business and referred me to his friends that were new home builders. They become my crews for the next 5 years because I could pay on Friday. By 2010, the guys that use to work for the large companies found me. An estimator for one of those firms convinced me that there was Opportunity for female General Contracting firms. He got me bonded and within 3 months my company was an EDGE Contractor and we were working on public projects, an anatomy lab for NEOUCOM, a Rat Reasearch Lab, Incubator Building for Micron Electronics and the Sound System for the MAC at Kent State, a Starbucks, the Auburn Science Center and Residence Hall for Kent, Track and Field house for City of Cleveland and a Soccer pavilion for the city of Barberton. That was in a period of three years. Before my husbands death I owned a computer consulting business that sold and supported Computer Aided Design Systems for Architects and engineers.
Interesting experience, everyone assumed that it was my husbands business, and I had to explain working 12 hours a day was how I grieved. We built a business but it was not my passion. My partner and estimator moved back home to Cincinnati to take care of Mom and a disabled brother. I closed down the business. I use to kid that they only let me out of the office to sign contracts. The GC is the last person to get paid on a public job and I did the prevailing wage paperwork for every subcontractor I hired. I got a real estate license and started to flip houses first for investors then as part of an LLC with a commercial loan broker. I have a hard time retiring, I do not need to work, my investments from the last crash provide me a comfortable living and 1031 exchange opportunities. I now help with the property management group in my current brokerage. Most fun I had was volunteering at Habitat for Humanity. After 25 years of fixing computer problems it was great to be able to do something that that you could point to and say that I did that, and improve others lives. Maybe it was a nod to my husband, he was an Architect and there are numerous examples to his talent throughout Summit County.
Entrepreneurs don't retire we just do new and interesting things, because we want to, not because we have to.
@Michelle Fenn that right their is one of the best reads I’ve read in a long time. Exactly! We do it because we want to not out of necessity. You can’t really give something you don’t have so we grow to be more so we can give more.I got into this in the beginning with the just a money and getting things mindset. It didn’t take long for me to figure out the world wasn’t about me. It’s one thing to have the money or possessions off of an idea but in reality it’s who you become in order to achieve these heights. The skills you develop along the way and to become a good problem solver. Money is just paper, the only thing it is it serves as a witness to how valuable or invaluable the idea was. Just my philosophy. Thank you for sharing that! I think especially nowadays people could listen to it and learn if they can understand
@Michelle Fenn I appreciate you carrying out the work of your late husband. In the process you found who and what you really were from what I read. My comment about the world not being about me.. you served a lot of people and continue to serve that’s what it’s all about. Money is just a direct result. Once again thanks For This!
My retirement story isn't anything special but I will share anyway. I left my W-2 job back on Dec 31, 2019 at 49 after working 27 years on Wall St in various technology jobs in NY and NJ. I have always been a saver and every year I would save about 50% of my taxable income. I started investing in RE back in 2014 because I wanted to have a steady CF after I do the early retirement thing and I felt that RE buy and hold was the best route for that goal. As my W-2 income was relatively high I managed to accumulate a portfoilo of properties without using any leverage and now I live off that rental income. I own my primary residence without a mortgage so my monthly expenses is only 50% of my monthly rental income (ie lots of wiggle room) and I have a 3+ year emergency reserve so I don't feel much stress at the moment.
So nothing fancy or super exciting about it, just steady accumulation of capital then rental properties and carefuly bugdet planning over the years, like a lot of folks on BP and the FIRE crowd are doing. Then one day you realze that your goal has been completed and you can walk away and then start enjoying life more, to spend time doing things you wanted to do and never had enough time to do. One of my college friends died of a sudden heart attack last year in his late 40's, also after 20+ years of working on Wall St (lots of pressure) and it reinforced my decision to walk away as soon as financially feasible and still have my health.
Perhaps someone on BP have a story more exciting like buying bitcoin at $1 or win a sizable lottery? :-)
@Calvin Lin very good. See it’s nothing magical it’s very disciplined plans thoughtfully carried out. 2014 was still a great time to be buying. Do you think it would be harder to accomplish in 2020? Mine was a wake up call.. in 2009 I overheard some bosses talking and they made a comment about some employees (they didn’t know I overheard). Made me so angry I started buying silver at 15 an ounce.. took a couple years but I sold silver at 45 an ounce and took the cash to buy my first rental all cash.
@Calvin Lin very good. See it’s nothing magical it’s very disciplined plans thoughtfully carried out. 2014 was still a great time to be buying. Do you think it would be harder to accomplish in 2020? Mine was a wake up call.. in 2009 I overheard some bosses talking and they made a comment about some employees (they didn’t know I overheard). Made me so angry I started buying silver at 15 an ounce.. took a couple years but I sold silver at 45 an ounce and took the cash to buy my first rental all cash.
Great story. Obviously RE had a good run since 2011 but it's better to start now than never and it is hard to time markets, you just can't throw darts and expect to hit jackpots. Like you said have a plan, have discipline and have patience. BTW that Silver/Gold space is rising steadily now given Fed's unlimited QE.
@Calvin Lin the best thing I’ve been able to find around here is your typical buy for 35 put another 15 in worth 125..those deals back in time frame we’re talking about I miss those. Silver/ Gold thing I keep a few around just in case but nothing major. Gold Silver can’t eat I’d say buy the things that is always money right now. Get some land worst case u can grow a giant garden. The above mentioned deal I’m closing June 1. I think raw land is the way to go right now. Go to Grocery Store hard to find Red Meat. Anyway, just me thinking
I'm actually semi-retired. I retired from the US Army after 20 years of service at the ripe old age of 44 years old from 1997-2017. I know, I know, I should have joined at 18 or 20 years old but, I never thought this adventure would last this long. And the years went by fast.
I've got a military pension every month. It's not much but it's enough to pay all my bills. I consider this a safety net. What's really helping me is I have several rental properties providing me additional income. I always saved a portion of my paycheck ever since I was a Private. The same for every deployment. Every reenlistment bonus. Just saving away and investing the money in the stock market. I didn't know jack about real estate or the stock market. I bought books (Jim Cramer, David Bach, Suze Orman), went online, and did my own research. Self taught. I had no mentor (never cared for one) and never heard of Biggerpockets until a couple of years ago from a friend. I still play the market, both long and short positions. I'm also going to school full time off the Post 911 GI Bill, free college and a housing allowance. I work part time just to keep myself busy.
Am I worried about these uncertain times (if that's what you want to call it)? Fuc@# no. We all made life decisions that will impact us now and in our future. This was my path to financial independence. There were times in the Army when I questioned why I stayed in. "Why? Why do I want to continue this pain and misery?" This is why. This is one of the reasons why I stayed in. This is my first recession/crisis since leaving the military. I remember the last recession as a civilian before joining. It was rough for several months and I never wanted to be in that position ever again. All of those years of sacrifice and putting money away in case of emergency paid off.
@Katie Miller
I haven't officially retired by any means, but if I did lose my W2 job, I have created enough REI income to more than cover what I bring in through my regular job these days.
@Katie Miller After 21 years I retired from the New York City police department in 2012. I then obtained my real estate license looking to grow a portfolio. It turned out that I loved dealing with clients especially buyers and being a part of their dreams coming true that I grew my business. I did purchase my home in 2014 then purchased another single family in 2016 where my best friend resides. I decided last year to get a bit more serious and opened up a separate bank account in an entirely different bank from where my monthly pension payments go to and started to deposit all my real estate commission checks without touching it was able to save a good amount. Now on March 14th I closed on a two family bringing me cash on cash ROI of 14% using just the saved real estate commission. Might I add that I accomplished all of I this as a single mom of 4 children and grandmother of 4.... not too shabby. Now back to saving for the next multi family so I can leave my family a legacy.
@Brenda Otero now that's impressive & trust me you have a legacy !!
I left my corporate job in April 2019. But I had a year severance so its just recently that I have to truly depend on the passive income. I am 54, and I am not working now but leave my options open for the future. My plan was to travel a lot and I spent 2019 doing that. 2020 has thrown a curve ball but I did have an awesome dive trip in January. I have assets in owned rental property, various syndications/Private Placement fund and Traditional Stock/Bond portfolio (roughly 30% in each). I can draw enough income without touching the traditional stuff (which includes some IRA funds) and plan to leave it untouched for the foreseeable future. Ive been fairly conservative, paying off a property in the Bay Area that generates more than 50% of my fixed living costs. I have almost no debt except some small mortgages on midwest rentals that I could easily pay off but Im selling the portfolio so no point. I didnt get here through REI though it helped. Its mostly just years of steadily working corporate jobs and living on far less than I earned and hitting some really good peak earning years in the last 5 years or so.
Would like to hear from some millennials & gen Z that have retired in major cities & married into hundreds of thousands of student loans & found a way to pay for $1200 a month medical care out of pocket & raised a large family?!?
Does such a unicorn exist?!?
@Calvin Lin Great message Calvin and you're absolutely right - you can't time markets you can make educated guesses but it's always a guess and incurs risk. By having a reasonable, risk-adjusted investment strategy that involves discipline and patience you can invest wisely in any market. Great to hear your story- good for you.
@Brenda Otero You are awesome. Good for you!
I guess I unofficially retired in 2009 after my husband passed away, I was holding a key employee insurance policy check and the stock market was tanking. I purchased distressed properties with the money to renovate, hold and rent. I was fortunate that my brother owned a contracting business and referred me to his friends that were new home builders. They become my crews for the next 5 years because I could pay on Friday. By 2010, the guys that use to work for the large companies found me. An estimator for one of those firms convinced me that there was Opportunity for female General Contracting firms. He got me bonded and within 3 months my company was an EDGE Contractor and we were working on public projects, an anatomy lab for NEOUCOM, a Rat Reasearch Lab, Incubator Building for Micron Electronics and the Sound System for the MAC at Kent State, a Starbucks, the Auburn Science Center and Residence Hall for Kent, Track and Field house for City of Cleveland and a Soccer pavilion for the city of Barberton. That was in a period of three years. Before my husbands death I owned a computer consulting business that sold and supported Computer Aided Design Systems for Architects and engineers.
Interesting experience, everyone assumed that it was my husbands business, and I had to explain working 12 hours a day was how I grieved. We built a business but it was not my passion. My partner and estimator moved back home to Cincinnati to take care of Mom and a disabled brother. I closed down the business. I use to kid that they only let me out of the office to sign contracts. The GC is the last person to get paid on a public job and I did the prevailing wage paperwork for every subcontractor I hired. I got a real estate license and started to flip houses first for investors then as part of an LLC with a commercial loan broker. I have a hard time retiring, I do not need to work, my investments from the last crash provide me a comfortable living and 1031 exchange opportunities. I now help with the property management group in my current brokerage. Most fun I had was volunteering at Habitat for Humanity. After 25 years of fixing computer problems it was great to be able to do something that that you could point to and say that I did that, and improve others lives. Maybe it was a nod to my husband, he was an Architect and there are numerous examples to his talent throughout Summit County.
Entrepreneurs don't retire we just do new and interesting things, because we want to, not because we have to.
I so agree! I've been in the RE business for loooooong time and love it! Am at "retirement" age, but love what I do and enjoy it as well. I've scaled back a bit (as we just have 14 rentals); but am comfortable and have done a lot of things while living in Brooklyn, NY that has made a difference in the quality of life for my former neighborhood where I grew up. Love your story Michelle and the fact that:
BTW, I used to train staff, maintain, troubleshoot and set up computers and phone systems during the 80's :c).
Would like to hear from some millennials & gen Z that have retired in major cities & married into hundreds of thousands of student loans & found a way to pay for $1200 a month medical care out of pocket & raised a large family?!?
Does such a unicorn exist?!?
He hasn't retired (& probably won't for a l-o-n-g time) but a millennial pharmacist married into our extended family only to discover his new MBA bride has $120k in student loan debt. Meanwhile he's paying down his own $250k & was commiserating with me about having to pay down the surprise debt load he 'married'. So much for a pre-nuptial full disclosure, but she is a very cute, adorable $120k.