Retired at 27 with 1 rental!
Yes, you read that right...I retired at 27 years old with my first SFH rental. Part of my motivation to invest in real estate was to free up more time for my family and hobbies. So, after buying my first rental and getting a few rent checks I retired...from mowing my yard. Okay so, I didn't really retire but I committed that with each property I purchased I will use some of the profit to improve my lifestyle. I am typically a big time saver so it is hard for me to not reinvest everything into more property...but it is motivating to see immediate improvements in lifestyle!
I spent the better part of 2 months rehabbing my first property. I was over there before work, at lunch, and after work until midnight or later and the weekends. I recruited friends and family and we got it done. To be blunt...it sucked. But, since then I haven't mowed my yard one time. I've mowed yards since I was probably 8 years old...selling my lawnmower was tough! Mowing costs me $200 per month during the summer but it buys me an hour or two every weekend with my family. I also travel a lot which was causing my wife to have to mow...she hated it and it caused arguments. I am free from that now too! :)
My second SFH allowed me to "retire" from more labor jobs such as painting and other odd jobs. Now I have a great painter and I hire youth from our church or people from CL to do odd jobs. It saves me stress and time.
We are closing on a duplex this Friday and I'm hoping to be able to take another step toward real retirement!
The purpose of this post is to encourage you to find ways to recognize the fruits of your labor and to enjoy the benefits of your additional income from RE!
Best of luck to you all!