Asset Allocation for Real Estate Investors - % of net wort in RE

[Rob Brown]

I am a real estate broker and investor who's been investing since 1999 when I bought my first property at 19. I have always had 80-90% of my total net worth invested in real estate and the rest liquid as a cash reserve besides maxing out my IRA, SEP IRA or Solo 401k for tax purposes. I've been reading a lot more the past few years, and I've gotten really into all of the books, podcast, and blogs in the FinCon community. I have come to believe I should have a substantial portion of my net worth invested in a Schwab Total Stock Market Index Fund (SWTSX) or Vanguard Total Stock Market Index Fund (VTSAX). My questions is, what % of a real estate investor's net worth should be in index funds and bonds, and what % in real estate? I'm considering 1. selling a property to diversify versus just 2. not buying any more real estate and investing only in Index Funds and Bonds until I get to the asset allocation of 50% real estate 50% equities and bonds, however, because of my substantial equity in R.E. it could take 10-20 years to get to 50-50 without selling a property even if I'm investing 50% of my net income. What does the community think about this?