Hey guys, I would love your feedback. I am 42 years old and have a plan to retire at age 67 with four properties paid off. I currently have two rentals that are worth a total of $530,000. I owe a total of $230,00 on their mortgages. I do not have a home right now. I am living in a rental but I am planning to do a refinance cashout so that I can buy a house for me that will cost around 500k. I plan to put down 100k so that will leave me with a 400k mortgage. About 5 years down the road I would like to buy my fourth house so that I can retire with all four paid off. I kind of fell into this plan. Does it seem like a good one?
Why these numbers?
@Zachary Balon why stop at 4?
I don't do this for a living and so my knowledge base is quite low. I don't want to do anything too risky. That is why I am thinking about just four houses.
Why not just house hack and live for free for a couple of years?
@Zachary Balon The nice thing about real estate is that it can be fit to your desired lifestyle. Not all of us are looking to be Multifamily moguls. It sounds like a good plan to me!
I'd recommend looking into a 1st position HELOC so you can much more quickly and efficiently snowball the debt to get them all paid off.
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