Folks, here is my situation and need your guidance on what should i do.
* age 44
* 40 doors all managed by myself
* net passive income per month approximately 27k
* just achieved my golden number of passive income / month last month after almost 10 yrs of hardwork.
Now i am confused on should i expand further or just chill and enjoy my life. Honestly, i resigned from my corporate job and i have been sitting home for last 3 weeks doing nothing but just collecting passive income and feeling totally different.
All i need to know is from all you experienced folks
* should i expand futher or just ride with what i currently have and chill?
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
2y
I was similar to you last year and 'retired'. Sold 90% on contracts into the sunset of naps and whatever.
Leisure can be tough on accomplishers, but I'm chill in general and content.
I like learning new stuff, revisiting old hobbies and causes and I wrote a small book/manuscript.
I'll probably never bother publishing, it was mostly vomiting my tips and experiences through a keyboard but I felt much better when I was done.
If your markets are like mine right now, finding deals isn't worth the work. I'd take some time off and discover what I wanted to do. Nothing's on fire here. Maybe read some books on finding your why. Simon Sinek is a good start.
New to Real Estate · Oceanside California · Member since 2022 · 11 posts · 18 votes
2y
Congrats! im not really in any position to give you advice I've just started my investing journey, only have 1 property at the moment. Humans are genetically wired to have purpose. If having that golden 27k passive income was the main goal that took up a majority of your past 10 years, you are going to need to look elsewhere for the next goal or your next purpose. Maybe that's spending more time with family or maybe that's finding someone who you want to succeed just like you and become a mentor. It seems like the natural progression of most things once you master something, you then become the teacher.
@Hamad Khan Hi Hamad. I’d spend some more time reflecting then sit down with a notebook and do Brandon Turners exercise of writing down goals. I’d look at 1 month goals, 6 month goals, 1 year goals, 3 year goals, 5 year goals, and 10 year goals.
These can be as detailed or as simple as you want them to be. You must have done something similar at one point because you said the $27,000/month was a goal or milestone you had wanted to achieve.
Maybe you want more time with family. Maybe you want to start a family. Maybe you’d like to travel. Maybe volunteer. Maybe instead of scaling rapidly you’d like to buy 1 building a year. The sky is the limit!
I agree with Joe... Yes... I see no need to stop... Keep buying... it's obvious at 27K a month you know how to make the numbers work... you can accomplish a lot over the next 5-10 years...
I'd say enjoy your retirement. Figure out what that is.. If you seriously love the investment, maybe keep going but at a slower pace. Or, look into other investments, more passive to suit your new lifestyle.
I agree with Joe... Yes... I see no need to stop... Keep buying... it's obvious at 27K a month you know how to make the numbers work... you can accomplish a lot over the next 5-10 years...
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
2y
This is when you look deep within your motives and legacy. Is your end goal to be financially, free, or to level up metes and bounds above that? This is only a question you can answer unfortunately.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
2y
I was similar to you last year and 'retired'. Sold 90% on contracts into the sunset of naps and whatever.
Leisure can be tough on accomplishers, but I'm chill in general and content.
I like learning new stuff, revisiting old hobbies and causes and I wrote a small book/manuscript.
I'll probably never bother publishing, it was mostly vomiting my tips and experiences through a keyboard but I felt much better when I was done.
If your markets are like mine right now, finding deals isn't worth the work. I'd take some time off and discover what I wanted to do. Nothing's on fire here. Maybe read some books on finding your why. Simon Sinek is a good start.
@Hamad Khan I THINK he means to do both... Enjoy the financial freedom, but keep doing since you'll never know how much money you'll need in the future. You are young. You need to keep up with inflation. You might want to build up a larger nest egg for "generational wealth." Of course, control your lifestyle, but you might have more expenses.
You'll need to keep up with your real estate properties, e.g. remodels and maybe 1031's to handle your tax liability.
I still contend to expand into other investment avenues, especially more passive and perhaps "less complicated" tax liability situations.
Rental Property Investor · Los Angeles, CA · Member since 2015 · 62 posts · 33 votes
2y
We have a similar door count to you and I laughed when i saw passive and self managed but i understand how you mean it in this context.
I would tell you as much as retiring sounds fun and all, if you don't have hobbies or even a small no stress job, it won't be a ton of fun. Have some friends that are in your exact state and two had hobbies and small families and love their "retired life". The other one has none of that and is circling the drain even though he has all the money he could need.
Agree with others here that you need to find what drives you. If you dont know that, highly recommend therapy.
Congratulations @Hamad Khan. Now you can spend more time on BP being super qualified to give advice.
How did you do it?
Thanks. Well in my case it was all one man show from purchase to renovation to managing etc everything done by 1 person so i end up saving a lot but was tough job and 8 years of non stop work plus i was doing my regular corporate job too lol
Whatever i was saving from corporate job was dumped into properties plus was financing my renovations through low interest tate LOC's too.
We have a similar door count to you and I laughed when i saw passive and self managed but i understand how you mean it in this context.
I would tell you as much as retiring sounds fun and all, if you don't have hobbies or even a small no stress job, it won't be a ton of fun. Have some friends that are in your exact state and two had hobbies and small families and love their "retired life". The other one has none of that and is circling the drain even though he has all the money he could need.
Agree with others here that you need to find what drives you. If you dont know that, highly recommend therapy.
You are absolutely right, it has only been 3 weeks of retirement and i am already tired of day and night just chilling and watching movies etc The good part is my family is happy because i am giving them enough time.
but at the same time i don't want to work my *** off all my life and then die for money only.
The passive income i am currently getting is way more than what i spend and i can still invest 80% of that passive income to dividend stocks and still yield income by doing nothing for next 10 years and still double my portfolio.
Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
2y
@Hamad Khan why are you leaving such a HUGE and personal life action up to the insight on unknown internet "idiots"?
You might as well come on and ask us to decide boxers or briefs for ya to while at it.
How about you tell us what you want to do, and why, and we can tell you how dumb we think that is and why. Because you know that's what will happen, no matter what you say, everyone will be happy to tell you how wrong it is.
I personally believe in a old saying, that immortality is won by either writing things worth reading, of do things worth writing about. Well, I rather suck as a writer so that kind of narrows it down for me....
I will lay down for death once I've achieved immortality.
We have a similar door count to you and I laughed when i saw passive and self managed but i understand how you mean it in this context.
I would tell you as much as retiring sounds fun and all, if you don't have hobbies or even a small no stress job, it won't be a ton of fun. Have some friends that are in your exact state and two had hobbies and small families and love their "retired life". The other one has none of that and is circling the drain even though he has all the money he could need.
Agree with others here that you need to find what drives you. If you dont know that, highly recommend therapy.
You are absolutely right, it has only been 3 weeks of retirement and i am already tired of day and night just chilling and watching movies etc The good part is my family is happy because i am giving them enough time.
but at the same time i don't want to work my *** off all my life and then die for money only.
The passive income i am currently getting is way more than what i spend and i can still invest 80% of that passive income to dividend stocks and still yield income by doing nothing for next 10 years and still double my portfolio.
If you're equipped and intelligent enough to get to this stage in life, you will not be amused by the lack of activity in true retirement. I tried to retire young, lasted 4 months in 2017. And by month 2 of those 4 months I was looking up new businesses to get into.
You need to understand your intention with time, and find something that stimulates enough that you can control with money. And let that money buy you your time. You'll still be involved, but never to the point where you're missing out on life. Doing nothing isn't just boring, it can be dangerous.
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
2y
Only you can answer that question of course. That’s pretty good income. Have you thought about finding a property manager so that you can free that up?
Los Angeles, CA · Member since 2021 · 584 posts · 738 votes
2y
@V.G Jason
DITTO!!!
Best response in a long time. I concur 100%.
I'm kinda retired ... Kinda... Because I got to the point where I could, and I realized it is crazy boring. I found a few retirees to have coffee with a few mornings a week. I hit the gym. I jump on the tractor and rotate my crops and poultry. I care for 3 kids and we travel as much as their schedule allows. At the end of the day, I still feel bored. That's why I chose to continue to invest with what I can and when I can. I have even recently taken it upon myself to visit more job sites and walk the properties when the wife is at work and kids are in school and my breakfast buddies are tied up.
F.I. just means you do not need to go work, but you should still find something to do and keep your life full of purpose.
Hamad congrats on achieving your goals. Maybe pursue some content creation. Share your expertise and knowledge. I feel like many young investors can learn from seasoned pros