Updated almost 3 years ago on . Most recent reply
Firefighter Exit Plan
Hey everyone!
First, I literally just sat down Investing in Real Estate with Low or No Money Down and decided to join the BiggerPockets community. Oddly enough, I purchased the book a couple days AFTER we signed the contract on rent house #2
So here's the scoop on me... I'm in a 26 year old firefighter in Alva, OK. 2015 was a big year for us- our first child (Feb), purchased our first rent house (June), and our primary residence (July)... Talk about a crazy summer. Fast forward to 2016 - my wife began staying home, we have another side job that offset her income, signing out rent house #2 in about two weeks, and expecting kiddo #2 by the end of the year.
I've been in the fire service since 8 years now, and I'm starting to lose my flame (pun intended) with it plus cancer rates are really making me question an extended career. I'm looking to get out quick (3-6 years), and hopefully do so with rentals.
We are in a college town so there is a steady stream of tenants. Rent house #1 was purchased for $55,000 and rents for $600-650. Rent house #2 will cost $55,000 after repairs and rent for $700-750.
I currently have our properties set on bimonthly payments. Also, I was thinking about once our rental account hits a certain emergency fund/future investment number to start paying extra principal payments on one property until it's paid off.
Any user advise to expedite the process by several years?
Most Popular Reply
Morgan,
I'm in the same situation as you. I've got 8 yrs on the fire department now and I'm trying to build passive income through real estate. We have had 8 deaths in my department from cancer and cardiac related issues in the 8 years I've been hired. The cancer rates are alarming in the fire service. It's hard to walk away from a pension when you have a family. I will get 75% of my top 3 years of service after 20 years on and that doesn't include the drop plan. It's like the carrot in front of your face for 20 years. The facts are, we don't live very long after retirement though. I'm trying to build enough passive income to match what I would get from my pension. Then I think it would be an easier decision to walk away. Good luck with your investing. Keep in touch.