I'd love to hear from people who either knew it was time to stop buying more properties or set up a clear goal for when it will be time to stop.
In a nutshell, I own three properties free & clear (two bought with cash, one mort. paid off) and I am about to buy a 4 plex with cash. I sense my limit coming, unless I scale up and hire a manager. Soon I will be doing a cash out refinancing on a 3 family I bought with cash, but right now I expect to put the money in stock mutual funds and a money market account and sit on it. I expect to buy a new primary residence when I have the time to search for the right place. In the meantime, I intend to travel in the summer and winter and stay where I am (one of the flats in the 3 family).
I noticed when I thought about "being creative" and buying another investment property and a new primary that I did not feel it would add to my life in any way that mattered. I didn't want to take it on. This caused me to decide to get away, wait on the primary, and just enjoy things.
I'd love to hear from people who made decisions to stop buying.
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Congratulations @Kate B. ! You will probably receive a lot of "What?! You need to leverage up and finance another 100 units!" on here. I like your plan, though. My goal was to keep the 32 buy and holds I have, pay them off, and coast. Haven't bought since 2011 and just enjoying my semi-retired life, ya know?. Then I realized I should centralize my portfolio to have an on-site mgr and systemize better. Get closer to the 4-hr work week and hands-off approaches of Ferris and the E-myth guy. To do that, I have to get back out and network and make some things happen. To make things easier, I first have to work!
I've found I missed it. Finding that next off-market creative deal can be fun! My name is Steve and I am a RE addict. I need group therapy! I do plan to hang up my cleats after centralizing a bit, but I just like the deal and the people too much. I'm a little jealous of your being able to separate this as just business. Confessions of someone who was dry for four years, but drinking the kool-aid again!
I agree with Steve Vaughan in the sense that I alos envy your capability of separating the business from the rest of your life and being able to stop. I am one that have stopped buying more than twice...and back to more again after a year or two.... it is an adiction!!!
Thanks, Steve and Ana, for the things you said. You gave me a lot to think about -- because I still find myself daydreaming about more property purchases! For some reason -- probably because my computer is set to not allow pop up windows -- I can't tag you on this reply. I appreciate hearing from you.
I wouldn't stop or slow down. Put it into 2nd gear and hit the gas.
When you become an addict like myself... never.
We haven't stopped in 8 years...go for it!
I think it fines to "eb and flow" based on your needs and life! We have made a huge push for properties and have a goal of two more in the next 3 months!
Once these house are closed we plan on stocking money and paying off everything while we take a 6 month break. Some life changes might be occurring. So we want to be prepared so we can launch again next jan!
So it's all about being flexible ;)
Thanks, Elizabeth! It is all about being flexible! That really struck a chord with me.
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