I’ve been a long time lurker but my wife is finally on board to allow me to pursue what I’ve wanted for some time now. Clearing out a little bad debt with my OT right now and then it’s on to property number 1. Now on to my question to those of you far more knowledgeable than myself. I’ve done what I consider required reading and I keep all these books around personally indexed as references. So far I haven’t came across anyone that holds rentals forever. I understand the equity chase and investing in several properties from the one. However I have no intention of being warren buffet. I love the idea of becoming free with my time for my wife kids and family with the passive income making us comfortable and being able to enjoy life to it’s fullest, but I’m sure at some point I’d like to sit back and just let properties pay for themselves so my kids can take them all over when I die creating legacy wealth for my family. That being said I have read horror stories about leaving property to several offspring and/or family but I like to think that I’m raising them responsibly and I intend to pass on all my knowledge about it once the time comes. Sorry for the rant and I even went off topic but the actual question is does everyone let rentals just season the 5-7 years and then sell them off, or does anyone intend to eventually let them pay themselves off and take in the income at some point? Early on I’ll do the swapping but later in life I don’t see me hustling as much. Then again I may be wrong about myself in that regard.
It varies. Some hold forever, some sell them off.
I think you'll find your goals may change once you jump into real estate. For example, after 2 or 3 houses you become more confident and decide to purchase a multi which you never expected when you started. So you decide to sell one of your properties and 1031 into the multi. And it grows from there.
I got into it to buy and hold single houses for retirement. Now I have residential and commercial property, I've wholesaled and flipped. Never expected that when I began.
Or maybe you just hold on and pay them down. Nothing necessarily wrong with that. Everyone takes their own path.
The important thing is to create your goals right now and get started. Take action. Are you thinking a single family home or multi family?
Househacking is out since I have a son with immune issues I can’t risk his health to live with other people so I’ll probably go SFH and work up to units. I’m not averse to selling units at all. Sorry if I conveyed that in my OP. I just don’t think I’ll want to hustle as much when I’m older, but as you said I could be wrong. As of now I’m thinking once my portfolio reaches my personal goals I’ll deal less and less.