All Forum Posts by: Tim Bee

We own four SFH with one more under contract and none are free and clear (and probably never will be)!

The amount of rental income you need to net per month to quit your job will depend on your individual financial situation and lifestyle. However, as a general rule of thumb, you will need to have enough rental income to cover your living expenses and also any outstanding loans or mortgages on the property, such as property management, repairs, and maintenance.

To calculate the amount of rental income you need to net per month to quit your job, you'll need to start by figuring out your living expenses. This includes things like rent or mortgage, food, transportation, insurance, utilities, and any other regular expenses you have. Once you have a total for your living expenses, you can then subtract that number from the total rental income you expect to receive from your properties.

It's worth noting that there are other factors that could affect your decision, such as the number of properties you own, the stability of the rental market and your risk appetite, so it's not just about the net income but also the overall financial stability and cash flow.

It's always important to have a financial plan and consult with a financial professional to evaluate your situation and guide you in making the right decision.

This really depends on your lifestyle.  Some people would be fine with $3K, others would want $15K a month.

Only your hairdresser knows for sure...,and if you strike out there, ask your accountant, and if that proves useless, try your...your,...yourself.  The answer to your question lies (as everyone above has stated) within your own bank account and monthly bills.  That describes your need.  Add to that, the money you would "need" to do the things you can't do now for lack of funds.  That's your "want".

Start with your "need".  When you have achieved that, your "want" becomes your next "need".  Once you get there, your next "need(s)" is defined by your next "want(s)", with each set of "needs" in the order of the next priority. 

Once you start selling cheap, you get cheap guests. They end up destroying your place, trying to get refunds for nothing and complain about everything.

I don't agree with it being mostly about undercutting the competition. It is more about creating a great space with great amenities and building a great reputation.