What is YOUR retirement plan? Are you going to liquidate and pay the cap gains? Are you going to do a 1031? Are you going to have your kids manage your properties?
Right now I’m either going with the 1031 exchange or have my kids/trusted relative manage my properties… but that’s a good 30 to 40 years away!
Adam
You need to buy your first property before you worry about retiring…
Hey, let him dream a little bit. Sometimes beginning with the end in mind is what gives the motivation to start.
I plan on turning everything over to management, and living off of the income. Whether its kids, a company, some other relative, or most likely, an employee.
I don’t see any reason to ever liquidate and stop growing. I rather like the idea of continuing to add assets that add income. I guess I will still be managing investments, and not completely “retired”, but what else am I going to do all day? I can only stand watching so much TV. I plan on retiring from the physical work part, though.
Cheers,
DB
This isn’t just for me, it’s for everybody. It’s like the What are your goals thread basically.
I plan on having rental income through multifamily, perhaps hotels in other countries and/or in the U.S. I’d orginally planned to keep doing exchanges, but I’m all about the buy/hold right now. I’d like to keep equity lines of credit open on the properties for quick acquisitions, but am not sure I’d want to sell anything unless it turned out to be a dog.
Adam,
My “retirement” plan is to do exactly what I’m doing now. Work 3-4 hours per day on my rentals and spend a lot of time scuba diving, skiing, camping, riding my motorcycle, etc. The only difference is that by “retirement”, I want to do it with a LOT more money as the rental cash flow increases.
I don’t have any desire to build an big empire like Danny, just enough to generate $20K -$30K per month. 100 paid off rentals should do that.
Mike
My goal is to retire with a large rental income taken care of by property managers to spend time with the family.
Mike,
20-30,000 in income per month is a pretty good size empire in my book!! :beer
I plan to live summers at Higgins Lake in Michigan and winters in Akumal, Mexico…racing the turtles. If we are lucky enough to achieve this goal before the second set of youngsters graduate we’ll have to homeschool.
Who says you have to be 65 to retire.
But much like the rest of you we plan to hold onto our assets and keep the $ rolling in!
Wendy
I want to make enough money in real estate to buy my own little hobby farm (100ac.) with a small fleet of new equipment away from all the craziness of where I am today and ride my brand new tractor till I die. My plans are to still farm where I am until we run out of land and hopefully the farming business will turn into my hobby and REI be my main business. We just have too much growth and land development going on in my area to depend on farming my whole life, and also I don’t want to have to work all my life (literally) to keep on farming there just isn’t enough money in farming to retire off of it, I want to farm because I love it.
Chris
All I want before I retire is to rule the world and the Milky Way Galaxy. I will then proceed to turn the world into a dictatorship and move to the Moon. Then, no one will have to worry about their retirement because they will spend every breathing second serving me. Any insurgencies will need a freakin’ space ship to overthrow me, so don’t even try it.
Just as I suspected, Danny. Dictator of the galaxy. Is that the highest goal you could set! C’mon, don’t be so lazy. THING BIG!
Mike
Mike,
You’ll be thanking me when your waiting in your front yard with your SPIE harness and hook up to the rope thrown from my helicopter to drag you and your wife to my plane to take you to my yacht in the Mediterranean. When I think of a bigger goal, you’ll be the first to enjoy the fruits of my labor!
I can tell that you are young because you have no experience with retirement. There is no such thing as retirement. People think that they are going to get rich and retire go home a do nothing…or try to find the bottom of a liquor bottle. But what really happens is you stop working for “The Man” and start doing something else. You can’t play golf all the time (it rains, it gets cold, you get tired). You can’t watch daytime TV (you find out really quick that there is nothing on). You can’t hang out with people that are home during the day (they are shiftless and lazy and will get you in trouble) So you have to do something else. A lot of people get a job at the local golf course, or Wal-Mart just to have something to do and personal interaction. You are also so old that you can’t enjoy most things anyway.
What I am going to do is get my real estate income up to the point that it will support my lifestyle. Then I will continue to work until my job is not fun anymore. When that happens I will spend my time finding deals, rehabbing them and selling them. I can use that money to send me to Hawaii between each rehab. While I am there I will take my Hunter 49 from island to island and play golf on each island I visit. That will probably be 3 to 6 times a year. But remember you can’t wait until you are old to retire. Retirement is wasted on the old. It should be done while you are young enough to enjoy it. You have to retire at least 10 years before people leave the nude beach because you showed up.
But remember you can’t wait until you are old to retire. Retirement is wasted on the old. It should be done while you are young enough to enjoy it.
AMEN!
Mike
Wait…
I can tell that you are young because you have no experience with retirement.
yet,
But remember you can’t wait until you are old to retire. Retirement is wasted on the old. It should be done while you are young enough to enjoy it.
The older you get, (ideally) the more money you accumulate which allows you to go to Hawaii with your sail boat. Young people have far too much energy to enjoy restful games of golf all the time. It’s a waste of youth to “retire” too soon. The only place I’d like to retire in is a coffin. If you hate waking up to go to a job every morning, I could see your point. But I enjoy when I am doing now and would not want to substitute it with a round of golf.
That is why we do a business (real estate) to get rich quick. The normal path to get rich calls for you to put $200/month into a 401k and by the time you are 60 years old you have a million dollars. A million dollars at 60 years of age will not allow me to leave my job and maintain my lifestyle (which is my definition of rich). The path I have taken is to use real estate which will get my about two million worth of assets yielding me enough cash to sustain my lifestyle. That means I need to get rich quick (3 years is quick compared to 40 years). The middle class belief is that you should not fall for a get rich quick scheme. The rich person’s belief is that there is no other way to get rich except quick.
I’m with ya Blue. I don’t really have a definition of “rich” or “wealth”. If I can make $2M in 3 years, I can make atleast $4M in 6 years and $8M in 12. Instead of maintaining a lifestyle, you’d be improving it. For a 21 year old self made millionaire to stopping the progress to retire would be senseless. I say once you hit $1M, go for $10M, then $100M, then $1 Billion. IMO, you can never be smart enough, fast enough, strong enough, or rich enough. Of course, if you don’t enjoy the journey, the destination better be worth it and enjoyable. Working all your life just so you can be buried in an expensive casket is a waste of a life.