Who here really DOES it?? (by myles [MI]) Dec 22, 2016 6:39 PM|
Who here really DOES it?? (by NE [PA]) Dec 22, 2016 7:04 PM
Who here really DOES it?? (by Homer [TX]) Dec 22, 2016 7:04 PM
Who here really DOES it?? (by Dave [MO]) Dec 22, 2016 7:32 PM
Who here really DOES it?? (by LisaFL [FL]) Dec 22, 2016 7:41 PM
Who here really DOES it?? (by myles [MI]) Dec 22, 2016 8:19 PM
Who here really DOES it?? (by BRAD 20,000 [IN]) Dec 22, 2016 8:30 PM
Who here really DOES it?? (by Phil [OR]) Dec 22, 2016 8:30 PM
Who here really DOES it?? (by Robert J [CA]) Dec 22, 2016 9:11 PM
Who here really DOES it?? (by Deb S [WI]) Dec 22, 2016 10:04 PM
Who here really DOES it?? (by Deb S [WI]) Dec 22, 2016 10:06 PM
Who here really DOES it?? (by Janet [KY]) Dec 22, 2016 11:09 PM
Who here really DOES it?? (by WMH [NC]) Dec 23, 2016 3:33 AM
Who here really DOES it?? (by Nicole [PA]) Dec 23, 2016 3:38 AM
Who here really DOES it?? (by Sisco [MO]) Dec 23, 2016 3:54 AM
Who here really DOES it?? (by TIM [IN]) Dec 23, 2016 4:01 AM
Who here really DOES it?? (by WMH [NC]) Dec 23, 2016 4:55 AM
Who here really DOES it?? (by mike [MO]) Dec 23, 2016 5:13 AM
Who here really DOES it?? (by Jeffrey [VA]) Dec 23, 2016 5:55 AM
Who here really DOES it?? (by Eddy Mac [IL]) Dec 23, 2016 6:01 AM
Who here really DOES it?? (by pattyk [MO]) Dec 23, 2016 6:40 AM
Who here really DOES it?? (by Elizabeth [MI]) Dec 23, 2016 6:57 AM
Who here really DOES it?? (by myob [GA]) Dec 23, 2016 1:07 PM
Who here really DOES it?? (by JR [ME]) Dec 23, 2016 4:44 PM
Who here really DOES it?? (by Jeff [OH]) Dec 23, 2016 6:01 PM
Who here really DOES it?? (by AllyM [NJ]) Dec 23, 2016 6:15 PM
Who here really DOES it?? (by myob [GA]) Dec 24, 2016 5:43 AM
Who here really DOES it?? (by gevans [SC]) Dec 24, 2016 12:31 PM
Who here really DOES it?? (by Mykes [MI]) Dec 24, 2016 7:25 PM
Who here really DOES it?? (by BRAD 20,000 [IN]) Dec 25, 2016 9:12 PM
Who here really DOES it?? (by TIM [IN]) Dec 26, 2016 5:12 AM
Who here really DOES it?? (by Deb S [WI]) Dec 26, 2016 5:39 AM
Who here really DOES it?? (by Ray-N-Pa [PA]) Dec 27, 2016 9:04 AM
Who here really DOES it?? (by Tom [ME]) Jan 2, 2017 4:32 AM
Who here really DOES it?? (by Smoke [OH]) Jan 24, 2017 3:28 AM
Who here really DOES it?? (by myles [MI]) Posted on: Dec 22, 2016 6:39 PM
Who here rely's solely on their rental properties financially? Im talking about the people that invest full time and live on the cash flow generated from their properties. You have no "job", just running the biz of your rental properties and looking to keep the business growing.
-Im NOT talking about people who have a rental property as part of their portfolio and I'm NOT talking about people who "flip" properties.
Im curios how many people actually have mastered the plan of getting enough cash flowing properties to get out of the RAT RACE and any tips that helped ya get there =) Thanks!
Who here really DOES it?? (by NE [PA]) Posted on: Dec 22, 2016 7:04 PM
If it was just me, I could. Not enough to keep my wife and 3 kids totally "job" free. Obviously my kids don't work. My rentals pay for all the daycare and health insurance for the kids though.
But for the record, I do work on flips as well. I think the 2 go hand in hand. I'm interested to read more here on this one. --174.201.xx.xxx
Who here really DOES it?? (by Homer [TX]) Posted on: Dec 22, 2016 7:04 PM
I started off in 2003 with no job, just selling things on eBay. My wife was in the medical field. We have 27 units now, she retired two years ago at 45. I stopped selling things on the web in 2005, so our income is 100 percent off rentals. This year we will be in the 28 percent tax bracket, just paid 73k in property taxes, and smiled as I wrote the check. We have been blessed. --75.141.xxx.xxx
Who here really DOES it?? (by Dave [MO]) Posted on: Dec 22, 2016 7:32 PM
I'v been living off rental income since mid 90's. I started out when you could borrow the money from the bank to pay yourself to do the repairs.
Fast forward to today, I enjoy orchestrating more than anything.
I'm in the process of selling two, buy one.
Who here really DOES it?? (by LisaFL [FL]) Posted on: Dec 22, 2016 7:41 PM
I live completely off my rental income and have for several years.
Purchased first one in 1986. Second in 1989. Picked up a couple others in 2003 and a couple more in 2005. Then after the market crash I had money earned in another business which allowed me to start buying more at low prices. I have 34 now and no mortgages. But I was fortunate being able to buy all the ones after 2005 for cash. --173.170.xxx.xxx
Who here really DOES it?? (by myles [MI]) Posted on: Dec 22, 2016 8:19 PM
Nice! Great to hear the success stories! Its awesome to see some people using rentals as a way to 100% control their financial future....
its funny when people ask me "what is your plan for retirement?" I then answer with "Im planning on having enough rental properties to have a comfortable income to retire." They then look at me like I'm crazy or they don't understand what I said hahaha --71.82.xx.xxx
Who here really DOES it?? (by BRAD 20,000 [IN]) Posted on: Dec 22, 2016 8:30 PM
Retired at age 41 (shoulda been sooner but they were paying me very well!)
Lived off rental income for the past 20 years. I have NOT worked more than I DID work. I do a few flips because some great deals are not rental material or we'll upgrade a rental to sell it off.
I pay more in income tax than I GROSSED at my great job. (newbies - read that carefully, it's a GOOD THING because there is plenty left over after taxes!)
My daily driver company paid car is a Guards Red Porsche 911.
Rents paid all cash for 3 kids thru college, room, board, tuition. (Hint: it's not just 4 years any more! One degree was 6 years + $4000/year added for Pharmacy School.)
If Wifey and I die today our children will become instant multi-millionaires so we're starting to spend more!
Get around successful people and their attitudes WILL rub off on you! (National Convention) Money in made with your MIND so spend $ and time on education. Jeffrey is having a great Christmas sale on books and home study courses - get some!
Who here really DOES it?? (by Phil [OR]) Posted on: Dec 22, 2016 8:30 PM
Retired from my job in June at age 59 to just do my rental business. --71.63.xxx.xxx
Who here really DOES it?? (by Robert J [CA]) Posted on: Dec 22, 2016 9:11 PM
I have enough rental income to support no only myself, but a family of 4. College, cars, travel, vacations, etc.... --47.151.xx.xxx
Who here really DOES it?? (by Deb S [WI]) Posted on: Dec 22, 2016 10:04 PM
So-Homer from TX-where are you in TX and other than this website where did you get your "training on the job" so to speak? I have boss at my day job that told me about this website. He has young family and wife is a teacher and they have 3 kids. He hopes to give it all up(the corp world) before he's 40. He inspires me and I took over management of home in FL that my sister and I and our hubby's bought in 2009. I followed everything read on here and then some and have excellent tenant since June 2016 in our home now, when my sister mismanaged it totally! I love Florida in winter-much warmer and greener than WI-so our retirement plan includes buying rental property there-cheaper and easier to get than here and easy to rent.
Any tips appreciated-we are less than 5 years away! --97.83.xxx.xx
Who here really DOES it?? (by Deb S [WI]) Posted on: Dec 22, 2016 10:06 PM
And Mr Brad!
I so enjoy your posts on this forum on all the subjects you have time to chime in on-BUT>>
I would NEVER spend the money to drive a Porsche-has to be a guy thing!
BTW-my tenant in Fl home drives a Lotus!
Who here really DOES it?? (by Janet [KY]) Posted on: Dec 22, 2016 11:09 PM
Our elderly retired next door neighbor did it when we were kids. However, they were true slum lords, never did anything other than necessary repair. No upgrades, nothing. --74.236.xxx.xxx
Who here really DOES it?? (by WMH [NC]) Posted on: Dec 23, 2016 3:33 AM
DH finally left his W-2 job in 2012 at the age of 58.
Income is solely rentals. We aren't huge spenders so we plow a good deal of the profits into improvements and upgrades so we can raise the rents on turnovers, and to minimize taxes where possible.
It's hard to tell what's left over because we keep buying houses. We have 28 units now. I think that's enough. We are not young and we have decided to travel a little bit more next year.
We took the entire family (well, 8 of us at least) to Mexico this month. It was nice to be able to afford that. --173.22.xx.xx
Who here really DOES it?? (by Nicole [PA]) Posted on: Dec 23, 2016 3:38 AM
I do have another business but if I wanted to I could live solely off my rentals. PUrchased the first one in 1983. Have been up and down since then - sometimes financial reasons, sometimes personal.
my advice is find "good" deals and go for it... in other words, buy stuff and start. Don't spend time waiting for the "perfect" deals. if you buy a property and plan to hold it for 20+ years, a couple thousand at purchase time isn't going to matter. --72.95.xx.xx
Who here really DOES it?? (by Sisco [MO]) Posted on: Dec 23, 2016 3:54 AM
I haven't relied on income earned as an employee since 1992.
I bought my first rental house in 1987. Rental income started as a supplemental income. Through the 1990's I started, built, and sold a business, during those years my rental businesses was viewed and treated as a sideline.
Since 2006 my rental business has been the main income producer for me. --72.172.xxx.xx
Who here really DOES it?? (by TIM [IN]) Posted on: Dec 23, 2016 4:01 AM
My parents do. But they are older and have the units paid for or nearly paid off. It is much harder for some one younger to do it. Just too much $$ goes to paying a mortgage. You have to do flips or have another biz to help pay down the mortgages.
Who here really DOES it?? (by WMH [NC]) Posted on: Dec 23, 2016 4:55 AM
You have to start somewhere, Tim. Those 20 or 30 years are going to go by anyway - and way faster than you could believe - so why not have some tenants buy you some houses in the meantime?
Buy a house, install a tenant, keep working days and let the tenant pay the mortgage and upkeep. Rinse and repeat.
Eventually, you WILL be able to live off the income. Just about when you are old enough to be tired of working, so the timing is perfect ;)
Our only regret is NOT starting younger. --173.22.xx.xx
Who here really DOES it?? (by mike [MO]) Posted on: Dec 23, 2016 5:13 AM
my wife and I do not work, just rentals. Trying to sell off a few more so I can get out of this rat race --99.82.xxx.xxx
Who here really DOES it?? (by Jeffrey [VA]) Posted on: Dec 23, 2016 5:55 AM
Hi myles. Just want to let you know you have found the absolute best website where "iron sharpens iron". This is forum of DOERS. where we motivate, encourage, instruct, challenge, comfort and exhort each other.
One of the unigue things that sets this website apart from most other real estate investing sites, is that this one is made of "real" landlords and property investors. The vast majority of contributors to this forum (94%) actually own rental property.
This is indeed the ultimate landlord mastermind group for any rental property owner who is seeking and serious about building a rental portfolio. My family has lived off our rental income for over 25 years and continue to learn and grow because of this forum. And I'm so thankful to the many contributors. Most will not openly say it, but many are very successful millionaires and multimillionaires who give of their time and share from their wealth of experiences as a way of returning the favor and help that was shown to them by another landlord or mentor.
I would ecourage you, as stated above, to take part in the trainings and resources made available through this site to take your rental business to the next level. Right now the site is indeed offering a 25% Holiday discount off of ALL Books, CDs, DVDs and Home-Study Courses available here. Click the "Books" link above to begin a search on the many valuable resources. Or go to LandlordBooks.com
Even though we are made up of landlords from across the coutry, there are far more things we all have in common that we share, including the challenges we face and how we are able to succeed. Yet every one has a unique success story. We welcome your contributions to this site as you share of your success, experiences and continue to really DO it along with us all. Keep doing all you can to master "your" plan of developing a systematic cash flow of rental properties:). Merry Christmas and Happy Hanukkah to you! --72.84.xxx.xx
Who here really DOES it?? (by Eddy Mac [IL]) Posted on: Dec 23, 2016 6:01 AM
I love hearing about everyone WHO DOES IT! Its inspiring. I'm on the 5 year plan, when I turn 40. Its weird how I came up with this number. I need to replace current income, because thats what my family is living off of, my wife has a really good part time job also. I'm not counting any of my current rental income, I make pretty good money doing that but that goes directly back into the business. I have 12 to 15 more houses to go! --99.20.xx.xx
Who here really DOES it?? (by pattyk [MO]) Posted on: Dec 23, 2016 6:40 AM
Just rental income for me. Two kids they work parttime jobs and go to school. Rentals supplement their expenses/income. --66.87.xx.xx
Who here really DOES it?? (by Elizabeth [MI]) Posted on: Dec 23, 2016 6:57 AM
My husband and I both do. We only work on rentals. Bought our first rental (12 units) when we were 21. They were a mess! The building was called herion heights....that should give you an idea of what it was like. But.....it was all we could afford the down payment for. After years of renovation, it now throws off 30k plus a year in profit. We both quit our jobs after 5 years in (at 25 units total). We are now 36 and comfortable. --184.61.xx.xxx
Who here really DOES it?? (by myob [GA]) Posted on: Dec 23, 2016 1:07 PM
We have 63 SFH's with only 5 that have mort's. We paid off 2 the beginning of Dec.
We started out with 1 SFH in 86. Purchased from VA for 95% financing. 5% comm to broker who gave us all but 1K back. We then purchased another 60+ from VA with the same loans. We stopped buying in 2001. We also purchased 6 HUDs (one closing) when it was allowed back in the ol days.
We resolved to spend everything we make-- that's right everything every year. Paying off 2 each year and rest as pay and consulting fees to those who helped us in the beginning. We want for nothing honestly. We have a boat in the Caribbean a 42ft Catalina that we vacation on along with 5 to 6 cruises a year.
We live under the theory if we have cash --- does our family enjoy it now while we can see it or should we wait until we're dead and can't see the benefit? If i need money that bad I can always have a fire sale to sell one or 2 if that desperate. (I do have a 401 as a reserve for several hundred K for emergency's) Hope that's not TMI?
When my boys were 12 and 14 they cried when they had to work on the rentals while their buddies were out sled riding. Now that they're grown I remind them of that when I drive up in their new shinny trucks or send them on a cruise. ("Who's crying now") --74.184.xxx.xx
Who here really DOES it?? (by JR [ME]) Posted on: Dec 23, 2016 4:44 PM
I am not a full time LL nor do I want to be. My full time gig pays extremely well, and is satisfying. The rentals serve three purposes. One: tax deduction factory to shelter my high W 2 income. Two: teaches my three teenage kids the value of work. All of them help in the rentals. Three. Will begin to sell when they approach college to pay their tuitions. Doctor's kids don't get financial aid. I could retire at any time (early fifties) and not sweat like I see so many of my colleagues do in writing those tuition checks. No plan to stop working my W2 or stop landlording. --45.46.xxx.xxx
Who here really DOES it?? (by Jeff [OH]) Posted on: Dec 23, 2016 6:01 PM
Very fun to hear everyone story. I am 44 years old and left the corporate rat race a little over three years ago. I have 35 units (mostly SFH) that are completely paid for and life is good. It can be done… But it truly is, a slow and steady wins the race kind of thing. Started in the late 90s. It can be done. By the way Brad, I also have a Porsche 911. Silver 1999 garage queen with 31,000 miles. --67.23.xxx.xxx
Who here really DOES it?? (by AllyM [NJ]) Posted on: Dec 23, 2016 6:15 PM
I did and do but I made up for bad months by selling my stuff on Ebay. Dad left mom twenty units in bad shape and she and his friend were making it worse. I got downsized and stepped in and had to fix everything, upgrade, bring things up to code. Took twenty years and then I sold a few so I am living on the money plus SS and whatever I sell on Ebay. I have a 401K from the job I was downsized from that really grew from the Silicon Valley boom and now our new Pres is driving the stock market up. I am required to start taking money now at age 70 and a half. I can't wait to see my statement in January!
Looking back it was really difficult to live off the units since they needed so much work. If I sold one the money had to go into those that were left for roofing, kitchen upgrades, you name it. I basically took only a small amount to survive. When we had six empties after a factory shut down and losing six tenants at once in aged apartments, we lived off mom's social security. It's not easy. Anyone should do a combination of keep and flip and every day is a workday. I worked Christmas day and New Years for a few hours almost every year to get things in shape and keep the cash flowing. It's not for the faint hearted.
Hopefully most people who get into this can buy a building that is in better shape to start. My dad unfortunately broke his hip toward the end of his life and everything was very run down. I would suggest that a young person start by buying a two family home and rent part of it while upgrading the unit he lives in and paying off the building, then use the income to buy another and rent the unit that was upgraded. Might be hard for someone with children but that's how you get an empire. Dad inherited some money and put it into a duplex that had a fire that he got cheaply and then went from there to acquire other buildings. Good luck. Have another source of income of some kind and you will sleep better. I have three duplexes left and I am living off the proceeds of the sale of others. --73.33.xxx.xxx
Who here really DOES it?? (by myob [GA]) Posted on: Dec 24, 2016 5:43 AM
Bim bam thank ya mam. Well it doesn't work for us common folk. Same theme through out as i see it from the 27 posts. Slow and off the radar and hard work---- no one is giving you anything worth a darn for free.
As in an AD years ago-- you have to "EARN IT". No one here is being left 10,000 units in Ohio from DADDY.... you all know who that is. Or back our play with 4M to cover the casino in Jersey. --74.184.xxx.xx
Who here really DOES it?? (by gevans [SC]) Posted on: Dec 24, 2016 12:31 PM
I quit the W2 job at 58 6 months ago. In all fairness I draw a pension already, but it's not enough to keep a cat alive. The real income is from our rentals.
I'm very hands on, so I'm not "retired". Every week I'm replacing a roof, changing out a toilet, or replacing a floor.
I thoroughly enjoy being "jobless" and the freedom of scheduling that comes with it. --173.233.xxx.xxx
Who here really DOES it?? (by Mykes [MI]) Posted on: Dec 24, 2016 7:25 PM
Awesome to hear everyone! There is a ton of knowledge on this website and its nice to see all the success stories, Its a slow and steady plan but its worth it!
Brad- Very motivating! Thanks a ton for sharing.
Jeff- Yep ive been on this site for a while..ordered some cd's for tips/knowledge when I purchased my 1st property. Keep speaking the good word my man!
Who here really DOES it?? (by BRAD 20,000 [IN]) Posted on: Dec 25, 2016 9:12 PM
Cash in hand changes perspective:)
If your bills were paid and you could buy any car you want, ANY! what would you drive?
Who here really DOES it?? (by TIM [IN]) Posted on: Dec 26, 2016 5:12 AM
WMH- Just FYI, I started before I could legally drink. Almost going over the hill soon....
It is just a fact when you start out RE rental, takes time to get it paid down. Unless you got a market with cheap prices and high rents, it takes time and patience. The latter being in short supply with most people.
I have my apartments, a party rental business, and just added an event center. Parents empire now has farmland, apartments, and soon to be office building, warehouse/flex space/retail front, and possibly a strip mall... the last 3 being 1031 into.
Who here really DOES it?? (by Deb S [WI]) Posted on: Dec 26, 2016 5:39 AM
I drive a 2014 Chevy Cruze Deisel-very good on fuel(40 to 50+ MPG), we drove from our home north of Milwaukee to Williamsburg, VA on a tank and a half of fuel Fall of 2015. If I had your cash on hand-and everything, including my home and rental home in FL completely paid for-which is the goal in less than 7 yrs now-I would spend it on travel-and I would give back half of it to someone in need. My current tenant in FL drives a Lotus and I honestly hesitated-made sure he wasn't a drug dealer or had a criminal record and I made sure his business was successful. Self employed are harder to verify than someone with a W-2 job for their income.I had applicants that had their own business-did not have proof of income-which seemed variable and one guy had a pool business-cleaning and maintenance type stuff. He refused to give me his schedule C. Any tips for those who need advice on this type of tenants??? Maybe I should start a new thread with that question. I hope you had a Merry Xmas-ours was special this year! --97.83.xxx.xx
Who here really DOES it?? (by Ray-N-Pa [PA]) Posted on: Dec 27, 2016 9:04 AM
Forget what you might have heard on TV.
Real estate is a get rich slow scheme......where it is true that I rely on my rentals for my income, I have also been doing it since 1989.
Could I have done it faster - sure. But I have been able to sleep at night so I am going at a pace where I am happy and live life rather stress free.
I have checked my map and I can't find a town called success on it........so success just might be the journey --24.239.xx.xxx
Who here really DOES it?? (by Tom [ME]) Posted on: Jan 2, 2017 4:32 AM
Time is your friend. I am 65 have been at it since 1974. I live off rental income. (very comfortably)
You get old either way, might as well use "forced" savings method.
I have been accused of RUNNING to my mailbox on the first of the month. Truthfully it is a mere brisk walk!!
Who here really DOES it?? (by Smoke [OH]) Posted on: Jan 24, 2017 3:28 AM
This is a tough jump. I have been contemplating this for some time now as well. I have worked a $100k job for several years. I began buying single family rentals in 2012 and now have 45 units. While I could live off the income they produce it's still hard to walk away. Instead I keep going to my 9-5( actually 7-5) everyday and use my income to re-invest in additional rental properties. --151.124.xxx.xxx