$ Residual Retirement $
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$ Residual Retirement $ (by Q [NE]) Jun 6, 2020 6:43 PM
       $ Residual Retirement $ (by JB [OR]) Jun 6, 2020 6:56 PM
       $ Residual Retirement $ (by Jim in O C [CA]) Jun 6, 2020 7:05 PM
       $ Residual Retirement $ (by Q [NE]) Jun 6, 2020 7:09 PM
       $ Residual Retirement $ (by LordZen [MA]) Jun 6, 2020 7:30 PM
       $ Residual Retirement $ (by gevans [SC]) Jun 6, 2020 8:05 PM
       $ Residual Retirement $ (by RB [MI]) Jun 6, 2020 8:07 PM
       $ Residual Retirement $ (by DnB [MA]) Jun 6, 2020 8:19 PM
       $ Residual Retirement $ (by JB [OR]) Jun 6, 2020 8:43 PM
       $ Residual Retirement $ (by MikeA [TX]) Jun 6, 2020 9:08 PM
       $ Residual Retirement $ (by Robert J [CA]) Jun 6, 2020 10:17 PM
       $ Residual Retirement $ (by elliot [RI]) Jun 6, 2020 11:55 PM
       $ Residual Retirement $ (by BRAD 20,000 [IN]) Jun 7, 2020 1:45 AM
       $ Residual Retirement $ (by WMH [NC]) Jun 7, 2020 11:46 AM
       $ Residual Retirement $ (by myob [GA]) Jun 7, 2020 1:46 PM
       $ Residual Retirement $ (by plenty [MO]) Jun 7, 2020 9:05 PM
       $ Residual Retirement $ (by JB [OR]) Jun 7, 2020 9:44 PM
       $ Residual Retirement $ (by myob [GA]) Jun 8, 2020 6:44 AM
       $ Residual Retirement $ (by Pmh [TX]) Jun 8, 2020 5:20 PM
       $ Residual Retirement $ (by MMIT [VA]) Jun 8, 2020 7:57 PM
       $ Residual Retirement $ (by mike [CA]) Jun 9, 2020 10:54 AM
       $ Residual Retirement $ (by mike [CA]) Jun 9, 2020 11:03 AM
       $ Residual Retirement $ (by Pmh [TX]) Jun 9, 2020 5:58 PM
       $ Residual Retirement $ (by Hoosier [IN]) Jun 9, 2020 10:34 PM
       $ Residual Retirement $ (by Pmh [TX]) Jun 10, 2020 6:16 PM
       $ Residual Retirement $ (by SPK [CA]) Jun 16, 2020 10:43 AM
       $ Residual Retirement $ (by BradB [IL]) Jun 16, 2020 12:17 PM
       $ Residual Retirement $ (by BRAD 20,000 [IN]) Jun 16, 2020 7:34 PM
       $ Residual Retirement $ (by Chris [VA]) Jun 16, 2020 8:18 PM
       $ Residual Retirement $ (by Denise [CA]) Jun 17, 2020 6:25 PM
       $ Residual Retirement $ (by Diahann [MD]) Jun 18, 2020 3:12 AM
       $ Residual Retirement $ (by Pmh [TX]) Jun 18, 2020 6:21 PM
       $ Residual Retirement $ (by Tim [IL]) Jun 19, 2020 12:04 PM
       $ Residual Retirement $ (by Pmh [TX]) Jun 19, 2020 5:22 PM
       $ Residual Retirement $ (by BRAD 20,000 [IN]) Jun 19, 2020 5:58 PM
       $ Residual Retirement $ (by Pmh [TX]) Jun 19, 2020 6:08 PM
       $ Residual Retirement $ (by Dee Ann [WI]) Jun 20, 2020 9:23 PM
       $ Residual Retirement $ (by Dee Ann [WI]) Jun 20, 2020 9:23 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 8:14 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 8:45 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 8:55 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 9:08 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 9:27 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 9:44 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 9:52 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 11:15 PM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 22, 2020 11:39 PM
       $ Residual Retirement $ (by BRAD 20,000 [IN]) Jun 23, 2020 1:41 AM
       $ Residual Retirement $ (by BRAD 20,000 [IN]) Jun 23, 2020 1:41 AM
       $ Residual Retirement $ (by BRAD 20,000 [IN]) Jun 23, 2020 2:02 AM
       $ Residual Retirement $ (by Chris [VA]) Jun 23, 2020 5:20 AM
       $ Residual Retirement $ (by Denise [CA]) Jun 23, 2020 4:06 PM
       $ Residual Retirement $ (by Pmh [TX]) Jun 23, 2020 5:49 PM
       $ Residual Retirement $ (by BRAD 20,000 [IN]) Jun 24, 2020 1:33 AM
       $ Residual Retirement $ (by Cjo’h [CT]) Jun 26, 2020 12:18 PM


$ Residual Retirement $ (by Q [NE]) Posted on: Jun 6, 2020 6:43 PM
Message:

Are there any retired investors here that are right now benefiting significantly in your retirement due to the long-term rental/real estate portfolio that you spent your lifetime accumulating?

At 55 years old, I am on the fast track to getting my properties paid in full. I have some paid off and others with minimal balances (also still buying when smoking deals come up). It seems it took me a long time to get here (and it did), but I am seeing the light at the end of the tunnel of this BUY AND HOLD investment model I have been using.

Give us your stories of motivation and encouragement.

Q-Out!

--75.163.xx.xx




$ Residual Retirement $ (by JB [OR]) Posted on: Jun 6, 2020 6:56 PM
Message:

Congratulations Q. I am in a similar position as you after decades of struggle, hard work, and constant sacrifice.

But, especially as we see much more pressure, animosity, and financial hardships put on the back of today's LLs, please diversify your assets. I would hate to see someone lose everything or a large part of their net worth because of someone having all they own tied up in RE, only to have some govt entity step in to take it away or place restrictions on it which could make it worth much, much less if anything. --73.25.xx.xxx




$ Residual Retirement $ (by Jim in O C [CA]) Posted on: Jun 6, 2020 7:05 PM
Message:

Between selling my business in 2004 and my rental income I am able to lead a very comfortable life. I bought my first rental in 1971 added additional single-family houses up until 1989. --99.23.xxx.x




$ Residual Retirement $ (by Q [NE]) Posted on: Jun 6, 2020 7:09 PM
Message:

Thanks for the response JB. I do have a healthy IRA and other investments aside from my real estate portfolio.

Barring any unforeseen hurdles that get placed in my path, real estate will be a fantastic residual income when I'm an old fart.

:)

Q-Out.

--174.217.x.xxx




$ Residual Retirement $ (by LordZen [MA]) Posted on: Jun 6, 2020 7:30 PM
Message:

JB talk a little bit more about how did you diversify your assets, enlighten me please to learn :D --98.216.xx.xxx




$ Residual Retirement $ (by gevans [SC]) Posted on: Jun 6, 2020 8:05 PM
Message:

We bought our first one in 98. Always rolled over the profits into the next one. Retired early from the day job and live comfortably on the rents. Properties are all debt free and worth over a million.

Blind luck, blessings from above, and some hard work paid off. --69.80.xx.xxx




$ Residual Retirement $ (by RB [MI]) Posted on: Jun 6, 2020 8:07 PM
Message:

The fun part of the whole shoot'n match,

has been the selling part.

None of mine (rentals) will be sold to (cheap) investors.

Time, health and age were deciding factors to cut loose.

Dowhatyagottado. --184.53.x.xx




$ Residual Retirement $ (by DnB [MA]) Posted on: Jun 6, 2020 8:19 PM
Message:

Thinking of selling one building and living off the sales proceeds for the next five years, then pension begins.

--172.58.xxx.xxx




$ Residual Retirement $ (by JB [OR]) Posted on: Jun 6, 2020 8:43 PM
Message:

LordZen, I am referring to most any other type of asset, but I particularly like mutual funds and exchange traded funds (ETFs) from good fund companies that charge no up front sales fees, have a low turnover rate, and that have a low E/R (expense ratio).

You should also be aware of IRAs, Roth IRAs, 401ks, Roth 401ks, 403b's, etc. depending on your employer or business.

There are many fantastic companies out there to choose from including Vanguard, Charles Schwab, T Rowe Price, Fidelity, TIAA-CREF and many more.

If you want to know more, start another thread with any other questions and I'll be happy to tell you more. --73.25.xx.xxx




$ Residual Retirement $ (by MikeA [TX]) Posted on: Jun 6, 2020 9:08 PM
Message:

Congratulations, sounds like you are nearing the finish line.

Retired 2 years ago from day job at 56. Rentals have completely replaced the income plus some. I haven't touched any market based assets, in fact I'm still putting in a little and buy a RE deal here and there. Life is so much better. Before retirement it was like 2 jobs. Now it's like a half time job with the other half traveling (except the last couple of months) and enjoying life. I did enjoy my day job and felt some loss for a few months until I settled into the new routine, but I haven't looked back. I really enjoy running into the guys I worked with. Most of them will have to work until they are 67 and truly don't understand how I did it. I feel blessed that I jumped into this business with both feet, it was certainly worth the years spent growing it. --50.26.xx.xxx




$ Residual Retirement $ (by Robert J [CA]) Posted on: Jun 6, 2020 10:17 PM
Message:

At 16 when I looked into buying myself my first car, I learned a car is not an investment it's a liability loosing half the value after the first year with insurance, sales tax and other charges/fee's. So I waited until my 18th birthday and made an offer to buy a 3 bedroom single family home with a heated pool. By the time I was 20 I owned 5 single family homes in the San Fernando Valley of Los Angeles -- West Hills, Canoga Park and Woodland Hills areas.

By the time I was 30, I have moved away from single family home and began buying Apartment Properties. Some duplex's, triplex, 4 units, three 5 unit buildings, 8 units and up....

I was a licensed contractor so I could do the work/repairs myself saving a majority on expenses. I also had clients so working 7 days a week was my norm.

Along the way I took in family members as partners on larger projects. Because of the "extra" income, they all retired early. With passive income they could give up their careers and have the good life -- at ages 60, 50 and 45.

When I turned 45, my brother reminded me that I'm spending too much time servicing my clients -- also landlords with large portfolio's. So at 45 I gave up taking in new clients and cut back on my outside work. Concentrating on my rentals.

I then decided to completely remodel my rentals each time they became vacant. My single family home I purchase when I was 18 to 25 were now 40 to 50 year old. I had always make them nicer for each new tenant but it was time to bite the bullet and get them ready for a "Sale" or to be a "Top Priced Rental". So 1 by one I did complete renovations. New kitchen, bathroom, roof, windows, central air/heating, blinds, flooring, appliances, landscape and more.

So at 50 all of my rentals were in top condition with fewer and fewer repairs. Instead of having 100 tenants call 5 to 10 times a year with issues, it was reduced to fewer and fewer calls. In some cases only to wish me a new year.

Because I still work on my properties and am licensed, I continue to work for a few select clients. Friends, family, actors, directors, producers, business owners and some high profile landlords.... when they have a dog I get first chance at buying them out....

So I'm 60. At 45 I had enough rental income to never work another day in my life. But with inflation and the devaluation of the dollar -- old money means very little....

In the 1980's - 1990's, if you had 1 million dollars in the bank you could earn 10% interest, or $100,000 a year. Now with interest rates at 2 percent, you would need Five Million Dollars to earn that same $100,000. And some places are only paying 1% returns so you'd need Ten Million Dollars to earn 100K.

Most of my landlord friends started to invest at 37 years of age. So at 65, their rentals were paid off and their rental income became their supporting income. Not at 80, they can't believe their monthly rent rolls and profit.

I started at 18, so at 45 i was in great shape.

While I may be in a large market, Los Angeles, and compared to some of you in rural towns, it seems like I'm rich! That's not the case. Yes I have millions, but homes in Los Angeles start at $600,000 and rise to 2.5 million on average. My first homes back in 1978 to 1980 ranged from 66K to 90K, and I only needed a 20% down payment.

I have friends that just sold one of his homes for $18,000,000. Now that's rich!

--47.155.xx.xxx




$ Residual Retirement $ (by elliot [RI]) Posted on: Jun 6, 2020 11:55 PM
Message:

Started 15 years ago with RE, got laid off this year and on the track to be debt free this year. Not much diversification. Just rolled last 401K into self directed IRA and waiting to use them in RE when the market becomes affordable (aka smoking deals) again.

When I first started, I set a goal of 10K a month net profit.. Never kept track, but surpassed that couple times.. Thank God for real estate, putting 4 kids through private schools and colleges (10 more years to go) --96.253.xx.xx




$ Residual Retirement $ (by BRAD 20,000 [IN]) Posted on: Jun 7, 2020 1:45 AM
Message:

Q,

I am basically buy and hold - rent. My goal was paid for houses to continue bringing in rent when I am old and decrepit.

Our mortgages are rolling off. We are letting the old mortgages with small balances ride because almost every penny goes to principle, very little to interest. Truly letting the res pay them off.

Mortgage with higher balances are getting double payments to knock them down faster.

You MUST learn to buy in a Roth 401K. The rent and profits are TAX FREE. Anything I buy now in in the Roth. A Roth401K is easier than an Roth IRA.

A Roth house does not need as much cash flow because there are no taxes like a regular house.

My plan is to keep adding to the ROTH so I can sell off the regular properties. A handful of Roth's is as profitable as a long list of regular homes. Less to manage.

BRAD

--73.102.xxx.xxx




$ Residual Retirement $ (by WMH [NC]) Posted on: Jun 7, 2020 11:46 AM
Message:

However, if all your income is passive you can't contribute to a ROTH anymore...only earned income qualifies.

DH finally retired in 2012 at age 58. Since then we have doubled our rental empire, doubled the income and the number of units. We will make about 4x his last year's salary this year assuming we stay on track rent-wise (Covid?)

We plow everything we can back into the business, and we are still active savers of cash. We are eligible to withdraw from our retirement accounts, but don't need more taxable income. The plan is to start drawing on them when we are REALLY old and need to pay someone to help... --50.82.xxx.xxx




$ Residual Retirement $ (by myob [GA]) Posted on: Jun 7, 2020 1:46 PM
Message:

I'm so sick and tired of hearing you gotta diversify? When I look at my losses in my 401-- last 2 month and again in 2008-- I could have paid off or purchased 5 or 6 free and clear SFH's.

So I justify, to myself, diversifying into my SFHs. They're treated as separate investments and guess what they have separate returns. When you read Robert J's post from CA where it starts "when I was 45" that's how we've been doing it-- but only on SFH's and with the same result. Top properties top price and good neighborhoods. Some are crappy hoods but still good pricing. We are at 63 SFH's and 2 mortgages left-- rents average 1K a month. This year the first few months with everyone working collections were going gang busters- adding 5K a month on average but that's been cut to a trickle since garnishment proceeding are nil.

17 of my properties I refid to the max-- took the $ and paid off most properties. Those 17 went to foreclosure auction. Shawn Hanity group owns many now.

Anyway my wife and I are happy campers. She insisted back in 1986 that as long as I only brought SFH's she would stay all in-- well it's been great.

I'm not a licensed contractor but have the same mechanical skills from working on airplanes as needed for houses. Yes I an licensed for airplane work -- metal and engine. FYI I actually got licensed in 80 to work Freon on DC-8's. They used Freon system for cooling back then.

Honestly RE has allowed us to pay our kids VERY well and my one employee VERYVERY well.

The biggest pay out is this (again I'm speaking for myself) it has allowed me to use my brain-- constantly. There are so many things going on ALL the time-- I just love it. REALLY. --99.103.xxx.xxx




$ Residual Retirement $ (by plenty [MO]) Posted on: Jun 7, 2020 9:05 PM
Message:

What about diversity within your real estate portfolio? As in Single family homes, for different types of families/renters--- nice Class A and nice class C properties. Single family homes and Multi family homes. Maybe even a mobile home, maybe land, partnerships too. Loans, some paid for some with loans. Some for white collar workers and some for blue collar workers, some for section 8. Big house, Med, Small, studios?? People are always looking for housing. --173.127.xxx.xxx




$ Residual Retirement $ (by JB [OR]) Posted on: Jun 7, 2020 9:44 PM
Message:

And some people had all kinds of different rental properties and businesses in Detroit and are now broke... --73.25.xx.xxx




$ Residual Retirement $ (by myob [GA]) Posted on: Jun 8, 2020 6:44 AM
Message:

JB that was pretty funny. properties and businesses in Det. guess they never read the world famous book by Robert Allen--- LOCATION LOCATION LOCATION the 3 most important words in RE investing. Nothing has changed.

Second when you read (even here) how people THINK they can do business-- they do dumb things-- not much home work being done to sustain the business. --99.103.xxx.xxx




$ Residual Retirement $ (by Pmh [TX]) Posted on: Jun 8, 2020 5:20 PM
Message:

interesting thread. my first five houses I bought with 20% down each with proceeds of land I sold which I had bought with a loan against my 401k (which was invested in various specific mkt mutual funds). some here complain about losing $ in stocks in 2008-2010 and several times since then. Those were great buying opportunities for me. as was March this year. it is fun for us to own & manage our houses. We will keep doing that after we quit our day jobs which we both really enjoy but at some point do want to spend all our $ on more trips around the world. I have told the kids they can buy our rentals but I will be bouncing the check to the undertaker... --107.77.xxx.xx




$ Residual Retirement $ (by MMIT [VA]) Posted on: Jun 8, 2020 7:57 PM
Message:

Q, I have been in real estate for about 10 years. I will be 65 this year, sold my business 6 years ago, and do real estate full time (I am a DIY).

I paid cash for the houses - class C Properties that had been foreclosed.

Instead of continuing to fund our IRA, I started funding real estate 10 years ago. All rental income was also used to fund more properties.

Today I have 20 paid for rentals that will cover our retirement income. Paid for rentals cash flow like bandits!

However, we still have the IRAs that we funded for 30 years. We do not plan on using the IRA money and are rolling money over every year from the traditional/401/simple IRAs into a Roth.

The plan at this point is for the kids to inherit the cash flowing real estate (with the stepped up tax basis) and the Roth IRAs. Based on current tax law, the inheritance will be tax free.

FYI, watch out for tax issues with your IRAs. The RMDs can create a lot of tax liability for you or your beneficiaries. That is why the Roth conversions are so important.

Congratulations on reaching this level of Freedom! --70.188.xx.xx




$ Residual Retirement $ (by mike [CA]) Posted on: Jun 9, 2020 10:54 AM
Message:

over the years my best investments were ALL real estate. i've been tossed around in the stock market...WALL STREET'S A CLUB, WE'RE NOT IN IT. the realty trade is very linear...choose a solid home in a solid location, choose a good tenant, do basic maintenance, and cash bigger checks every year than the last. even i can do it. the expenses are easily scheduled, the tax code LOVES us, and we can always toss a tenant if one of our friends needs a place. in my case i now have two good friends in units that they take care of very well. it is nice to be able to take care of me and mine and if there's anything better for that than real estate please do let me know what that is. another fun part is that when i croak, the kids will be set if they care to learn from my example. if not...well, it won't matter, i'll be dead

years ago a friend encouraged me to buy in detroit for pocket change...i advised that if the shack you buy costs less than a heater or roof it means the first large expense will hammer your return for years. low price homes garner low rents and low quality tenants. those are not for me, i am not patient with low quality tenants --66.27.xxx.xxx




$ Residual Retirement $ (by mike [CA]) Posted on: Jun 9, 2020 11:03 AM
Message:

and robert ca, i am doing exactly what you described RIGHT NOW. i too am a contractor and as each unit comes vacant i am fumigating, repairing, roofing and getting them all set for the next twenty years with the hope that this high grade maintenance will make the next decade effortless and allow me to really spend money before i get too old to surf and ski like i want to. last week i swapped out a water heater that was fully ten years old...i could have just done the thermo-couple but the thing was likely a year away from failing anyhow so i decided that while i was there anyway it would eliminate a call which might come at a inconvenient time. i figure a year of over maintaining will pay off in years of less nuisance calls --66.27.xxx.xxx




$ Residual Retirement $ (by Pmh [TX]) Posted on: Jun 9, 2020 5:58 PM
Message:

as MMIT says...if you are in a position to convert then is a good idea. My plan though is to sell all rentals to the kids...owner finance.... --107.77.xxx.xx




$ Residual Retirement $ (by Hoosier [IN]) Posted on: Jun 9, 2020 10:34 PM
Message:

Q, I got into rentals mainly as a diversification strategy....nearly all our money was in the stock market 15 years ago, and that made me uncomfortable. I have a Masters degree in Finance, and during the program I learned a great deal about diversification. I wanted a certain % of our money in certain "buckets"...so I bought rentals until I got to that percentage...then stopped. We do not borrow money anymore, and have not for a long time....so all ours are free and clear. We got a 15 year loan on our personal house and paid it off in 12 years...I don't like having debt. We have ZERO debt at this time...we pay everything off monthly if we charge it. (there are exceptions...bought a car 8 years ago on a zero interest loan, paid it off on time).

I hear the experts talk about OPM, and borrow all they can...but I don't like that amount of risk in my investments. I retired from a corporate finance job at age 52, then worked part time for about 6 years as a home inspector, and now I only work about 4 hours/week...and I'm lovin' every minute of it. I have plenty of FREEDOM now...we travel, I enjoy sports cars and car shows, vegetable gardening, we go to beer tasting events, go out to eat when we want, attend sporting events, and even travel out of the country almost every year.

I actually spend more time managing our finances/investments than I do on our rental properties...but I see this as a hobby and enjoy it.

When you have no debt, you don't need much income. And remember, the borrower is slave to the lender!

--99.92.xxx.xxx




$ Residual Retirement $ (by Pmh [TX]) Posted on: Jun 10, 2020 6:16 PM
Message:

good for you Hoosier..a few years to go for me b4 I quit my day job as corporate controller...then will get part time job as adjunct to teach hospitality & finance. disagree with your assertion that the borrower is a slave to the lender. to the contrary. It is a mutually beneficial business relationship. lender has the $ I don’t and I always have the choice to borrow or not. a slave has no choice. when I borrow $ I am the master of my destiny. in my many years of using opm I have turbo charged my income by renting houses with 25-30% cash on cash returns which more than cover interest ...those who control their lives control their leverage. many here espouse no borrowing- I think mostly bc they could not pay their debts in the past. debt is good if used to purchase income producing assets. ...sort of like how cos issue bonds to expand their business... --107.77.xxx.xx




$ Residual Retirement $ (by SPK [CA]) Posted on: Jun 16, 2020 10:43 AM
Message:

I am 60 y/o/female. Started with RE after I became widowed .. was cautious at first not knowing the ins and outs of heating plumbing etc. But I learned and I have a great handyman and team of electricians etc. Mostly I bought duplexes. Now I have 18 "doors". Mostly paid off and doing well - even Covid has not stopped rent payments. Only thing is California might change the property taxes - that could be a challenge. Really haven't upgraded much since nobody wants to leave - there is such a shortage of rentals in Norther CA. --24.10.xx.xx




$ Residual Retirement $ (by BradB [IL]) Posted on: Jun 16, 2020 12:17 PM
Message:

I was a Mortgage Loan Officer for 15 years and started investing 13 years ago. Three years ago, I supercharged by real estate holdings and now up to 100 units. It was a challenge working 50 hours a week for the bank and 20 hours for me. Last year at age 50, I retired from working for someone else to just having the rental properties and working about 2 to 4 hours a day. It works! By the way, having mortgages allowed me to write off all the income, so all of my income for 2019 was tax free. Love it. Really encouraging to hear from fellow successful real estate owners. --162.200.xxx.xx




$ Residual Retirement $ (by BRAD 20,000 [IN]) Posted on: Jun 16, 2020 7:34 PM
Message:

"Borrower is slave to the lender" - God.

This advice is straight from God's mouth so to deny it is to deny God.

Debt is like fire - useful in the right hands and with constant care. But when the wind shifts it can burn down your house. We have no control over the wind.

Stuff happens, even to good people - recession, flood, health issues, major employer leaves town...pandemic...they all happen and affect our business.

Debt is a one sided relationship. The bank is really in control and ALWAYS wins.

BRAD

--73.102.xxx.xxx




$ Residual Retirement $ (by Chris [VA]) Posted on: Jun 16, 2020 8:18 PM
Message:

I'm very interested in learning how to use Brad's strategy of buying homes with a Roth401k.

And I'm still thinking about diversifying in a joint venture by owning RE in another country - but where? (So the idea will probably just fade away as we don't even have a country option in mind.)

A joint venture... just because of the limitations and challenges of being in a different geographic location... extra hands to help deal with that as we grow older.

A different country... as some kind of protection in case the U.S. ever tanks and our properties are regulated beyond reason, or even confiscated - hopefully won't happen. (We have friends in France who had rental properties there which became a nightmare as the gov't allowed non-paying tenants to stay for a very extended time, and our friends had no recourse.)

We're also gradually moving 401k funds to a Roth, and eventually will be moving out of qualified money altogether - to be less of a target for a predatory government.

And the more money we make, the more we are able to give toward ministries that we support.... --71.246.xxx.xx




$ Residual Retirement $ (by Denise [CA]) Posted on: Jun 17, 2020 6:25 PM
Message:

I started by buying my 1st duplex in 2016. I then bought my second duplex in 2018. And now in 2020, I am in escrow to buy my 3rd duplex. I keep saying that is enough RE but it is like childbirth you forget and do it again. I left my corporate job in 2016. My husband is ready to retire this year after working for a telecommunications company for 30 years. We diversified by having rentals, husband will get a pension, we have a 401k, and another source of income. My 3 duplexes profit is going to give me much much more than what my husband will receive with his 30 year job pension. I started 4 years ago and he started 30 years ago. We have a lot of money in our 401k. Too much up and down-like a yo-yo. I regret putting too much money into my 401k and should have bought more RE instead. Biggest mistake ever. Also we should never have sold our 1st property. Another mistake we regret. We will start converting our 401k into a Roth this year. Rents and Roth will go to our two children. I make them work at the rentals all the time To am teaching them the business. I tell them if you want this for the future, prove it to me and learn and help. They do so all my fruits and labors will go to the next generation. --137.25.xxx.xxx




$ Residual Retirement $ (by Diahann [MD]) Posted on: Jun 18, 2020 3:12 AM
Message:

Excellent info. I have three paid off rentals. Looking for my next rental. Some people say they wouldn't be a landlord. I ask them how do they plan to retire, as of date, no one has given me an answer --174.251.xx.xxx




$ Residual Retirement $ (by Pmh [TX]) Posted on: Jun 18, 2020 6:21 PM
Message:

little stretch there Brad invoking god...sort of like applicants saying god bless....we have no control over the wind ....but I have fire extinguishers....... --107.77.xxx.xxx




$ Residual Retirement $ (by Tim [IL]) Posted on: Jun 19, 2020 12:04 PM
Message:

WMH,

You can contribute to a Roth. What you do is put money in a 401k, then do a Roth conversion. Yes, you have to pay taxes on the money going into Roth, however that is a way to do it. --69.245.xxx.xxx




$ Residual Retirement $ (by Pmh [TX]) Posted on: Jun 19, 2020 5:22 PM
Message:

a good time to have converted would have been in March... --107.77.xxx.xxx




$ Residual Retirement $ (by BRAD 20,000 [IN]) Posted on: Jun 19, 2020 5:58 PM
Message:

His words, not mine - Proverbs 22:7.

I find the Bible offers very good advice...and it's FREE!

BRAD

--73.102.xxx.xxx




$ Residual Retirement $ (by Pmh [TX]) Posted on: Jun 19, 2020 6:08 PM
Message:

Brad. I am agnostic so no disrespect to you but we will have to agree to disagree....I am no slave. I make my own decisions. You make your own decisions. your god lets us make our own decisions... --107.77.xxx.xxx




$ Residual Retirement $ (by Dee Ann [WI]) Posted on: Jun 20, 2020 9:23 PM
Message:

I can't wait to retire after 40 years landlording. My hubby is planning to retire from his day job this year, we'll keep rentals maybe 4-6 years (I'll be 70-72) I do and have enjoyed the social aspect of RE. For me. My husband has always worked long hours so I sometimes socialize with a few residents. I will miss that when I retire from RE.

--75.11.xx.xx




$ Residual Retirement $ (by Dee Ann [WI]) Posted on: Jun 20, 2020 9:23 PM
Message:

I can't wait to retire after 40 years landlording. My hubby is planning to retire from his day job this year, we'll keep rentals maybe 4-6 years (I'll be 70-72) I do and have enjoyed the social aspect of RE. For me. My husband has always worked long hours so I sometimes socialize with a few residents. I will miss that when I retire from RE.

--75.11.xx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 8:14 PM
Message:

Chris in VA,Parle vous Foncee? Deanna You can’t cry over Spilt Milk,you knew that already,though............................................................charlieDid’nt you? --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 8:45 PM
Message:

Ladin Virginia.when someone asked the octogenarian,the secret of his octogenariani or longevity. He said nothing to it “You just keep doing it over and over again,”....................................................charlie --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 8:55 PM
Message:

WMH, coming from Northern Ireland, I can’t even pronounce that word,let alone spell it,too much for my comprehension...................................charlie --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 9:08 PM
Message:

Coming from the fields of Derry,if you were caught funding the IRA,there’s a good chance you’ld be thrown in the clink,and somehow the keys could get lost,just letting you know,In case you travel the wrong path.............charlie --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 9:27 PM
Message:

When I immigrated with Ł20 in my waistband,couldn’t see paying $40.00 a month for a 4 bedroom apartment time to get my own digs, never paid rent before,so why start now.........................................? ? ??.........charlie --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 9:44 PM
Message:

DeeAnne,you’re only a mere child.................................................charlieWait until you get to be my age................................................... --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 9:52 PM
Message:

Can’t understand why people can’t find work,never was enough hours in the week for me either......................charlie --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 11:15 PM
Message:

Hoosier,I have a Degree from The School of HardKnocks in all subjects,But now that I ‘m retired ,I hardly ever use it,Do you think it’ll detersiate? I really wouldn’t want anything to happen to it..............charlie --32.214.xxx.xx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 22, 2020 11:39 PM
Message:

WMH,I’m not an agnostic,but I’m not a Bible Thumper either,there was never much space in the fields of oats for that, maybe between the drills of potatoes.......................charlie with a small c.................................................c --32.214.xxx.xx




$ Residual Retirement $ (by BRAD 20,000 [IN]) Posted on: Jun 23, 2020 1:41 AM
Message:

What can I say - I have friends in high places!

Not a slave? They love you when you sign, WE risk and work and sweat to make the payments, do the repairs and screening and evictions for 30 years...hope to make a profit...

Get sick or in injured in a car accident, or a recession arrives...

miss a few payments - see who jerks the chain.

FREEDOM!!! from debt is so sweet and so hard to explain. Those who are debt free know what I am trying to describe. Once you are FREE you will understand.

BRAD

--73.102.xxx.xxx




$ Residual Retirement $ (by BRAD 20,000 [IN]) Posted on: Jun 23, 2020 1:41 AM
Message:

What can I say - I have friends in high places!

Not a slave? They love you when you sign, WE risk and work and sweat to make the payments, do the repairs and screening and evictions for 30 years...hope to make a profit...

Get sick or in injured in a car accident, or a recession arrives...

miss a few payments - see who jerks the chain.

FREEDOM!!! from debt is so sweet and so hard to explain. Those who are debt free know what I am trying to describe. Once you are FREE you will understand.

BRAD

--73.102.xxx.xxx




$ Residual Retirement $ (by BRAD 20,000 [IN]) Posted on: Jun 23, 2020 2:02 AM
Message:

Q, Back to your stories...

I was trapped in the Golden Handcuffs. They were paying me well so I was comfortable.

But I had a burn, and yearn to be free. I was on the winning side of 2 corporate take overs and saw how fragile my income was. I was totally dependent on the whims of the corp office in NYC and my bosses.

I had few rentals and saw they were profitable. Bank was giving me money left and right with just a phone call. OPM was the mantra. I racked up millions in debt with no equity.

Another corp shift and I realized I was a pawn in their negotiations, and they no longer needed me.

Wifey and I busted tail and bought 14-15 rentals per year. She figured out this was the ultimate "shopping" and started buying without talking together. She would just call and say "I bought another!"

Retired at age 41 making more than on my job. Could have done it at 35 but remember the Golden Handcuffs - hard to leave.

The Great Recession took us to our knees. Figuratively and literally. We prayed.

I was not touched by an angel but I DID have new eyes. I saw ways to save our biz, to add to our income, to patch the holes in our bucket called Traditional Landlording.

I put policies in my lease and enforced them. THAT's why it's now 31 pages of pre-arranged solutions for stupid tenant tricks. Added ELT, 60 day notice, real move out repair costs, PayDayPlanRent, ZT...

At a seminar I learned a simple technique that added $157, 000 to our income that year which saved us that year AND let me buy more props.

Change is hard but we had to adapt or die.

Our income is in the top 1%. Wifey is retired from LLing and I work about an hour a day checking projects.

Just paid cash for Wifey's new car.

Today I almost bought myself a car (lightly used TOP of the line ultimate luxury dream car with a double name) but decided I'd rather have more houses.

Rentals been good to me.

BRAD

--73.102.xxx.xxx




$ Residual Retirement $ (by Chris [VA]) Posted on: Jun 23, 2020 5:20 AM
Message:

You have a great story, Brad. And all the success in the world means nothing until we come to know why we were created, and until we begin to live for that purpose. --71.246.xxx.xxx




$ Residual Retirement $ (by Denise [CA]) Posted on: Jun 23, 2020 4:06 PM
Message:

Brad,

Congratulations. You are a success. I commend your hard work. I have only been in the game for 4 years and learning. I have a few questions. What seminar did you go to learn the techniques and where did you get all your policies such as ELT (I don’t know what that is), payday pls rent, and zt. Any help would be appreciated. Thanks --137.25.xxx.xxx




$ Residual Retirement $ (by Pmh [TX]) Posted on: Jun 23, 2020 5:49 PM
Message:

Brad. if one can’t make a profit as a LL then one is in the wrong business. sell ! I buy and I invest & I always make a profit. borrow at 3% and get cash on cash returns 25-35%....if you can’t do that then you are a self made victim. again. an enslaved person has no choice. I do. --107.77.xxx.xxx




$ Residual Retirement $ (by BRAD 20,000 [IN]) Posted on: Jun 24, 2020 1:33 AM
Message:

Denise,

I am a seminar believer. Seminars, books, "tapes" have given me the tools to build wealth.

If you wanna be rich get yourself around some rich people - at a seminar. Jeffrey's National Convention is awesome. His Boot Camp is coming in Nov. Be there and learn. It will blow your MIND!

All I need is one nugget from any session to justify the time and expense. Like the $157,000 technique - most LLs yawned through it. I caught the presenter's point, I needed money NOW, paid $99 for the guidebook, and got BUSY. This was a short term offer by the govt and we cashed in before it ended.

I don't claim any original ideas. They all came from seminars but I DID adapt them to MY operations.

ELT - Early Lease Termination Fee ( a FEE calculated at twice the rent amount). They PAY ME to move out. This one sentence in my lease paid cash for my Porsche 911 in one year.

I taught on these and passed out copies at JEffrey's Conventions. It PAYS to attend!

BRAD

--73.102.xxx.xxx




$ Residual Retirement $ (by Cjo’h [CT]) Posted on: Jun 26, 2020 12:18 PM
Message:

Brad,just congratulations from this immigrant,you did OK.................charlie --32.214.xxx.xx





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