LETSGOBROWNIES Posted May 18, 2018 Share Posted May 18, 2018 48 minutes ago, EliteTexan80 said: May I suggest a gereatric crime spree? Robbing a bank is bad, but a 65 year old robbing a bank is kinda funny. Man, once I hit 80-85 all bets are off. Bourbon for breakfast, prolly start smoking cigs, stealing my great grandkids reefer..... I’m going to live it up once I’m a geriatric. Link to comment Share on other sites More sharing options...
JaguarCrazy2832 Posted May 19, 2018 Share Posted May 19, 2018 I put 15% into a 401K, the company matches 5%, my wife is a teacher with a decent pension and puts away a little bit too. So roughly 40% not available now and we save like 40% of our take home but we also dont have kids yet so we might be at double our salaries by 35 but i'm not worried if we aren't Link to comment Share on other sites More sharing options...
MWil23 Posted May 21, 2018 Share Posted May 21, 2018 On 5/18/2018 at 7:50 PM, LETSGOBROWNIES said: Man, once I hit 80-85 all bets are off. Bourbon for breakfast, prolly start smoking cigs, stealing my great grandkids reefer..... I’m going to live it up once I’m a geriatric. I told my wife that if I live to be 75-80, I'm having ice cream every single day. You sir, have taken it to the next level entirely. Link to comment Share on other sites More sharing options...
LETSGOBROWNIES Posted May 21, 2018 Share Posted May 21, 2018 10 minutes ago, MWil23 said: I told my wife that if I live to be 75-80, I'm having ice cream every single day. You sir, have taken it to the next level entirely. 75 and ice cream is fair. 85 and it’s time to up your game. Link to comment Share on other sites More sharing options...
titansNvolsR#1 Posted May 21, 2018 Share Posted May 21, 2018 On 5/18/2018 at 1:22 AM, ramssuperbowl99 said: Being an overseas landlord...yeesh. I'd invest in mutual funds. Even if you used a rental agency to manage it for you? I'd only use it as vacation rental so I could live there during the summer months. Not that I'm all that set on buying one since her family lives in Seattle and mine in TN. Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted May 21, 2018 Share Posted May 21, 2018 40 minutes ago, titansNvolsR#1 said: Even if you used a rental agency to manage it for you? I'd only use it as vacation rental so I could live there during the summer months. Not that I'm all that set on buying one since her family lives in Seattle and mine in TN. If you use a rental agency, the rule of thumb is they take 10% of the rent. That's most of your yearly return, so you'd basically be treading water by paying the mortgage, but that's about it. Link to comment Share on other sites More sharing options...
MKnight82 Posted May 21, 2018 Share Posted May 21, 2018 4 hours ago, ramssuperbowl99 said: If you use a rental agency, the rule of thumb is they take 10% of the rent. That's most of your yearly return, so you'd basically be treading water by paying the mortgage, but that's about it. This is correct. They're going to eat into your cash flow profits (if there are any) and keep you from putting a reserve in place for future repair needs. You're basically just putting your whole return into the future sale of the property at that point. Link to comment Share on other sites More sharing options...
Malfatron Posted May 21, 2018 Share Posted May 21, 2018 5 hours ago, MWil23 said: I told my wife that if I live to be 75-80, I'm having ice cream every single day. You sir, have taken it to the next level entirely. i mostly see old people eating ice cream so maybe its a good idea anyway Link to comment Share on other sites More sharing options...
MikeT14 Posted May 21, 2018 Share Posted May 21, 2018 28 minutes ago, MKnight82 said: This is correct. They're going to eat into your cash flow profits (if there are any) and keep you from putting a reserve in place for future repair needs. You're basically just putting your whole return into the future sale of the property at that point. I like it as an investment option as well though to diversify. I have my retirement accounts, my portfolios, but i also have two apartments that i own with my brother and father. We've had them almost 7 years now. I've never pulled out a $1 from them, but I've also never had to pay into them more than my initial DP. Ideally, in another couple of years, rent will have gone up some and we can refi the loans for lower payments. Hopefully then we might be able to pull some cash. But this is also not including the annual tax write-offs that come as well. Link to comment Share on other sites More sharing options...
skywindO2 Posted May 21, 2018 Share Posted May 21, 2018 41 minutes ago, MathMan said: i mostly see old people eating ice cream so maybe its a good idea anyway I'm starting now. One Blizzard per day until I die, it's gonna be a good 60 years! Link to comment Share on other sites More sharing options...
The Gnat Posted May 21, 2018 Share Posted May 21, 2018 2 minutes ago, skywindO2 said: I'm starting now. One Blizzard per day until I die, it's gonna be a good 60 years! Did you mean weeks? Link to comment Share on other sites More sharing options...
theJ Posted May 21, 2018 Share Posted May 21, 2018 2 hours ago, MKnight82 said: This is correct. They're going to eat into your cash flow profits (if there are any) and keep you from putting a reserve in place for future repair needs. You're basically just putting your whole return into the future sale of the property at that point. The only way to make this workable is if you get a steal on the upfront purchase. Then your 10% is 30% and you can afford the rental agency. But that takes experience in the industry, and patience. Link to comment Share on other sites More sharing options...
theJ Posted May 21, 2018 Share Posted May 21, 2018 2 hours ago, MikeT14 said: I like it as an investment option as well though to diversify. I have my retirement accounts, my portfolios, but i also have two apartments that i own with my brother and father. We've had them almost 7 years now. I've never pulled out a $1 from them, but I've also never had to pay into them more than my initial DP. Ideally, in another couple of years, rent will have gone up some and we can refi the loans for lower payments. Hopefully then we might be able to pull some cash. But this is also not including the annual tax write-offs that come as well. Rental property as an investment isn't very good if you're not making cash on it monthly. The yearly appreciation alone isn't great, if you compare to normal investments in the stock market. Link to comment Share on other sites More sharing options...
cddolphin Posted May 21, 2018 Share Posted May 21, 2018 4 minutes ago, theJ said: The only way to make this workable is if you get a steal on the upfront purchase. Then your 10% is 30% and you can afford the rental agency. But that takes experience in the industry, and patience. I have a family member who had a PM company charge 8.3% annually, one month's rent; 30% hardly seems like it would be viable at any level. Link to comment Share on other sites More sharing options...
MikeT14 Posted May 21, 2018 Share Posted May 21, 2018 34 minutes ago, theJ said: Rental property as an investment isn't very good if you're not making cash on it monthly. The yearly appreciation alone isn't great, if you compare to normal investments in the stock market. I agree. I'm not...yet. But like a retirement account, it IS an investment that down the road I think will payoff. Like I said, after a couple years of it getting paid down, and a refi that benefits me, it could turn into a monthly cash pull. That's what I am hoping at least. Got to start somewhere. Link to comment Share on other sites More sharing options...
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