What's good TOO?
- Thread starter bowhunter1023
- Start date
Just received a phone call. Looks like our offer was accepted on the house we put an offer on last week. Suppose in the next month or two we will have another one rented out. No real rush. I know the family and they aren't in a great hurry and neither am I. Plenty of time to get our affairs in order. Should be a great ROI. I am excited. Life doesn't happen quickly. Seems all of our efforts today are for a reward down the road. This is just another seed I am sowing which I hope to reap the harvest in 20yrs or so. This is number three. First one is paid for. Second one is well on it's way. If I have 8-10 properties all paid for by the time I am 55-60, it should be a nice retirement income. There is no "pension plan" for my wife and I at the end of our journey. We have to create our own retirement plan. This is just one step closer for us.
customizer1000
Member
buckbuster217
*Supporting Member*
rgecko23
*Supporting Member*
Congrats Phil, my plan with mine if I decide to keep it as a rental is to refinance it for 10 yrs at a much lower rate. That should lower the payment and will be paid off sooner. Hopefully it will make it so we are making money off our rental isntead of just making the payments.
Positive cash flow is a must. If you are just swapping payments from the tenant to the bank, I would swiftly rethink my business plan. While ours do have a positive cashflow, I do NOT draw income off them. I just let it build up in a separate account for repairs or when we are in between tenants. Occasionally we will have a property build up a surplus and I might plop an extra $500-1000 onto the principle, but that never seems to happen with regularity.
just saw this on my drive home about a mile and a half from my house
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Well starting to really feel old, Austin turned 17 today. :smiley_candle: Even though he makes me want to smash his nutsack with a hammer sometimes I must say he is a great kid, and I wouldn't trade him for the world.
Gordo
Senior Member
Gordo
Senior Member
I believea ya. Between using my phone(horrible figgin habit) and rubbing the occasional one out I'm pretty not locked into my surroundings while on the road.
You still get to punch him in the junk or throat....pending if you have a step ladder or not
