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Started by TacklingTriplets, April 27, 2019, 10:05:17 AM
Quote from: TacklingTriplets on April 27, 2019, 10:05:17 AMHi all. Long time FS reader.A little about myself. Today is the big 40. I'm no spring chicken, but I've set my family and I up fairly well for the future. But, I don't want to stop here, which is why I'm posting. A quick overview:- Live in Gilbert, AZ - W-2 income annual about 140k between wife and myself.- No debt other than mortgages and 1 car - Primary Residence worth around 450, owe 219- Primary rental (Cleveland Triplex, fully rented brings in $2100, mortgage/tax/ins 630, water 200, PM 10%)- Secondary rental (Cleveland Duplex owned by solo 401k) - fully rented brings in 1300, fully owned, water, 100 - needs about 25k in repair work because I bought poorly.Other than these, I've got about 85k coming into my 401k from a property I invested in, and about 50k in various other retirement accounts. Also have about 50k coming in from the primary rental refi.Now the challenge. As you can probably see from the name, I've got triplets, 4 yrs old. So this coming June 2019 to June 2020 will cost me $30,000. That being said, I have all that budgeted for in my normal budget - it is just hampering me from doing any big moves OTHER than what I have listed above. Of course, once June 2020 hits, I'll have that 30k to put into something else, which I plan to do.So here's my question - and if you need more info, feel free to ask. What do I look into next? I'm slightly hesitant to over commit to REI, even though I believe in it strongly. I'm putting as much as I can into my wife's 401k (12k a year), which I'm sure I'll max out after 6/2020. I read about Sam talking about Muni bonds, but I don't know anything about bonds. I don't want to go full bore back into the markets, as I'm hesitant with all that's going on.
Quote from: Deanna - Ms. Fiology on April 29, 2019, 06:03:40 PMI don't have advice as I am still a new investor but I wanted to see the replies here. Additionally, I am a Clevelander but I cannot tell if you actually live in CLE or just invest in rental properties there. I'm curious if you'd buy in CLE if you could do it over?
Quote from: Sam on April 30, 2019, 06:28:53 AMTriplets! Praised be! Congrats!Have you considered doing any work from home work? It's really help that I'm able to work on Financial Samurai from about 5:30 AM until 7:45 AM and then take care of my boy.
Quote from: whitetail on April 30, 2019, 08:48:51 AMI've got three kids that are a little older and I don't save 65%+ of my income primarily because I wouldn't trade the time camping in the woods, trekking in the mountains, fishing at the lake, or playing in the snow for a few extra years of retirement time.
Quote from: TacklingTriplets on April 27, 2019, 10:05:17 AMNow the challenge. As you can probably see from the name, I've got triplets, 4 yrs old. So this coming June 2019 to June 2020 will cost me $30,000. That being said, I have all that budgeted for in my normal budget - it is just hampering me from doing any big moves OTHER than what I have listed above. Of course, once June 2020 hits, I'll have that 30k to put into something else, which I plan to do.
Quote from: TacklingTriplets on August 28, 2019, 09:04:44 PMSo, an update.Took my refinance money and bought an up/down duplex in Cleveland. Numbers say I should make about $3,000 a year after I raise rents, cash out of pocket $28, mortgage $720 a month.Also, have convinced my wife to move, and qualified to get a home and keep my existing one. This would generate between $700-1100 a month in profit. The trick is finding a house my wife likes and waiting for Phoenix prices to fall some more.Once this is done, I'll have 8 units under management and potentially some more money to play with on adding more (cashout my current home, reinvest in more rentals). Once we're here, I'll evaluate and see what makes sense.