Hi! I'm a long time reader of the FIRE blogs. Started with Early Retirement Extreme about 10 years ago. I was young and saved pretty well but I also went out and had some adventures. Now I'm looking to settle down a bit and I'd love to be able to hit my FI by 2027. I'm not sure I'm there and I would love your help! Here's the info!
Life Situation:
35, no kids, live with significant other (looking to marry and have 1-2kids in next 5 years)
Gross Salary/Wages: Let's call it $45,000
- I don't currently contribute to any retirement accounts. I am functionally self employed so no work accounts or matching (thinking of opening/maxing out a ROTH IRA this year 2018)
Rental Income: $15,000/year in positive CashFlow
Adjusted Net Income: $40,000ish
Current expenses:
Rent: $550
Entertainment: $150
Food: $150
Utilities: $85
Charity: $75
Auto: $150 (I need my car for work)
Gas: $60
Clothes/Toiletries: $70
Travel Fund: $150
Health Insurance: $265
Gifts: $50
Work expenses: $100
TOTAL : $1855/month
Assets:
$285,000 Equity in investment properties
$35,000 in IRA
$50,000 Cash (Saving for down payment on next rental)
TOTAL - $370,000
I've made some smart real estate purchases over the years and that is where the majority of my wealth sits. I don't make a ton of money but am happy with my current work/life balance. I'm looking at marriage/kid(s) in the next 5 years and I'm terrified I'm going to lose momentum on my FIRE goals (Hoping to get there in next 10 years). I don't see myself ER at 45 but would like to be FI. I would really appreciate any comments/insight on how your financial life changed with spouse/kid and am open to any recommendations.
I've also maxed out my ability to get a mortgage... I have the money for a down payment, the rents will more than carry the PITI payment, but my income level isn't high so I have Debt/Income issues. Any information on how to navigate rental property investment would be a huge help!