Background: Married, Wife is a SAHM, 3 year old and one due any day, located in SW Missouri!
MMM Sins:
Just turned 31 years old, I have a MBA, so a bit of student loans (12K between my wife and myself at 2 1/8% Fixed)
Car loan $16K at 0% (13 Honda Accord) I own a paid off 2000 Ford F150 and a 2005 Chevy Equinox
Real Estate Revolving Debt: (expenses I put on Credit Cards but pay off monthly for rewards, currently 5% Discover Cash back at Lowes and Home Depot, so I get about $400 a month cash back using them)
Home loan 180K owed, 19 years left
I work full time and my normal yearly salary is about $75K, however 5 years ago the company I work for sold and the new owners did away with the retirement plan. I began buying a few foreclosure homes, fixing them up and renting them out to supplement the lost retirement plan. I was able to have enough equity in the homes that I could borrow from a bank, after rehab, 100% of what I had in the home (purchase price and improvements) and then rented out the home. Fast forward to today I am up to 70 Single Family Homes and 5 Farms (about 300 Acres) and since 2009 the prices of real estate have risen nicely and I have about $2.5M in Equity on the properties. However on a month to month income, I do ok, but usually end up netting a few thousand after everything has been paid, so not great and the W2 income job helps supplement if I need to replace 6 Furnaces the same month. I'm sure you guys are thinking RETIRE NOW YOU IDIOT, but I have 100% occupancy and am paying off about 15K a month down in equity, but I am highly leveraged and only have 3 properties paid off and with this many loans I am on 3-5 Year arm loans on 20 year amortizations. I have a couple options:
Sell everything and end up with 1M - 1.5M left with no debt, quit the job and live the MMM lifestyle and do what I love (gardening, greenhouse nursery type stuff that makes very little $ but is amazing work)
Sell half and payoff about 15 homes free and clear and live off of the rental income (about 11-12K a month)
Continue with what I'm doing and payoff as much as I can with any extra month earned on month to month cash flows and left over W2 income.
Sorry for long message, I'm sure i'll post more info in replies, I value all of your opinions!!