Author Topic: UPDATED W/CASE STUDY -Should we risk being semi retired to move?  (Read 4764 times)

icemodeled

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UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« on: December 23, 2015, 12:53:44 PM »
We hve been wanting to move for a couple years. We live in Ohio, somewhat out in the middle of nowhere. Closest city is Dayton, which is quite boring. We're mid 20s, no kids, married. We enjoy being outside, theme parks, flea markets, antique stores and we're both 'foodies'. This area lacks almost all of it and we both love the heat vs cold. So after researching and visiting several times, have decided to move to Florida. We have family there and my parents will retire there in 2 years. The town we choose is medium sized but has so much more we are interested in. Everything on our list is checked off and it's affordable as we have already met up with a realtor to see homes in price range.

Anyways, the drawback is by doing this we may end up having to work again :o
We are self employed solely on rental properties right now. It is our only income. In the summer months we also do side work by mowing lawns and laying mulch. This has given us the freedom we love, no 9-5 job and we set our own hours per say when we do need to do something. We would have to sell off every property we own to make the move, plus I wouldn't want to keep rentals being 17 hours away.

In the new area, rental properties are much more pricey so we may not be able to get back into them there. We are NOT wanting to go back to standard jobs. We have both been away from that for 3 years now. We were thinking of focusing on lawncare and making a real business out of it. It's still more work though then the rentals are.

I guess I'm somewhat torn. We both want to move, we are not very happy here and find it so boring.. We want to be more active and the winters here are miserable to us. Just wanted to see what others would choose as most important. Do we move to somewhere we may be much happier at.. But risk loosing our freedom from not working..?

Either way, we will be financially ok. We will be buying the house in FL with cash and we are debt free. Has anyone else chosen to relocate over financial stability? What are your opinions?

UPDATE case study

married, no kids - maybe next few years, file joint, late 20s, living in ohio.

salary approx $60000 total, after deductions it shows we only made $2000 in 2014. This is mostly rental income 80% and 20% lawncare.

current expenses monthly
mortgage/insurance/taxes $641
Cells $52
Rental taxes & insurance $550
Car ins $37
Utilities $150
Grocery $200
Dining out $100-150
Household $50
Gas $175
Rental repairs $150 (average)
Entertainment $25 (normally never used)
Misc $50

TOTAL $2180

assets
2008 ford escape $6000
1987 chevy truck $900
5 rental properties (all paid off) $130000
cash - $42000
My IRA $1700, am in process of switching to vangaurd, adding enough to have $3000 to invest in vangaurd index fund. Would like to start contributing to this more. Rental income is not considered earned income, which makes it tricky. This is a Roth IRA.

liabilities
house $65000 left on loan
no other debts

GOALS
- Sell off rentals to pay off house
- Sell home and repurchase a home with cash in FL
- Start up lawncare business/other ventures in FL
- Contribute to IRA
- Keep minimum of $20k cash as emergency fund
- Slowly save to buy first rental property in FL
- Get to a savings rate of at least 30% or more

We will need at least $1000-1500 a month income if we move. We will eliminate a mortgage and not have the high insurance/taxes were paying now for rentals. We also could lessen eating out if needed. We would be doing less driving as well.
« Last Edit: December 27, 2015, 05:29:42 PM by icemodeled »

deborah

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Re: Should we risk being semi retired to move?
« Reply #1 on: December 23, 2015, 03:35:24 PM »
I got several conflicting impressions from this post, so I'll deal with them first.

All your enjoyments are consuma sucka enjoyments - spending money seems to be your enjoyment. Surely you can take up things that aren't, especially as you are effectively retired. I went to my first theme park ever this year when I was persuaded to go to Disneyland with a niece. "The great splash" theme ride was the highlight of the day, for both myself and my niece. It was NOTHING compared to the white water rafting I did a few weeks later, which cost a lot less. When I was younger, I did a lot of kayaking (even less expensive than rafting, as I owned my kayak, and could do it close to home), which was just as great. Think about the things you enjoy about the consuma sucka activities you mention, and work out what non-consuma sucka activities you might enjoy instead.

You are asking a group of people who are dedicated to ER whether they think you should go non-ER?

Why can't you do this over the course of a number of years? You CAN be in both Ohio and Florida for the purposes of your work - it's only a 16 hour drive between the two - and I drive 8 hours to my parents place regularly (every two weeks for three years when he had cancer). You have family in Florida. So you could gradually invest in houses in Florida, even start a grass and mulching service there, and gradually wind down your holdings in Ohio. You would need to get somewhere really cheap (like a caravan in the back of a relative's house) while you were transitioning. You might need to be separate at times (one in Florida and one in Ohio), but is might work out a lot better.

It also appears to me that you are comparing city (Florida) to country (Ohio). Maybe you should reevaluate precisely what opportunities there are in Florida. You don't need to be next door to your favourite theme park if you are only going to go there once a month or once a year. Country Florida may give you good rental opportunities, and provide a stepping stone, if you gradually move into more expensive areas.

pbkmaine

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Re: Should we risk being semi retired to move?
« Reply #2 on: December 23, 2015, 03:49:13 PM »
I live in Florida. You need to know that wages and prices for services here are quite low. For example, I pay less than $25 per week to have my lawn mowed and edged. And are you sure you want a lawn care business in the summer here, with 95 degree heat and 95 percent humidity? I would recommend taking a few extended vacations here in the summer to scope things out and see how you like it.


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ynotme

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Re: Should we risk being semi retired to move?
« Reply #3 on: December 23, 2015, 04:53:05 PM »
Could you find someone to manage your properties while you spend 6-12 months living in Florida to decide if you want to move there permanently? Perhaps rent instead of buying till you're sure it's the right move.

If you're in your mid-20s, I'd say explore more of the country and the world. Will you be happy living out your lives in rural Ohio?

icemodeled

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Re: Should we risk being semi retired to move?
« Reply #4 on: December 23, 2015, 07:47:01 PM »
Deborah - even though from what I said it looks to be that we are spending crazed people..were not. We love flea markets and antique stores but RARELY buy anything. We enjoy looking, some things are just plain cool to see but not that I would ever pay for. we do like theme parks. Kings island is about an hour from us now and we are truely kids at heart. We had season passes which made each trip cheap and free parking. We do not eat at the parks either, we pack a lunch or eat before/after. We would do the same if we moved to FL.

we settled on Port Charlotte/north port area originally. It would be about 2.5 hours from orlando, so we wouldnt be going weekly. That area though has so much more then we have now. Aside from all the stores and shopping, is what we truely like and its the beach, state parks, everglades, ect. We love all the outdoors options year round.

I will certainly consider your suggestion about spreading the move out over time. There is also a town in FL which is more rural and the housing is very affordable for rentals. It would be about 30 minutes away from where we would like to live. Right now, we are 15 minutes from ours so not a lot farther.

Pbk - we have done quite a lot of research and have seen the pricing for mowing is much less then here. The market here isnt quite as strong either, its not in demand as much as down there, plus we can do it in the winter also. Here, were losing out for 5 months of the year making no money. It seems to maybe average out in the long run. We were down in july and August last year. Steady 90 degree weather every day. It didnt bother us, and didnt feel worse then summer back home.. was more persistent and longer of course. This last summer we worked while driving a truck with no AC and windows that only rolled down 2 inches! Was miserable. We plan to have a truck with AC there haha, and hopefully cool down between mowings. I cannot judge how we may be longer term with the heat/climate but we both are much better in the heat then cold.

ynotme - we have tossed around the idea also, but do not really have anyone reliable that we would feel comfortable with managing rentals. We have always been very hands on. My husband and I take care of most maintenance issues, collect rent and install carpet/paint when someone leaves. Itd be hard to find someone who could do this in our place. The people we do know work full time and wouldnt be able to be on call.

We do like the country to an extent,  but everything is so far. When we want to have a date night or just plan a fun day we are driving so far and the same old places. It has got boring and our love of outdoors is calling us to move. I am very frugal, sometimes to much according to my husband but I have a love of travel and outdoors. I do have to watch that, as we know travel can be costly. We have no cable, no home internet, basic phones, no debt, all rentals paid for with cash, will never get another car loan or mortgage, never had credit card debt, havent bought a piece of clothing in months and I even cut my own hair now. I try to do everything as cheap and simplistic as possible. I have been reading this site and many other blogs after really finding I have a passion for finance. This move is conflicting though.

threelittlebirds

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Re: Should we risk being semi retired to move?
« Reply #5 on: December 25, 2015, 07:50:35 PM »
Have you considered Cincinnati as an option? You'd be close to your rentals and there is vastly more to do here than where you are. There would still be winter, though

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meadow lark

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Re: Should we risk being semi retired to move?
« Reply #6 on: December 26, 2015, 12:47:24 PM »
First of all, good for you for being semiretired in your 20's!  I have no doubt you have some serious frugal/financial skills to get there so fast.  I think a lot of people are in your financial situation - enough $ to retire in a certain place, but not where they want to.  I am.  My priorities are such that I am willing to have some delayed gratification (keep working)to be able to live where I want.  I guess you have to make that decision - and whatever you decide is equally good.  Honestly, if I were single, and didn't have pets I would look at it very seriously.   I do think with the skills that got you this far, you could probably go back to making more money and hit a new level of FI in just a few years, then you could have the option to live wherever you want.

Cassie

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Re: Should we risk being semi retired to move?
« Reply #7 on: December 26, 2015, 12:54:04 PM »
I think in your situation and at your age I would choose to live where I wanted even if it meant working longer.  It probably won't take you guys long to be FI again.  I have lived in rural areas and it can suck because of the lack of things to do, etc. If you want to go out to eat you have to eat at the same few places, long drive, etc.  This is precisely why we moved from the burbsto right in town so we are close to everything.

matchewed

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Re: Should we risk being semi retired to move?
« Reply #8 on: December 26, 2015, 01:15:27 PM »
I'm not so sure you've explored the option of someone managing your properties. It's not just some random friend that you'd be asking. People have businesses which center on that. You can keep your properties at a slightly lower cash flow and still be semi-retired in FL.

icemodeled

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Re: Should we risk being semi retired to move?
« Reply #9 on: December 26, 2015, 10:32:29 PM »
Threelittlebirds - we also considered columbus even, but the climate is one of the top reasons/benefits of the move. We also have researched other locations with milder weather, but every one we find a reason we do not like. Haha we even considered other countries (loosely, as we know little about other countries but I do know several has very low cost of living). Everything kept leading us back to Florida though.

meadow lark - Thanks! We are going over goals and game plans daily it seems. We certainly want a change and know now is the best time to do it. We really think if we work hard once we move to build our business - I also am exploring other possible income sources, thenwe should be able to save up again for rental properties. We are somewhat nervous and unsure about ohio laws vs florida laws on renting, not sure how different it could be.. if any. Still, I think its doable. Just will take some time.

cassie - absolutely! We have for awhile now been anxious to move closer to civilization haha. We feel quite isolated and far from anything. When we found the new town in FL and seen it had a target, walmart and 2 groceries we were shocked! To us, that alone is so much more then we have now near us. Plus, I think shows 30 some restaurants! It really does get tiring driving so much for anything. Maybe when were older and more homebodies, a rural country setting will work (there are some nice things about it), its just not right for us currently.

matchewed - well, thing is we have to sell most off to get enough money to pay cash for our new house plus have a decent amount left over for us to have in hand while we get settled. We may be able to keep 2 in ohio, but in that case the high fees would probably take away so much profit, may not be worth it. We have always done everything ourselves also like carpet, paint, plumbing ect and have saved a lot of money doing so. Having to hire out work for all that would eat up profits to. Th rentals are in a lower income town nearby us and the town has gone downhill a lot. Tenants are not the best usually, we have a high turnover and evictions. Another reason we rather sell. We hoped to purchase new rentals in better areas where we move to, of course the drawback is theyre going to be pricier.

matchewed

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Re: Should we risk being semi retired to move?
« Reply #10 on: December 27, 2015, 07:12:01 AM »
So you weren't going to be able to maintain your lifestyle anyway then...

Then what are you asking?

The way you put it your semi-FIRE status would be drying up relatively soon. If so then there is no question.

matchewed

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Re: Should we risk being semi retired to move?
« Reply #11 on: December 27, 2015, 07:52:37 AM »
Also put some numbers behind it. Do a case study or something.

deborah

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Re: Should we risk being semi retired to move?
« Reply #12 on: December 27, 2015, 12:52:28 PM »
Some of the things you mention could still be done by you. Carpets. Paint. Tend to be done when a tenant leaves and you are preparing for a new one. You could come up, stay in the house, or camp in the yard, and do all of the preparations at only the cost of the travel.

icemodeled

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Re: Should we risk being semi retired to move?
« Reply #13 on: December 27, 2015, 04:54:21 PM »
Some of the things you mention could still be done by you. Carpets. Paint. Tend to be done when a tenant leaves and you are preparing for a new one. You could come up, stay in the house, or camp in the yard, and do all of the preparations at only the cost of the travel.

yes but we couldnt realisticly come up every time, which we will never know when that may be. We would have a lawncare business still in FL, couldnt leave if we have clients.

Matchewed - mainly just seeking opinions of what others would do in our case. Moving to where they will be happier but taking a step backwards in a way or stay put where they arnt happy but already have freedom.

we are not dependent on doing lawncare right now, if we move, we will be much more dependent on it as it will be main income(even if we kept 1 or 2 rentals in ohio). If the lawncare business doesnt work out well and we see us having to cut into our stache, we will each get at least part time jobs (thats worse case, we do NOT want to get normal jobs if we can help it).

I have been trying to brainstorm other revenue incomes if we move. I enjoy taking photos, am fairly good at it(unique shots, angles ect) but never done anything proffesional. Not sure if I would be able to get into photography. I use to sell on ebay and similar sites items I get from garage sales or make, did this in high school and did well off it. Maybe that is something else we can do to help with income.

currently we have health insurance through ACA, being our income is lower due to deductions. We would stay on it in FL im assuming also.

I guess im struggling to with a few things. I would love to increase our income drastically to be able to save a higher percentage. This would require full time jobs though, right now our yearly income is about 60k before deductions. Sometimes I feel it would be better to just get full time jobs with benefits.  Make more = save more. We certainly need to start building up IRAs. This of course doesnt sound good considering we havent had full time jobs for 3 years now and our use to this lifestyle.

deborah

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #14 on: December 27, 2015, 07:50:33 PM »
The goals you mention are not really goals - they are steps along the way to the goal which, I think is to move to a part of Florida where your family are and have a similar lifestyle there to what you currently have (part retired), or it could even be to be fully retired.

What is your timeframe? You mentioned that your parents are moving to Florida in 2 years, so is 2 years the timeframe for your move, or are you in a dreadful hurry, and want to move before next winter?

I am asking because you could do the whole thing gradually (as I have said before). Work out what you want to do with your existing rentals. Perhaps put one on the market, or (if you have a long term tenant), offer some sort of lease/buy arrangement, where they are paying more than rent, not expecting any maintenance from you and will gradually own the house (in fact you might want to offer this to all your tenants). This could give you more income for no maintenance costs when you move to Florida (because they would be responsible for maintenance). As you work through your existing rentals, look for rentals in Florida that would suit your management style, and work out how much you could afford for a rental there. Be prepared to live in a trailer home in Florida, or some really cheap accommodation at first, because your money should be going toward setting up your income stream. Once that is set up, THEN start looking around for your own home. It may take quite some time to gradually do this, but it would maintain your life style, and give you a lot of flexibility.
« Last Edit: December 28, 2015, 01:15:11 AM by deborah »

slugsworth

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #15 on: December 29, 2015, 02:17:14 PM »
The previous poster who said you goals aren't goals is absolutely correct.  I used a free resource to organize my goals, which is available at www.yourfreebook.com I recommend printing both documents and going through it with your partner. You have a huge number of options, think hard before limiting them.

It blows my mind that you can cashflow $48k from $130k in paid off houses. I realize that you are doing a ton of work yourselves, but still this is mind blowing to me.  That means you are getting over $800/mo from each house (you mentioned high vacancy, evictions, etc), which is only worth ~$24k/unit. . . that is way better than the 2% rule, which is hard to manage in most of the country. Congratulations, this is pretty amazing.

I may be dense, but I think you are showing $60k in income, and $26,160 in expenses meaning you should be saving ~$30k/yr. If this is correct, you shouldn't have a hard time renting a place in FL for a year while having a professional property manager handle the PM duties for you. You could do this for a year or for 6 months or whatever.  If you are mortgage adverse, rent and pay cash later. If you are saving $30k/yr you'll be able to do that

Two other things, if I was coming from rural Ohio, I would seriously consider traveling around the country for a few months and really looking around. I'm not dogging on Florida, but especially since you like outdoor activities, there are some other really good alternatives.

icemodeled

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #16 on: December 29, 2015, 04:07:16 PM »
Deborah - yes I suppose they are more steps, but I guess I just like to have focus as much as possible(even the small steps). Our ultimate goal would be to fully retire but this is not something we are looking to reach for quite some time. Our semi retired status is quite nice though and we are fairly content. It keeps us busy but gives us freedom also. We would like to move by end of next year if possible. We COULD wait longer of course, but were somewhat anxious I guess. This is something we have talked about for awhile now and are hoping to start a family in the next few years. I would like to be settled and established first before having a child. I will look into the idea of offering buy/lease option to tenants. Not to sure of all the details but it's worth looking into. Thanks!

Slugsworth - thanks I'll check out that site! Yes and the more options and more tough it is for me to choose. I am someone who struggles with decision making, even little ones which is why this has me really thinking and looking for others input. The cash flow was easier to do as we paid cash and 3 units are duplexes. We get close to or over $1000 for those with both units. Our single family homes make $550-650 each. We also make a good amount of fee income to. We bought all for $13k or less. Cheapest was $10k and all remodeled and already rented. Others were forclosures. They are now worth around $20-25k each. Some slightly less and others a bit more. We can get more for the duplexes. It is a good investment overall, but they are older homes, early 1900s and often need maintenance which isn't usually an issue as we can be quite handy.

I didn't include vacations we took this year and we just had to replace a furnace. I know our savings per year is close to that though, maybe a little less.

We would love to travel around for a short time and see if we like any other locations. We eliminate quite a lot though wanting a mild climate(I'd prefer not having 4 seasons). California would be to pricey. We did visit Arizona and while I loved it, my husband did not. He wants the more green scenery opposed to dessert. If you have any suggestions on locations for us to check into, I'd be happy to listen! We are still open at this point. I have even been looking at Thailand haha.

tj

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #17 on: December 29, 2015, 06:17:19 PM »
if it was me and I was focused on the SouthEast, I would take a look at the Carolinas and Chattanooga TN. Florida is brutal in summer, though I'm sure those places are too. I don't know how people get used to that humidity.

If the west coast is feasible for proximity from family, take a look at the pacific northwest - a lot of those states are very outdoorsy. While California is certainly on the expensive side, there's a lot of free entertainment. And there are certainly areas that are cheaper than others.


Villanelle

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #18 on: December 29, 2015, 06:38:45 PM »
If you guys are handy, what about buying an absolute mess of a fixer and fixing it up while you live in it, then moving on to the next one.  It would keep your housing costs low, and would create a supplement to his income. 

As for the bigger question, yes, I would give up being FIRE if I was unhappy with my situation, which it sounds like you are.  But if "lawn care business" is your plan, I'd do a lot more research than it sounds like you have, to see if that is actually feasible.  If you know the approximate area in which you want to be, it should be fairly easy to come up with a basic budget that will determine your baseline needs.  Then look at what people pay for lawn care, what your start up and operating costs will be (equipment, insurance, etc.) and see if it even comes close.  If I were choosing to make a jump similar to yours, I would do so with the idea that DH and/or I would need to be open to taking more traditional jobs if lawn care wouldn't be enough, or until the lawn care business had some clients and some momentum. 

Since you are used to managing rental properties, you might also see what is required in FL to be a property manager, if that interests you at all, even as an medium-term thing while you establish other revenue streams. 

Also, if you are mentioning theme parks and Florida, I assume you are looking at Disney.  Look at the prices and tell yourself now that it will be once a year, if that.  It's crazy expensive. 

deborah

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #19 on: December 29, 2015, 07:43:16 PM »
OK, I think you are being very foolish. You have a lifestyle that you love, although it is a bit of a problem around the edges (winter is COOOOLD, life is a bit boring at times, and your family is a bit far away). So you keep on looking at those edges and wanting something better.

And your plan!

1. Stop earning relatively passive income - Sell off rentals to pay off house (why do you NEED to pay off the house?)

2. Stop earning any active income - Sell home and repurchase a home with cash in FL (so you now have no lawn or mulching business and are living on air?)

3. Try to start up a small business with no cash, no backup, no knowledge of the area, no clients - Start up lawncare business/other ventures in FL (How are you going to finance this? All your money has gone into your new home.)

4. Despite having nothing, save! - Contribute to IRA  - Keep minimum of $20k cash as emergency fund(How, when you have no money and are starting a business?)

5. Start up a new passive income - Slowly save to buy first rental property in FL (Yes, very slowly)

6. Start to save - Get to a savings rate of at least 30% or more (Why is this last?)


What I am suggesting you do is:

1. Work out how to continue to get a passive income without doing maintenance after you move. Put this in place and ensure that it is working successfully.

2. Sell house and move to Florida. Do not buy a new house. Find somewhere really, really cheap to live. Use the money from the house to start to generate an income. This might include starting a business or buying houses like you know about already, and fixing them up and renting them out. It could also include you living in a house temporarily while you are fixing it up.

3. Start saving...

4. Only once you are on your feet, buy a place to live.

Notice that I have reversed your plan so that you are actually able to make an income.

icemodeled

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #20 on: December 31, 2015, 06:24:10 PM »
TJ - We have been to TN many times and love it, but weather wise its about the same. Also, unless your very close to a major city, its all very rural as well. Nashville is the only city I would consider living around. We absolutely put thought into TN and researched homes/expenses but ultimately it is fairly similar to where we are. We could get much more land for our money though. Yes, Cali would be far out of the budget. The southern part would be ideal for weather. We are use to humidity and it doesnt normally bother me. We spent 2 months of summer in FL and it felt like summer back home. It just lasts longer. If we grew up somewhere without humidity,  it may effect us more.

Vill - we are very open to fixers or foreclosures. We even considered buying and flipping instead of renting out but its something we havent ever done and would be a bit nervous to do. I do like the idea though. We have done extensive research of lawn care in the desired location. We know for sure theres a demand, and competition but there are many snowbirds, condo/resorts and high end neighborhoods who uses lawn service. We also know what we can charge in general. I have spoken with a few lawn companies to get (fake) quotes. We only advertised on craigslist here last summer and did fairly well. We would like to do more marketing if we moved to hopefully build clients faster. Many of our customers love us due to us being young,  willing to listen, friendly and always does the job on time. I know the area will have a high demand, its just getting the word out and building up clients. We will be competing with big companies that are established. We are also open to part time jobs if need be while we start out. Open to property management as well, which I think may be abe to find given the amount of resorts and condos ect. These we would be open to for sure! As far as the parks, referring to any really. My aunt and uncle who live in FL have season pass to disney. Its a larger amount but you can go all year unlimited with free parking. They went to all the shows and it was well worth the cost. We considered doing the same if we like it. Our top 3 reasons to move to FL is weather, family and outdoors options year round. Theme parks are not the very top reason, but we both enjoy them.

Deborah - we really want a lifestyle change in general. Yes, we love the freedom, we sleep in late and have no plans day to day. However, we are honestly bored out of our mind most days, very much in winter. We do well in summer and get out and hike or go to the lake. Winter is awful though. We do not watch TV and are not really homebodies so its tough. We want to be more active year round. We also think doing lawncare as our job may be better for our health and help us be active. The rentals we have make decent money but are in a bad area. Its low income, high turnover and we have never given a deposit back in 5 years. If a tenant stays for 2 months and we evict them, they usually leave the place a filthy mess. Sometimes I think it would be better to not have rentals at all or only ones in nicer areas. We do background checks and all, never accept anyone who has prior evictions but still never find decent long lasting tenants. I like being self employed and for the most part have passive income though. My husband doesnt want rentals ever again, he hates dealing with it and the people. He use to handle the calls but since I have taken it over. Tenants only have my number which helped him. I dont normally mind them though, its very stressful at times but them there are a lot of times its quiet and you forget you even have them. I guess pros and cons to everything.

sorry I am kind of just venting some to. I put to pay off house because we only need to sell 2 rentals to pay it off. We would then drop our $1000 flood insurance as we do not need it. 5 years, flooding rains and not a puddle. We would still have the other rentals to sustain us without a mortgage.

we will move in with family after selling everything during transition. I expect to have around $30-40k cash after moving costs. We will have little in way of bills and will immediately begin our lawncare biz or if needed, I would also find part time work.

all the equipment we have now will be sold and will use that money to repurchase in FL things like a mower, trailer ect. I am expecting $3-4000 in startup. We should easily get that after selling equipment here. The houses we are looking at is $100-130 range.

im not sure what gave the impression that we will have no money after buying a home.. we wouldnt even consider the move if that was the case.

I did not list goals in order of importance. It will be hard to reach that until we are settled but will work towards it indefinitely.

I do like your suggestion. We would like to have something concrete going for us before moving. We would not move if we didnt have a sizeabe amount after costs. We have been brainstorming ideas. I would love to get into working from home, which will give us the feeling of freedom and flexibility but bring in steady income. I just have no idea how to locate that sort of work. Especially ones you can live anywhere. Something im again open to.

I just feel like there are so many factors.. its a bit overwhelming really. We just want to be happy with where we live. We do not want to wait until we have kids to make a move either and feel that while we are younger is the better time. We also do not want to very negatively impact our financial status, meaning to take many steps backwards. As long as we can be self employed or work part time we would be happy. Neither of us would ever want to go back to full time, unless its a amazing fun job.. which probably wont come up haha.

icemodeled

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Re: UPDATED W/CASE STUDY -Should we risk being semi retired to move?
« Reply #21 on: December 31, 2015, 06:40:33 PM »
Also, I feel we get by just fine on the rentals and make extra side income, but its not huge numbers that others have where they can save large amounts of money to help retire quicker. I also consider trying to build our income higher to save more to reach full retirement faster. In order to do it I am sure we will need to work full time. Something we dont want to do. However, my ultimate goal will be to fully retire early. I have college background and decent resume from before, I dont know if it would be more beneficial to try to get into a good paying career.. again, I feel very torn about everything.

EDIT there is a town comparable to where our rentals are now, maybe slightly better that would be 30 minutes away from our desired location. Right now we are 15 minutes away. I suppose 30 would still be doable. The prices are affordable to us and we could easily pickup one or two soon after moving, if we decide to get back into rentals. We would first need to know the rules and regs in FL regarding rentals. Its a possibility though. Right now home prices seems to be on the rise everywhere, which concerns me some.

Ok, so I have come up with some options.
1. Stay put, continue with rentals and increase savings/investing
2. Move, get full time job, DH builds lawncare biz and we save up for rentals while we invest
3. Move, build up lawncare biz, buy 1 rental right away and slowly buy more.
4. Move/stay put and both work full time, dumping everything we can into IRAs or any 401ks we may have to reach full FI.

im sure theres MANY scenarios,  those are just a few. Our ultimate goal is to reach FIRE, not dependent on rentals. I think maybe we should start focusing more on that then just being semi retired? I do not want to be 60 and still dependant on rental income.. I suppose this thread is really not just about moving but also our ultimate goals and how to reach them.
« Last Edit: January 01, 2016, 07:19:08 PM by icemodeled »