Hello all and thank you in advance for your input.
I have always been a conscious spender, never crazy, but I never would have described myself as frugal. I like nice things and figured that is why I work day in and day out, to enjoy the things I like. Don't get me wrong, I'm not the fancy car or too big a mortgage type, I do pretty well in that regard.
I was fortunate enough to have a very high paying, season job for a 4 year stretch back around 2008-2012. During that time my dad was investing in out of state real estate. I had extra money so he asked if i wanted to partner on a few houses with him in the midwest.
House 1: Purchase Price: $65K, ZEstimate today:$129K, currently rented at $995 per month
House 2: Purchase Price: $78.5K, ZEstimate today:162K, Currently rented at $1050 per month
House 3: Purchase Price: $65K, ZEstimate today: 116K, Currently rented at $1025 per month
These are managed though a company that does everything, we communicate with them when things need to be fixed or when renters are late on payments. We are way too far away to manage ourselves so this is necessary, wouldn't want to anyway. Keep in mind I am a half owner of these 3 houses, everything is split down the middle with my dad. We own them with no mortgage.
I posted in the Real Estate section earlier about my personal home.
Bought 5 years ago for 100K, have sunk countless time and money into it, now the bank says it is worth $430K but that might be a little exaggerated, could probably get between 350-400K pretty easily for it(it has ocean view). I have already refinanced this year in order to purchase property next door to me for 110K (also ocean view). My plan is to build on that lot this spring.
With my cash out refinance I have about 100K in the bank waiting to start on the house next door(I will do a lot of the work to keep costs lower)
My Mortgage is $1725 a month on about $270K
I do not have very high earnings at the moment. Last year I made around 70K, this year I stand to about 60K.
I have a ROTH IRA with about $8.5K that I hope to put a maximum contribution toward every year
I work in the trades and find it to be very hard on the body. I may be starting my own business in the next coupe years but would like to set myself up with my assets to where a lot of the stress of pushing really hard at work is relieved. This is part of the goal with the new house, to be sell the first one and be mortgage free. This seems like it would take a lot of pressure off.
I am 34 years old and although I have been lucky so far with acquiring some nice assets, I have not taken financial freedom too seriously until now. I have no grand illusions that I can retire anytime soon, but I am inspired by this blog to be able to maximize the usefulness of the things I already have, and develop a plan for future savings good habits.
I already do a lot of the things suggested here, nothing too in excess. I grow a lot of my own food(as much for fun and health as cost savings), I build my own dwellings and have a rooftop PV system I installed myself. I like to live a pretty "low impact" lifestyle.
Any suggestions as far as investing, or how to maximize my situation are welcome. Please ask any questions necessary and I will fill in the blanks.
thanks again