Hey guys, looking for opinions on how to accelerate my wealth accumulation so I can retire in 5 years. I currently own 5 houses in an LLC. I know you folks want to analyze numbers, but instead for this post I just want to focus on a more top level business strategy. Seriously, just throw out ideas, I'm open to anything.
Option One: I owe on the rentals, but its a business loan and is scheduled to be paid off in 5 years. My issue is that I only own 66% of the business and I hate debt. I want to own fewer rentals outright because that's less work for me since I do all my own property management. But realistically, I could restructure the debt into a 20 year commercial mortgage, buy a bunch more houses (I'd need about 25 going this route), and retire off the income. I'm just not sure I can continue to work my 9-5 while buying more and more rentals. I'm in a rural area and have not gotten any good rec's for property management companies either.
Option Two: If I try flipping, I can ditch my business partner and keep 100% of the profit. I am not sure if this will work in my area, but its worth a shot. I think I can flip 2 houses a year and hit my savings goal. If I do it within the business, I'd need to do at least 3, maybe 4. The idea would be I'd hit my lump savings goal and then be able to retire and live off the other 5 rentals since their debt would be paid off at that point. This is a big risk. I've never flipped a house. I live in a rural area with low home prices (you can get a good rental for $60k), so profit margins for flipping are a lot smaller.
Option Three: Get another job. Honestly I'm throwing this out here just to network a bit. I had my dream consulting job as an instructional designer for engineering curriculum, awesome pay and I had a ton of fun....but it was consulting work and the contract dried up and I can't find anything similar. I'd need to be able to telework flexible hours since I have small kids. I'm not willing to pick-up a 2nd job I hate, but if the pay's good and its moderately interesting I'd give it go. I've got a Master's in Mechanical Engineering but suck at CAD. Ideas?
Option Four: House hacking. I think this is an awesome idea but my spouse veto-ed it. I didn't argue too much, because he gave up a lot without complaining when I started slashing our spending. Happy medium and all that mumbo jumbo.
Any tips on how you'd grow your real estate business?