Congrats to all Celebrations Thread posters! I have finally had a significant financial change to post here, I am so excited:)
DH and I just closed on our third rental. This one was a big deal for us as it is a 4 plex. We now have 3 rentals, all multi's. Our NW is now just under 900k. I figure it will be next year before we will hit that first tier 1m.
Passive income pays all living and now some discretionary spending. 66% of our current cushy budget is paid for by our rental income. We started on our journey 3 years ago, We took most of the first year to learn and plan, but did make a purchase that December. Last year we acquired #2 in April. We were trying for #3 as early as last September, but boy is the market tough. We had a short sale go sour when the property was vandalized, I just knew as the months went by it was at risk of that... and wham, it happened, putting us back into shopping mode.
Our goal is 5k net rental income/mo. ok that is my conservative goal, DH is dreaming big and wants 10k. I don't want that much work, how is that retired living and it certainly isn't flying below the radar with that kind of cashflow. We should hit 5k in 2 ish more multi's. Depends on size/cost/mortgage interest etc. I don't think our monthly spend goal in FI will be much smaller than what we live on now. Because once I am no longer working for the man, we will have to cover medical costs, which will put us right back up to what we spend now -thank you ACA. I am still ok with that and feel we are on track for us to be fully retired by 50. DH retired in 2011 and he's the rental property investor, plotter and schemer. My role is to have us save, save, save every penny I earn for the next purchase. We are 46 now, so that's 4 years to hit our goal, I think it is reasonable and very achievable.
We live in a high COLA and I work in IT with a nice salary to support us as we transition to our new life... We have some major challenges we face but are working through them one issue at a time....
I feel like I just shouted that in all caps, thank you for reading:)