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Updated almost 8 years ago,
Heres my story...would you do anything different?
Hi everyone! I'm fairly new to this...except I have owned and rented a few mobile homes several years ago but this is my first attempt at making a viable income with reasonable skin in the game. I'm 36 and for the past 10 years I've been very fortunate to have a well paying job with benefits and a retirement plan. So my real estate goal is to have at least a dozen SFH of decent quality at early retirement age(55) to carry me to full retirement(62) without having to have excessive early withdrawal penalties. We recently purchased our first rental with a COC return of 15%. We are currently looking for our second because we have enough cash on hand for one more. We estimate that we can pay off the first in about five years and the plan is to use its equity to buy more. Assuming we keep our income stable and never have to pocket any rental income we will always snowball the oldest mortgage to purchase more properties until I reach age 55. At 55 I would need to reevaluate the question of weather or not to continue to build wealth or retire and never miss a dollar of steady income. What would you do?