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Updated over 7 years ago,
Trying to achieve financial freedom - WHAT NOW?
Here's my situation. I'm 40 years old. I have 4 rental properties. 1 has about 50% equity. The other 3 have around 30% equity.
I have about $800,000 in my 401k.
I have about $200,000 in cash.
The 4 properties are on 30 year notes and all about 2-3 years into paying off the note. Total owed is around $750,000.
I gross around $110,000 per year in rent and pocket about $3,200 / month depending on how many expenses I have.
My goal is to achieve financial freedom soon. Preferably in the next 5 years or so.
I would retire today and live on about $40,000 per year and stay within the 4% SWR.
I can pay off about $10,000 per month on the properties.
What should I do to get there faster? Should I add more properties? Should I only BRRR? I don't want to write any more 25% down checks. Should I just pound down these notes $10,000 per month?
I'd like to grow my portfolio and expand my cash flow ability while achieving financial freedom in 60 months or less.
What am I doing wrong? What would you recommend?