Radical Change... "retiring" early and investing in real estate

[Scott Phillip]

Hello! This is my first Bigger Pockets forum post, although I've lurked on the forum reading posts and learning a great deal along the way. I'm also an avid listener of Bigger Pockets podcasts!

My wife and I are contemplating a radical change: "retiring" early, moving from ID to WV, KY or OH, and investing in real estate. I currently have an executive-level job in state government and she's a homemaker with legal secretary and bookkeeper experience who can stretch a penny into copper wire. If we pull the trigger, we'll leave Idaho with no debt and $200k to invest in distressed properties. We have considerable experience rehabbing as we've bought fixer-uppers as primary residences, added value, then sold and repeated the process every three to five years throughout our marriage. Consequently, we find the BRRRR strategy appealing! As a young man, I was a cabinet maker and have mad DIY skills along with a shop full of woodworking, metal working and home improvement tools. We enjoy remodeling homes, repairing things, and especially love landscaping.

We both want a life that will afford us more time together; with my current job I work long hours and travel frequently.  Although we live on an acre in Boise, we want more space to pursue our shared passion, gardening. To afford the acreage we desire here in Idaho, I'd have to work well into my 60s. I'm 52 and men in my family generally don't live past their early 70s. Making the most of every moment is important to us, so moving to a more affordable area with an agreeable climate where we can work together on things we enjoy sounds appealing.

Financially, a change like this is scary. However, if we fail miserably, our modest retirement is secure because we've been careful with money and made good decisions. If needed, we can find regular employment or can start a new business (which I've done before). We're also very frugal and content living well below our means.

I'm curious to know if any of you have taken a calculated leap of faith to live the life you want? Was the change what you expected? Were there pitfalls you didn't anticipate?

In advance, thanks for sharing your experiences.

Scott