Rental Property Investor · Hugo, MN · Member since 2014 · 283 posts · 257 votes
Hey everybody! I had this idea today. As I'm progressing toward my goal of building enough passive income through buying and holding small multi-family properties in the Duluth, MN area to replace my income, I came to the realization that this is actually a possible goal. I know before I actually got started down this path, I had a hard time believing people have done this before. So I was thinking it could be cool for those of you who have built up enough monthly income to quit that 9-5 to post your story as inspiration and validation that as long as they keep working towards their goal, that it is possible!
I do what @Laura Thorne did and basically have various levels of "lifestyles" I want.
my lowest only requires $2300/month to basically kinda live. My highest is $113k/month (LOL) but that comes with nice cars, yachts, and private jets. Hey, its ok to dream right?
I started investing in Dec, 2015 and my lifestyle then required about 3k/month with my full time. Now just from buy and holds, I'm cashflowing 12k/month which is more than twice my W-2 job which I still have and plan on holding onto for a bit. My lifestyle has remained largely unchanged simply because I keep reinvesting. I honestly think I'll be at 20k/month before I take a step back into a part time position and then maybe 30-35k/month before I actually quit the rat race.
Just letting you know, it can be done! However I don't largely trust the "freedom number" of just replacing your regular job. I think you should have at least 1.5-2x that to account for market fluctuations, worse health insurance rates, etc.
@Matt J. Keep working hard it is totally possible. The day I left my JOB & decided to continue working for myself and building my company full time was one of the most liberating days in my life. Fast forward to today & I run a $30 Million portfolio. There were (still are) many bumps in the road to get here but you have to just keep on pushing forward.
@Josh Bigio I never really thought of utilizing an HSA in that way. That is a really good idea! 470 a month, that's really all that bad, but like you mention, it all hinges on being a prudent saver and thinking long term. Thanks for the tips!
@James Wise Man, that is seriously inspiring! I hope I can have half your success and I'd probably be happy :) Thanks so much!