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Updated 2 days ago on . Most recent reply

User Stats

11
Posts
1
Votes
Chris Gerbig
  • Investor
  • Howey In The Hills, FL
1
Votes |
11
Posts

exit strategy approaches?

Chris Gerbig
  • Investor
  • Howey In The Hills, FL
Posted

As a result of the early Josh and Brandon podcasts, a local mentor and alot of hustle my wife and i are setting pretty after 9 years.  the challenge now is exiting the our modest real estate "business".  FYI to anyone wondering if real-estate is a road out of financial mediocrity I'm here to preach that it worked for us (in out opinion).  Not too bad for a firefighter and a pain store employee! (wife and I)

My hope in this post is to start a dialogue about exit strategy/retirement options.  if you have experience here or recommendations please fire away.

Our portfolio:

1) $910,000 2/2 primary residence, own free and clear (built it myself). intend to sell in the next 12 months.

2) holding the note on our first rental property sold the house to out only tenant after 7 years of renting. $1107/monthly payments until Jan      1, 2028 with 180k balloon payment due.

3) rental 1 90k+ equity, 500montly cash flow 3.2 %mortgage

4) rental 2 90k+ equity, 500montly cash flow 3.2 %mortgage

5) Future inheritance home value 400k.  we will be moving into this house to provide care for my aging mother until she is gone.  

I have a modest pension starting in 3 years as well as minor investments to draw on.  Estimated income at $2000 monthly till my death. 1600 monthly after my death to my wife until her death.

My wife has retirement savings/investments totaling  470k  Estimated income at $2000 monthly till death. this increases by 1600 monthly after i die.

All of this said out goal is to preserve and enjoy spending our money.  we are both hustlers i cant see either of us doing nothing to earn income for the next 15 or so years so but id like to plan for 0 earned monthly/annual.  There are so many options on how to approach this it gets overwhelming and i find myself moving on and always plan to "figure it out later"

I have interviewed a few fiduciary advisors but have been very unimpressed thus far.    suggestions, experience, resources anyone might throw my way greatly appreciated!

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