All Forum Posts by: Roger S.

Did you have to replace a water heater?  Any expense under 2500 dollars can be deducted this year and does not need to be depreciated at all under the de minimus rules. 

I never allow pitbulls or pit crosses. 

 If it weren't for grandkids.  We lived in Malaysia for several years a while back and we loved it.   We will be going back for short term(6-7) week visits. 

We have no debt besides our rent houses and a payment on our house of less than 600 a month.   We plan to travel several times a year,  we have well over a million airline miles that will last for years.   Our vehicles are paid for,  our car insurance is about 120 a month.    I currently make at my W2 job about 92k a year,  but my take home is roughly what we plan to retire on.   We've been living on our estimated retirement income now for several years. We got a semi late start on wanting to retire early so I am contributing the max to my ESPP and making large deposits into my fidelity account every payday.

@Anthony Grayden

44k tax free is plenty. I'm 57 years old. In 2 years I can tap my IRA for another 10k a year. At 62 I'll draw SS for another 18k a year. That's 72k a year. My parents are plenty capable taking care of themselves, at their age with a portfolio of over a million dollars and SS. Millions of people do just fine in less than what we plan to retire on.

you don't need 70% if your gross income to retire.   You need to cover your expenses.  My gross income of is much larger than my expenses,  due to my savings rate, so it is also much larger than what I need to retire. 

Dang.   50k is down-payment on 3 or 4 nice class C houses.

I'm going to retire this year.   Rental income will be about 28k.  Wife gets 12 K disability.   Investment income about 4k.  So that's 44k, mostly tax free.   We have no debt beyond rental properties.   I can't wait. 

@Doran Summers   I didn't like the feel of the process.   I'd be given a list of documents to provide, I'd provide all of them, and then get another list.  Seemed like I could have been told this list from the start.  I just wasn't impressed with the service.

I don't think it is 10 mortgaged properties.   When I told the refi guy I had 11 houses, but 2 of them were on 1 mortgage, he said that was ok, as long as all I had was 10 mortgages.   The loan went through without any problem.

Also, other than those 2 properties that are mortgaged together, none of mine are packaged together.  I have 10 individual mortgages.

What I am wanting to do now, is one of those 2 packaged houses, I have done major remodel and repairs to, and want to refi it, alone.  It should appraise high enough now that I can come out of it with the other house paid for and still improve my cash flow because of going from 15 years to 30, and pull about 20k out.