Quote from @Adam C.:
Looking for advice/strategy from like-minded, anti-risk, I want to maximize cash flow type folks. I'm 43. Wife and I are maxing out retirement accounts. Everything going through my mind is around securing our income during retirement and leaving some sort of inheritance to my children. I've got one LTR property that I'm trying to pay off prior to taking any additional risk in the form of loans. I'm hoping to pay it off and then I'll be ready to take a "little" risk to acquire a second LTR property. STR/MTR is a consideration after the 2nd LTR. Ultimately, I'd like to have 3-5 paid for properties heading into retirement at 65. Should I adjust my goal? Is that to short a runway to acquire that number? Can it be done?
If I was your brother getting my REI portfolio started, is there any advice, strategies, links, literature, articles, or people to follow that you would recommend for someone extremely leery of financial risk? Is there a particular forum in BP that you would point me to?
Thanks,
AC
Adam, love the moves you and your wife are making..A couple of thoughts here on risk mitigation in REI.
1. You mentioned you and your wife are maxing retirement accounts. Have you considered self-directed IRA option for retirement accounts not with your current employer? Depending on how much you have, these could be used to fund smaller flips or even land flips to generate additional capital to help you expand your portfolio faster.
2. Depending on capacity with work and kids, you could consider a high yield side hustle to create additional income that is devoted to early retirement of debt or funds set aside to purchase additional properties.
3. I see you're in Charlotte area (so am I). Charlotte is a tough market from a cash flow perspective because price points are so high, but some surrounding areas are proving fruitful. Think towns like Albemarle, Gastonia, Stanley, Lexington, and Thomasville. Lower price points can mean less debt + better cash flow.
I'm personally a broker and investor doing a lot of work in Davidson county and seeing some good results. Let me know if you'd like to meet up or jump on a call to discuss further.
