All Forum Posts by: Jerry Poon

Can you introduce me to a couple of those turnkey companies??

@Drew Pak What market are you in? $6.5k/month is a pretty good number for 20 units.

1) I am not there yet, but I will revisit that question once I have my 9-5 salary completely covered in passive income. But I do not have a kid, so that happens, I will probably have to massively rethink things. But it seems like a general feeling I am getting from responses in this thread is that you're probably further along than you think. Meaning your lifestyle is cheaper to sustain via real estate than people think it is.

2) I am still on the SFH level.

3) I am dealing with this same problem. I find properties through my property manager, who finds them through a combination of colleagues/MLS.

@Albert Bui So for simplicity purposes, let's say calculated $5k/month to cover all your living/entertainment/investments costs. Your 5x would mean you'd need $25k/month (post taxes?) to be comfortable?

@Chris H. I feel the same way about cars. Mine is 15 years old. Why would I "invest" in something that I only use for maybe 10 hours a week? Kind of off topic, but car ownership is on its way out. With Uber on the rise and automated cars close to completion of development, people will be able to rent/lease cars for only when they need it. What do you think that luxury of flying weekly would cost you? I'd imagine $500+ for the flight and $100+ for the meal. So annually you'll need about $30k for this alone.

@Albert Bui Thanks for sharing your organization of FIRE. What annual income POST taxes do you think would cover the upper level for you? How long do you think until you'll get there? Which level are you at now?

@Christian Hutchinson I would say you are partially there. If you have the freedom to take a job for half the pay and still live the same lifestyle, you are very close to your goal. A lot of people (including me) would pay a heavy price for that freedom!

@Ericka G. Thanks for sharing those numbers! Your goals are lofty, but it's realistic when you consider what you actually gave up for it. Did those purchase prices in Detroit include rehab costs? Do you use a property manager for them?

@Tariq B. Congrats Tariq. Are you using the buy and hold strategy? 3 years is a very short time to have achieved financial independence!!

Would you mind sharing some numbers on your rentals? As in purchase price, rent, location, etc.

@G Pyros Point taken. There definitely is a happy medium. Just gotta find that right balance.

@Ericka G.  Thanks for sharing. It's funny how letting go of your corporate life led to a job you loved. How long did it take from your first real estate deal until you were able to "retire" from the cube life? How did you feel before taking that first "retirement" plunge?

Would you mind sharing some numbers? What monthly income allowed you to retire? What monthly income would allow both you AND your husband to retire comfortably? Have you accounted for future health care costs as you two age?

Would you mind sharing the details on the deal you missed out on by not having a 9 to 5? Details as in purchase price, monthly rents, area, etc. What sort of SF deals do you typically deal with now? Did you do cash deals before you took this new job? If not, how did you secure financing without a 9-5?

@Patrick Allen Thanks for steering this back on track. I was hoping someone would lay out their dreams on this thread like you just did. Would you mind sharing your financial goals? What monthly income would allow your sabbatical and training regimen? I'd imagine world class recovery food and regular massages would require quite the bankroll. When did you discover this passion of yours, and how did it lead to your discovery of real estate investing as a possible solution? How long until you reach your goals?