All Forum Posts by: Jim Glover

Well I guess I am about to find out the answer to your question. I have invested over the years and have 10 SFH that do really well for passive income. I always hoped to retire from the corporate world early and now I think I am ready at 55 years old. I bought my houses fairly quickly at the right time in 2011-12 and I really enjoyed it, but I got a little lazy and stopped buying way to soon. As some things have changed at work and we have all changed because of the pandemic it hit me that I better get busy and go ahead and retire!. I definitely have more energy for real estate than the corporate world at the moment, but I guess time will tell if it is a real passion. I do know that it has been great for me in the past and I hope it will be even better as I renew my focus on real estate which will also likely include becoming an active agent just to supplement my passive income and hopefully help me find a few more properties as well.

Thanks for all the great feedback.  I am looking for a small MF (2-8 Units) and I will keep trying to learn more from those of you with MF experience.  I haven't done any commercial financing, but it seems there some advantage to that here.  Fortunately I can likely do the initial purchase with cash if that helps, but wouldn't want to keep the money tied up.   As was mentioned by many here, the ability to scale more quickly is what really keeps me interested.  I am ready to retire from the corporate world, but would really like to add a little more passive income before I make that move.    Again, I appreciate your thoughts and advice!

I bought ten SFH back in 2011-12, lucky timing for me. I stopped buying when the market improved (big mistake) thinking I would wait for the next downturn - and I've been waiting ever since. Now I have finally slowed down from my real job and have been saving my money so I am working hard to acquire more properties. I have had a great experience with my SFH, great renters, always 2yr leases and very low turnover and minimal calls. That said I keep hearing and seeing everyone say that once you get to 10 houses should definitely move toward multifamily for higher returns. My concern is that I will have much more work from shorter leases, more turnover, conflict with tenants in the same location and potentially more calls from tenants. I really want to give it a try, but just not seeing it so far. Let me know your thoughts! Thx Jim

Originally posted by @Randy Bloch:

Originally posted by @Terrell Garren:

@Jim Glover Good luck to you my friend.  If you have a good balance of savings (i.e. 401K), health insurance covered and rental cash flow to fund life you are ready.  You can hardly imagine the quality of life improvement in leaving a high stress job.  No more meetings, conference calls, mission/vision statements, budget reductions, lay offs, reorgs, down sizing, status reports, presentations, project reviews, HR shenanigans, doing more with less, office politics, performance reviews, etc. A solid W2 income is a blessing, but at a certain point in life, there is something better. 

Do you work at the same company as me ...or is corporate america just that common....if I hear do more with less one more time this week :)

LOL - I agree with what Terrell posted, been living that life for too many years. I appreciate the encouragement regarding moving my focus to full time REI! I work with great folks, just ready to get away from that life!

@Terrell Garren. Hey Terrell loved your comment. I feel like I am living your life before you retired! I have a 30 year sales career that pays well, but I am so ready to leave the corporate world! I have 9 good rentals and trying add a couple more this year. I just can’t seem to get the courage to leave that nice paycheck, but I think it might happen after this year! I am just down the road from you in Northeast GA.

Great to read all the responses.  I am at a bit of a crossroads myself.  I have been in sales for the past 30yrs and still have a great position that pays well with great benefits.  That said I am really ready to leave the corporate world.  I have traveled consistently throughout my career and never went more than a few weeks away from the airport until this pandemic issue!   Good news is I don't miss the travel and I am not really sure I want to go back to it in the future.   I was fortunate to buy 10+ properties in 2012-13 and still have great REI from each of them.  Unfortunately I got lazy and stopped buying, but this time at home has reminded me that I need to invest more.  All that said at 54yrs old I have the means to retire thanks to the REI, but I can't seem to convince myself to walk away from that nice paycheck that comes every two weeks!  I also have two boys still finishing college so that you know how that goes financially.  I know I would love spending more time looking for investment opportunities, but I worry that when I find them I will have less $$ available to make bigger moves.  Prior to the pandemic I thought I would hang on for 2-3 more years and then definitely retire, but this past 3mths had got me thinking that soon may be the time?

I would give her the option of payment to leave, but make it specific to a certain date.  Make sure she understands if that that date passes you will start eviction process and never again offer her money to leave.  I have done this successfully in a few situations where I bought a house with a bad tenant.  I think what helped is that I put together a very official looking agreement stating the date and $$ that would be paid to the tenant.  The document also stated that they agreed to the process and would not seek any additional recourse after leaving. I had the tenant sign this document.  It wasn't really legally binding, but it did give a little bit more weight and commitment to the process of  "Cash for Keys" and prevented them from bothering me after they left.  Also remember she is living inside your house - if you press too hard she will destroy it before she finally leaves!  Good Luck!

@Jacob Class

I get $50 Honey Baked Ham gift certificates at Costco (at a discount). The tenants are always appreciative - a little gos a long way!