All Forum Posts by: Sachin Amin

@Jeff Ashachik - i did research Belize - its  a shady area and i would keep out till i find a property manager on ground and i meet him in person, go visit few neighbourhoods - till then i would say stay away from out of country investments.

@So Da right now the RE market is hot and i just sold one of my unit becuase they offered me a price i could not refuse :) - cash out when you can :-) 

Thank you all for great insights!!!

@Scott Mac - wow!!! congratulations ;)

Hello BP community and for those who already made it :-) :-) (Baby boomers & Gen X)

when I was in school some one once said to me, to be financially free you need to have five sources of Incomes - at that time I was naïve and I translated that into having 5 Jobs :-). fast forward 20 yrs and that statement was stuck in my subconscious mind and as you know if something is stuck in your subconscious mind for a long period of time, your mind tries to achieve that goal with out you knowing it - basically it works out plan to achieve that goal(quote from Napoleon Hill's - Think and grow rich). most of these are aimed towards retirement or financial freedom -

so my question is what would be that ideal fifth source of income to add in portfolio :
I have :
1) a good paying job (W2 Income) - My first source of Income

2) a REI portfolio (anything & Everything related to REI) - My Second source of Income

3) a strong 401k Portfolio (401k -good company matching, IRA's , Social security etc.) - My third source of Income

4) a growing stock portfolio - My fourth source of Income

5) ??????????????? I need your help determining what would be that ultimate "Fifth" source of Income

I know many have figured these income streams - specially baby boomers (born between 1946 and 1964) and Gen X (born between 1965 and 80) and I as a Millennial requesting baby boomers and Gen X to advice as they are the one's who have laid down a strong foundation for us "millennials" so that we can do the same for Gen Z , Y.

Bring it on!!!!!

Cheers

@Greg Scott  thanks for insights - on #3  (I agree if we lose the job that stops but we will get another job right we wont be jobless for yrs? - so that pot might slow down but eventually grow isn't it and company matches 5% which is free money. and also to save on taxes there are ways to withdraw only limited amounts from your 401k just to be under the radar as you will be supplemented by social security benefits too)

and on #4 - the way I was looking at is - ex: I had put in for example 100k in my stock portfolio and that now becomes 180k (8 yrs time) and I keep re-investing in S&P 500 or any good yielding ETF or stocks as you said providing good dividends - I am considering that as one of the pots of income) - combining all pots should provide you enough to sustain the same lifestyle)

what do you think ?

Hello BP community and for those who already made it :-) :-) (Baby boomers & Gen X)

when I was in school some one once said to me, to be financially free you need to have five sources of Incomes - at that time I was naïve and I translated that into having 5 Jobs :-). fast forward 20 yrs and that statement was stuck in my subconscious mind and as you know if something is stuck in your subconscious mind for a long period of time, your mind tries to achieve that goal with out you knowing it - basically it works out plan to achieve that goal(quote from Napoleon Hill's - Think and grow rich). most of these are aimed towards retirement or financial freedom - 

so my question is what would be that ideal fifth source of income to add in portfolio :
I have :
1)  a good paying job (W2 Income)  - My first source of Income

2) a REI portfolio (anything & Everything related to REI) - My Second source of Income

3) a strong 401k Portfolio (401k -good company matching, IRA's , Social security etc.) - My third source of Income 

4)  a growing stock portfolio - My fourth source of Income

5) ??????????????? I need your help determining what would be that ultimate "Fifth" source of Income 

I know many have figured these income streams - specially baby boomers (born between 1946 and 1964)  and Gen X  (born between 1965 and 80) and I as a Millennial requesting baby boomers and Gen X to advice as they are the one's who have laid down a strong foundation for us "millennials" so that we can do the same for Gen Z , Y.

Bring it on!!!!!

Cheers

@Mike Adams - depends on location , but yes for my properties in OH (big no-no to Section 8) - my properties in Mississippi and Baltimore - Big Yes to Section 8)

every maintenance call costs investor $100 period(labor + parts + what not) . (unless you own PM company)

because in section 8 we have to abide by certain standards and these maintenance calls are often made by tenants as they know its not costing them anything -sometime tenants take advantage of this

Hotel for me - I need my hot breakfast every morning when on vacation or business trip :-)