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Old 17-05-2016, 15:21   #16
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Re: Let Other People Pay for Your Retirement

The key is to not have all of one's eggs in one basket.

If you have twenty rental units, you might occasionally get one bad one, but not twenty at one time. We've also been sucessful by encouraging our office tenants to tell their friends about vacancies and offering them a free month if their friend ends up renting from us. This also helps avoid bad tenants.
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Old 17-05-2016, 15:29   #17
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Re: Let Other People Pay for Your Retirement

What works for me is to think of all the extra hours teachers spend at home getting ready for tomorrow's classes.

It is great if one is rich enough to have their money do the work rather than spend endless hours doing something else while dreaming of (e.g. sailing).

Congrats on your luck!
b.
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Old 17-05-2016, 15:38   #18
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Re: Let Other People Pay for Your Retirement

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Originally Posted by barnakiel View Post
What works for me is to think of all the extra hours teachers spend at home getting ready for tomorrow's classes.

It is great if one is rich enough to have their money do the work rather than spend endless hours doing something else while dreaming of (e.g. sailing).

Congrats on your luck!
b.
No luck here. Just thousands of hours of hard manual labor fixing up old buildings over a 20 year period, while everyone else was out spending and living hand to mouth. I have chronic bilateral elbow tendonitis to prove it.

Now, I spend seven months of the year working as a nurse in a locked nuthouse in addition to managing the commercial property.

But presently... I'm here in Sardegna living fat! The work does pay off.
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Old 18-05-2016, 05:48   #19
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Re: Let Other People Pay for Your Retirement

Just finished reading "David Copperfield" by Charles Dickens. Excellent book, by the way.

One of the main characters in the book is Mr. Micawber. He had a saying, repeated several times in the book. To paraphrase, and bring his saying into more modern times...

"Annual income $50,000 per year, annual expenses $49,900, result: bliss. Annual income $50,000 per year, annual expenses $50,100, result: misery."

The bottom line always has been, and always will be, find a way to spend less than you make.
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Old 18-05-2016, 05:53   #20
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Re: Let Other People Pay for Your Retirement

Yes. Hard work and good application of hard earned freedom tokens is also a viable method to get here from there.

I often look at so many people around us who COULD, I mean they have everything it takes to stop grinding, and live more. Somehow, so many of us, once into the treadmill, will never ever stop. Why? I can't say. We must be wired as this, as a species.

I am happy for you to be living your plan! 100%

In Sardegna, if I remember well, the Great Blue was shot. One of my most fave movies. It was so inspirational to me as a teenager that I still have the soundtrack and often play it sailing an ocean on a sunny lovely day.



Cheers,
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Old 18-05-2016, 06:28   #21
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Re: Let Other People Pay for Your Retirement

If you want to get into the rental business, plan on running at as a business. Plan to be there and do as much maintenance as possible. Keep debt low or non-existent. Vet the renters yourself. Do that for 15-20yrs so you have a 5-10 paid for houses throwing off monthly rent and you know what you are doing and transition to a someone else doing the legwork...it's a completely viable option.


Decide to cruise tomorrow so you go in debt up to your eyeballs buy a few houses, hire a management company and hope for the best...expect to be in bankruptcy court within the year.


I don't object to the idea it's the implication anyone can do it quickly with no experience.


We had skill sets that translated well to working remotely. Also once we ditched the house and all it's associated costs then got debt free, we found we could live very nicely on very little money.
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Old 18-05-2016, 06:40   #22
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Re: Let Other People Pay for Your Retirement

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Originally Posted by valhalla360 View Post
If you want to get into the rental business, plan on running at as a business. Plan to be there and do as much maintenance as possible. Keep debt low or non-existent. Vet the renters yourself. Do that for 15-20yrs so you have a 5-10 paid for houses throwing off monthly rent and you know what you are doing and transition to a someone else doing the legwork...it's a completely viable option.


Decide to cruise tomorrow so you go in debt up to your eyeballs buy a few houses, hire a management company and hope for the best...expect to be in bankruptcy court within the year.


I don't object to the idea it's the implication anyone can do it quickly with no experience.


We had skill sets that translated well to working remotely. Also once we ditched the house and all it's associated costs then got debt free, we found we could live very nicely on very little money.
I agree 100%. Thanks for your post.

It took us 12 years to completely rehab our 135 year old building. Rome wasn't built in a day, but that's because I did all the work except for electrical and plumbing which I wasn't licensed for. Repointing the masonry took two years on a 56ft articulating boom lift. But the reward was extremely low debt since my labor was free.
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Old 18-05-2016, 06:54   #23
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Re: Let Other People Pay for Your Retirement

I have a home in Upstate SC that I haven't seen in 10 years come December that is cared for by a property management company. I have been lucky that I found such a good company and even though I have went up to four months without any rental income because of repairs last year and still had to pay the mortgage, all and all it has been a good investment for me. However, there are many horror stories regarding rental properties that happen all of the time so be careful.

One way people can cruise and make money is by working as you cruise. Throughout the Caribbean, it's fairly easy for people with good work ethic to land decent paying jobs around and in the case of the hospitality industry here, many cruisers travel to an area, work while checking out everything there, and move on to another location where they do the same thing. Depending on a person's skill set, many jobs here pay more than you would earn doing the same job where you came from.

I'm sure many on this board will say BS, but I've been doing this for the past twenty some odd years down here. I am an engineer that specializes in industrial Desalination and MBR wastewater treatment. With exception of a few islands, I can go anywhere and work because everybody has to have water. In my travels, I've met several people working in the Hospitality industry of the resorts down here doing many different jobs that move around when they get tired of their current location. Starwood Resorts, Cuisinart, Ritz, Viceroy, Nikki Beach, and Club Med are some resorts that even have relocation policies in place for quality employees.
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Old 18-05-2016, 07:02   #24
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Re: Let Other People Pay for Your Retirement

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Originally Posted by barnakiel View Post
Yes. Hard work and good application of hard earned freedom tokens is also a viable method to get here from there.

I often look at so many people around us who COULD, I mean they have everything it takes to stop grinding, and live more. Somehow, so many of us, once into the treadmill, will never ever stop. Why? I can't say. We must be wired as this, as a species.

I am happy for you to be living your plan! 100%

Cheers,
b.
I've also known people that tried the retirement thing. They fished off the Bahamas for years then after a while actually were ready to go back to work but knew they were too old and disconnected.

It's not an easy choice for some.

I was lucky enough to live on the Gulf Coast in my younger years and actually got to observe some retired cruisers. Some were totally satisfied with retirement while others struggled to stay busy

We have two 76 year olds here still doing their thing. One is a software guy, the other is a program manager still trying to win contracts even though he has military officer's retirement, Social Security, and his home and cars are paid for. (and was never divorced)

He says if you are going to retire you better have a good plan that will keep you busy. The key work may be the word "busy." Busy for some means doing very little to others

In the Book Call Of the Wild, it was described how the old dogs had to be forcibly removed from the traces. They never wanted to "retire."
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Old 18-05-2016, 07:14   #25
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Re: Let Other People Pay for Your Retirement

For many, trying to break into real estate in many parts of the U.S. and first world would be punishingly expensive. I've seen properties for sale in Ft Lauderdale that require huge sums to get started.

A different tack is to do the real estate thing in the third world where the buy-in is much less, little or no building standards, inspectors non-existent, and labor paid at $300 each a month for six days a week.

Local builders cannot compete with a U.S. or first world craftsman that stands by his work. I have people from far and wide asking for my help in getting a home. Local builders do not stand by the crappy work they do.

The only downside is that you must understand the local culture, you cannot bring the culture from wherever you're from, as things are very, very different.
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Old 18-05-2016, 07:24   #26
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Re: Let Other People Pay for Your Retirement

Real Estate is very expensive right now but then again I think the stock market is too. I started buying houses when I was 28 and am now 52. I have cruised for 5 or 6 weeks a year for the past ten years. Like Kenomac I did all the work I could. Then I used my English degreee and read the tax laws. Did some tax deferred exchanges and bought progressively bigger buildings till now I am at the point where I have onsite management for my properties. If it weren't for a divorce I'd be doing what Kenomac is doing. Passive income is the way to go.
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Old 18-05-2016, 08:06   #27
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Re: Let Other People Pay for Your Retirement

I guess you didn't own rentals in 2008 ish, I had my retirement go down the drain and the Gov't bailed out bankers and property values dropped below mortgages, (upside down).
401 K turned into a 1/3K in mutual funds... Wall Street bailed out, shareholders left hold an empty bag.
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Old 18-05-2016, 08:21   #28
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Re: Let Other People Pay for Your Retirement

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I guess you didn't own rentals in 2008 ish, I had my retirement go down the drain and the Gov't bailed out bankers and property values dropped below mortgages, (upside down).
401 K turned into a 1/3K in mutual funds... Wall Street bailed out, shareholders left hold an empty bag.
Oh cmon. Long term buy and hold investing is just that, buy and hold. If you left your investments alone since 2008 they have returned about 177%. Assuming you were still investing during the recession the returns have been stellar to this point.

Recessions are an opportunity, it's the best time to be investing.
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Old 18-05-2016, 08:21   #29
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Re: Let Other People Pay for Your Retirement

Ugh. Friends that rented out their home lost big money when they came back. Another friend that allowed a "caretaker" to live aboard while they were gone to Japan came back to a complete wreck(in truth a wreck).
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Old 18-05-2016, 08:22   #30
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Re: Let Other People Pay for Your Retirement

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Originally Posted by DocRox View Post
I guess you didn't own rentals in 2008 ish, I had my retirement go down the drain and the Gov't bailed out bankers and property values dropped below mortgages, (upside down).
401 K turned into a 1/3K in mutual funds... Wall Street bailed out, shareholders left hold an empty bag.
Well.... actually I did have the office building at that time, by 2008 it was completely paid off by having sold our primary residence in 2006 and using the proceeds to become debt free.

While nearly everyone we new was going heavily into debt 2000-2006, I was too busy working on the building and rebuilding grand pianos and tuning pianos to see what was happening in the economy. I did wonder at the time "how are these people getting loans, geez... That guy doesn't even have a job." Another fellow I knew got a $600k loan when he was on some sort of workman's comp, welfare or disability. I couldn't believe what I was seeing. But I see the same thing happening now and about to explode again. Needless to say, nearly everyone with those loans lost their homes... and rightfully so, since some never made any payments on those zero money down loans.

What I propose is either go sailing now part time in an affordable boat and/or buy a fixer upper building or house and begin to build up your passive income property portfolio.

Being debt free is a good feeling.
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