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Started Late.... Real Estate... Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Tue, 7 Jan 2014 10:56:41
In Reply to: OT: Feasibility of 401(k) accounts as sole pension source, MI-Roger  [Profile/Gallery]
, Sat, 4 Jan 2014 17:02:44
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Started late, no pension savings until 1993 at age 40. Very little employer matching, contributed 15%... Anyway s couple of employers later, as of 2008 wound up with about $200k in a roll over account after all the bumps in the market. Last year turned 59 1/2 and and withdrew $70k for a down payment on income property. Makes more income than could be derived from such a tiny sum with the potential for appreciation of the investment. Being a landlord is a fun side business that can be done in our spare time, and I'm pretty handy, but the real blessing is an outstanding handyman, bless you Cuco, who takes good care of us.
Couldn't have really retired on my pension savings accounts. Used home equity to buy first 4 unit apartment building in 2008. Used the wife's pension savings to buy the second three-on-one in 2011. Used my pension savings to buy the third two-on-one in 2013. Now have three rental properties, nine total rentals, plus the house we've lived in for twenty years. Rental income and unemployment kept us afloat during 6 months unemployment.
Feeling really good about the whole thing as values have begun to rise and a re-fi or condo conversion of the 4 unit apartment building might net me out the big money I need to just start motorcycle traveling around the world in style. As it stands now without regards to the future I have all of the down payment money I used, both equity and pension funds, in real estate equity plus quite a bit of appreciation if I had to cash out now for some reason.
I do understand why many people are very glad to have gotten out of the landlord game, it can be a hassle, but we're very happy with the income now and the future is looking brighter and brighter.
, Sat, 4 Jan 2014 17:02:44, Tue, 7 Jan 2014 10:56:41 <-- Viewing This Message, Sun, 5 Jan 2014 09:02:17, Sun, 5 Jan 2014 21:08:11, Mon, 6 Jan 2014 05:12:47, Mon, 6 Jan 2014 08:21:52, Mon, 6 Jan 2014 09:09:14
, Sun, 5 Jan 2014 09:45:57
, Sun, 5 Jan 2014 03:08:35, Sun, 5 Jan 2014 06:10:10, Sat, 4 Jan 2014 17:30:21
, Sun, 5 Jan 2014 06:15:34
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