green
Well-Known Member
So, here is a couple questions for all you smart folk:
I'm 31, and I need to start planning for my future. I currenly own a townhome, two small businesses, a car, etc. Here is my big question that I keep tossinb back and forth:
I'm not sure if I should plan my retirement mostly through 401K's/IRA's/stocks or try to keep that to a third of my retirement and turn the townhome into a rental and use that income to buy more rental properties (1/3rd), continue to grow my businesses and open more locations to sell off someday (1/3rd) and traditional methods for the other 1/3rd.
The plan for the townhome is to rent it out, every penny made off that goes into an account and when that number gets high enough, use that cash to purchase a second rental property, then repeat. I figured if I did this, in 30 years if I had 10 properties with zero debt and $1000 a month from each one, that would be $10,000 a month in income.
The businesses are pretty stable as well. I currently have two and plan to have them both paid off in 5 years. At that point, do the same thing with the businesses as the house plan. Buy another, then use the $$$ to pay it down quickly, then open/buy another. I think 5 would be about as hard as I would want to work. Then, when the time came, sell them off and use the money to fund retirement.
Am I crazy? Am I putting too much faith in real estate? The market? My businesses?
Thanks.
I'm 31, and I need to start planning for my future. I currenly own a townhome, two small businesses, a car, etc. Here is my big question that I keep tossinb back and forth:
I'm not sure if I should plan my retirement mostly through 401K's/IRA's/stocks or try to keep that to a third of my retirement and turn the townhome into a rental and use that income to buy more rental properties (1/3rd), continue to grow my businesses and open more locations to sell off someday (1/3rd) and traditional methods for the other 1/3rd.
The plan for the townhome is to rent it out, every penny made off that goes into an account and when that number gets high enough, use that cash to purchase a second rental property, then repeat. I figured if I did this, in 30 years if I had 10 properties with zero debt and $1000 a month from each one, that would be $10,000 a month in income.
The businesses are pretty stable as well. I currently have two and plan to have them both paid off in 5 years. At that point, do the same thing with the businesses as the house plan. Buy another, then use the $$$ to pay it down quickly, then open/buy another. I think 5 would be about as hard as I would want to work. Then, when the time came, sell them off and use the money to fund retirement.
Am I crazy? Am I putting too much faith in real estate? The market? My businesses?
Thanks.
