Can You Retire on a $100,000

Depends on where you want to live. You can't if you want to live in cities or places with high end real estate. If you want to build up wealth look into leverage buyout,asset acquisitions,etc.

 

It feels good to be out of debt. The wife and I established a seven point financial plan to move forward. We have done the following:

1. Open an checking account only. No credit cards.

2. We became savers. We are stashing $2000 per month for savings.

3. Created a set aside fund for taxes, insurance, auto repairs etc. We set up about $4,000 to cover those expenses.

4. Established an emergency fund to cover four month's of wages for emergencies like job loss or illness.

5. Set up retirement accounts such as in IRA's and 401K's

6. Protecting the family with term life insurance.

7. Buying a home which we still believe is a good investment. We believe the housing market will get better in the future.

There it is. This is our strategy for the long term. What about you?

 

yes you can, you just have to spend it right.
me personally id take $50k and buy 5 houses in the mid west, rent them out for $950 a month and live off what i bring in every month. $4750. the other $50k it let it site and earn interest and have is as an oh shit fund.

 

Hey playa sounds like you know the investing game. But 50 K for 5 houses, don't
You think it is a stretch. I dunno 100k is not that much money

 

not at all, ive bought one for $7k that needs about $5k of work. I also bought an acre of land for $1 that im going to pop up some pre fabs on.

 

R u flipping these cribs? I got into flipping a little with coupe of folks before but it was serious money. R u getting these houses from bank after foreclosure?
Renting also can be a bitch, in this economy. I was trying to buy decent apartment complex and rent the units, but it would be difficult managing, collecting and so on.....
Will see, need to get my feet wet in real estate.......

 

Management company?

 

Yeah I know, thought about it but was trying just have a family member manage it. I guess if I wanna move forward, got to explore that venue

 

not flipping. renting, section 8. yes foreclosure homes from the bank. renting isn't bad with section 8, one tenant i had moved out after 5 years of renting on section 8. i have also been looking for a complex. found a 24 unit for $80k but it needed about $30k in repairs/cleanup. with the $1 lots i've bought it'll be easy to throw up two duplex's. since section 8 is on time money every month collecting inst a prob and management is next to nothing honestly since i've renovated them.

im getting close to my goal of 10 rentals before im 40. if i can hit 15+ life will be better when my lil girls get ready to start college.

 

With sect 8, wouldn't you be worried with some of the tenants, if they destroy the property before they move out, I am sure most of the cost is gonna come out of the owner than management ppl. Are you scooping the lots from Auctions?

 

nope, sec 8 pays for repairs. not getting lots from auctions, from the city. all they ask is i keep the grass manicured.

 

Nice, did not know the govt will cover the cost for damage.
Are these dollar lots in good neighborhood? Are you finding them thru connections or an average Joe like me can purchase them? are they in Midwest only or also Cal? It woud be nice to have some decent lot in west coast.

 

no, not good neighborhoods. average joe would need someone i know to find the good ones. most are in missouri

 

Thanx bruh. I was checking out in Chi town, Milwaukee, etc.....I think I am gonna try to check out Nevada and NM. I know one polish kid who was flipping like crazy in Chi and made tons and tons. For him, it was easy coz he knew all the polish construction company and so forth, so it was a cake walk journey.

 

Hell No!

Hell No! What you need to focus on is building a residual income with those $100,000 but even so that wouln'td be enough to consider retirement. 100,000 is nothing. You spend 1 dollar and you are back to 5 figures (99,999).

Now if you really must retire your best option would be to move to a country where the dollar has a lot of power and retire overseas as many do. I plan too myself but not with 100,000. You're safe with 500,000 but that still small (considering your offspring furture). I think you should raise your bars higher because the cost of living is rising worldwide.

 

:smt081

 

I Need to start a flipping/renting thread. this is interesting to me

 

its less about flipping and more about renting. I bought a 7 bedroom house for $7k in Kansas City, MO that's going to need a good $15k in work but if i set it up right ill be able to rent out the rooms individually to people and make more than renting it out to one family. Ill be glad when the IRS gets things set so ill know what ill get back on my taxes to decide if i want to fix it now or wait a little longer.

 

if you are debt free you are pretty much good to go

 

Don't you live here in Va Beach? That makes this thread even harder to take seriously! :smt081

This shit is still funny!! :smt005