Let’s talk about retirement for a moment.
Do you have a pension? A 401k? What’s your plan to get to where you want to be when you retire? Have you considered Real Estate investing as a means to build a retirement plan for yourself?
As an independent contractor, the investment vehicles necessary for retirement are entirely my job to set up, for the most part. It can, therefore, be a challenge to institute a regimen to be supported, and financially independent, when it comes to my retirement. My goal: to be retired by the time I turn 47.
While attempting not to put all my eggs in one basket, and keeping 47 as my year to retire, this presents quite the peak to ascend. My strategy, or let’s call it “the rope that gets me to the top of the mountain”, is to purchase 2 properties each year for the next 13 years.
The financial stability that comes from having tenants pay down my mortgages while continuing to build equity and cash-flow, is a major piece of my retirement strategy.
How do I get to the point of purchasing two properties each year for the next 13 years?
Evaluating deals. In order to purchase 2 properties a year, I will have to write approximately 30 offers each year to get accepted. In order to write 30 offers, I will walk through approximately 60 properties. In order to see if a property is worthy of my time to even walkthrough, I need to evaluate, underwrite, and diagnose approximately 600 properties each year. This means 12 properties a week.
By evaluating 12 properties a week, I will be able to retire at age 47. This feels attainable.
When our goals are manageable on a day-to-day basis, success comes much more easily. Can we at PIH help you get to your retirement successfully? Let us know!