I've got a rental (paid off) that rents for $1600 a month. It's in a retirement community - residential. Old folks are pretty easy on stuff, but also are fairly particular about small things, which makes it a little more of a pain. It's fun to go and fix something up there though, the whole community comes out and wants to say hello, and my current renter is somewhat of a snake oil peddler (magic water filters and copper bracelet stuff), so it keeps it interesting.
I've been considering buying a 2nd rental in the same area, but the prices are up a bit and I've got a gut feeling that the prices will regress slightly in roughly 2 years, so I'm sitting on the down payment in some mutual funds.
My goal is to have 5-6 rental to manage by retirement, plus whatever I'm socking away in the 401k. The company I'm at matches 6% towards 401k, and I'm putting in an additional 10% of my income towards the 401k. It's going to take roughly 2 million to retire in my eyes - got to keep on saving and saving... I've got another 20 years of working ahead of me...
Retirement goals are the reason I don't have a huge stroker PV engine with a 180mm mag pump...
Whatever you do, if your company offers a match of any % or $$ amount towards retirement, take advantage of it. Why would you pass up free money?
P.S.
Retirement goals are the reason I don't have a huge stroker PV engine with a 160mm mag pump...
