Before I moved to Memphis to pursue the life of a full time real estate investor I was a Chef. Back then I knew very little about finances or even retirement. I did what still many Americans dont do and that was I contributed to my 401k plan. I was contributing the minimum 6% and eventually boosted it to 10%. When I left that career I had about $10,000 in my plan. When the market crashed back around 2008 I looked at my account and then had only $5,500. I am not a math wizard but that was a huge loss if you ask me. I decided then that I was not going to let corporate America take care of me because you can not bank on that.
Today I was watching the news and watching how Detroit is filing for bankruptcy so they do not have to pay the pensions to the Government employees. This is the most disrespectful, low down thing I have heard in a long time. People who have worked their whole life and someday will have to rely on that money to live now might not have anything to fall back on.
This is where real estate comes into play. You see, since 2008 I have purchase between my wife and I 14 investment properties and if our plan goes accordingly we will have them all paid off in the next 15yrs or when I am 50yrs old. For example sake if all my homes are paid off and all I am paying for is taxes, mgnt fee, insurance I will be bringing in well over $12,000 per month. Even with some vacancy and repairs I should still bring in over $9,000 making that an annual income of $108,000 and that is going by today’s rent not accounting for any increase. You see we decided to create our own retirement plan and we are still not even close to being done. We are building a legacy for future generations in our family. Dont let corrupt America take you for a ride. Make it happen for yourself. Owning investment real estate could be your answer if you want it to be.