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I took a buddy with me on a short road trip to Richmond, VA. We met my LT son there and we saw the documentary Playing With FIRE!

https://m.youtube.com/watch?v=kD8uNm5ck0Q

I also met and chatted briefly with Brad and Jonathan, the two guys behind https://www.choosefi.com

All of you reading this are hopefully investing. How many of you are after FIRE though?

Way back in 2003 I requested this board, https://boards.fool.com/what-is-a-fire-wannabee-19421355.asp...

I'm 51 and I have a pension. So, technically I'm FI. However, since I've never had a lot, I'm on a quest to obtain true wealth. I have my small stock portfolio, but I'm now adding my 10th rental unit.

We all take different paths in life. My hope is that I can get up to 20-25 rental units in the next few years. From there,we shall see. That should improve our financial picture if I can get that many.

I hope everyone reading this can reach their own FI day sooner rather than later.

Oh,their are many ChooseFI Facebook pages. I'm behind one that is ChooseFI-Staunton. Feel free to request to join, but if you do, tell me you are from the Fool and I'll approve you.

Fool on,

mazske
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mazske ~


I'm 51 and I have a pension. So, technically I'm FI. However, since I've never had a lot, I'm on a quest to obtain true wealth. I have my small stock portfolio, but I'm now adding my 10th rental unit.

We all take different paths in life. My hope is that I can get up to 20-25 rental units in the next few years. From there,we shall see. That should improve our financial picture if I can get that many.


Are all of your rental units financed or do you buy them with cash? By rental units do you mean apartments in a building or family homes? Perhaps a mixture of both? What has been your occupancy rate and do you have a separate account to pay for repairs or remodeling after a tenant leaves?


Robyn
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Are all of your rental units financed or do you buy them with cash? By rental units do you mean apartments in a building or family homes? Perhaps a mixture of both? What has been your occupancy rate and do you have a separate account to pay for repairs or remodeling after a tenant leaves?

I have financed all but one. I hold one single family home inside of my self directed Roth IRA.

I have one triplex and the rest are single family homes.

I have these in 3 different states.

I have never had a long vacancy. The longest is when I completely renovated an apartment in the triplex a few months back.

I haven't spent a penny of the rent yet on me. I have saved it and spent some of it on repairs and such. I have had separate accounts for each property, but since I'm getting up to 10, I may combine them by their location.

The downfall of some landlords is they don't save any of the rent. I want to have X number of dollars for each unit in savings. That way I can cover any furnace or anything else that may die.

I'm also buying newly renovated homes or renovating ones I have. That should minimize any large failures for the next 5-10 or so years.

Do you invest in real estate?

Fool on,

mazske
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I'm 51 and I have a pension. So, technically I'm FI. However, since I've never had a lot, I'm on a quest to obtain true wealth. I have my small stock portfolio, but I'm now adding my 10th rental unit.


Homer RE many years ago. He did not handle it well. He sat in front of the computer bemoaning his age (he was all of 55). He said to me one day, "I'm so old. Honey have you picked out my retirement home. I'm going to need it soon."

I lost it. I looked at him and said, "I love you with all my heart, but if you don't go back to work, I'm going to divorce you and I will clean you out in the process."

He went back to work.

Kathleen
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My wife and I are working on FIRE.

We both just turned 40. As kathleen mentioned previously about her husband, neither my wife nor I would do well with no work or activities. So we plan on retiring to a small farm/homestead. We have the land (50 acres). We have the money for the house and infrastructure, so we will be there debt free.

The big issue for us is the time period between now and 67. Right now, my job has very good benefits. We have some Roth accounts, but not enough to provide income until we are 65 or 67. We started with ROTH IRAs, but moved into regular 401ks when we got good jobs. My employer recently began Roth 401k, so I am only contributing there since we are likely in a low tax environment and that will provide flexibility for withdrawals before 65.

c
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<<As kathleen mentioned previously about her husband, neither my wife nor I would do well with no work or activities. So we plan on retiring to a small farm/homestead. We have the land (50 acres). We have the money for the house and infrastructure, so we will be there debt free.>>


I'd be interested to hear about your land and what you plan to do with it. How close are neioghbors and a town, for example? What things would you expect to be self sufficient?


Ever seen the television program "Good Neighbors"!?


Seattle Pioneer
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There are three neighbors all about 1 mile away.

It is a mix of woods, pastures and streams.

We have designed the house to be heated with wood, which we are use to harvesting from the forest.

I do want to seed some logs with mushrooms, add in a small orchard and convert some of the forest to silvapasture.

We plan on creating a multiple gardens; herbs, vegetables, lettuce, maybe corn, etc.

We plan on raising cattle and possibly sheep.

We plan on putting in an apiary for honey.

The nearest grocery store is 10 to 15 miles away.
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<<There are three neighbors all about 1 mile away.

It is a mix of woods, pastures and streams.

We have designed the house to be heated with wood, which we are use to harvesting from the forest.

I do want to seed some logs with mushrooms, add in a small orchard and convert some of the forest to silvapasture.

We plan on creating a multiple gardens; herbs, vegetables, lettuce, maybe corn, etc.

We plan on raising cattle and possibly sheep.

We plan on putting in an apiary for honey.

The nearest grocery store is 10 to 15 miles away.>>


Well, everyone needs a hobby.

I'm sure you realize what you are describing requires a lot of daily labor.

Just cutting, splitting stacking, drying and moving wood for a wood stove is a lot of labor by itself.

Also, as you get older, your ability to do that labor can be expected top decline sharply over time.

I've harvested the apples from one apple tree which produces a huge amount of fruit. What do you plan on doing with that? I picked the apples, w ashed the apples, cut the apples to cut out worms, ground the apples, put the mash in a cider press, squeezed out the juice, washed the containers for the juice, drained the juice into the containers washed the filled containers and put the filled containers in the freezers. Takes eight pounds of apples to make one quart of apple cider, was my experience. That's a large amount of sheer work by itself, and only for one tree.


You are posting on an early retirement board, but you are talking about working until you die with what you are proposing.

Personally I harvest water from my gutters and haven't used citiwater for years. Heat my home with wood. Used to make that apple cider. Grow own garden ----- all on a 110 x 25 foot lot. I am doing much the same kind of thing you propose to do, but on vastly less land. Still takes a lot of labor for one person to provide.

Have you viewed the exercise in self sufficiency from the British comedy "Good Neighbors"? It shows a determined effort at self sufficiency on a city lot and gives an idea of the labor and issues involved. What kind of property do you live on now, and to what extent could that be adapted to a self sufficiency experiment to try it out for a while, without all the costs and commitments of the kind of move you are planing to make?

The "Good Neighbors" characters often consider the advantages, and disadvantages, of switching from a backyard to a small holding of acres. They always decide against it. It might be worthwhile considering their reasoning.


My experience is that I can keep myself as busy as I wish with my back yard self sufficiency hobby.


I'm hoping you have considered these kinds of issues carefully.


Seattle Pioneer
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We have considered these very seriously. We heated our former home mostly with wood (had a heat pump back up) and that is the plan for our new house as well. We cut and split all that wood we used.

we also both grew up on farms, so we understand the labor involved.


c
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<<we also both grew up on farms, so we understand the labor involved.


c>>



That's the real bottom line.

Good luck!


Seattle Pioneer
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There are three neighbors all about 1 mile away.

It is a mix of woods, pastures and streams.

We have designed the house to be heated with wood, which we are use to harvesting from the forest.

I do want to seed some logs with mushrooms, add in a small orchard and convert some of the forest to silvapasture.

We plan on creating a multiple gardens; herbs, vegetables, lettuce, maybe corn, etc.

We plan on raising cattle and possibly sheep.

We plan on putting in an apiary for honey.

The nearest grocery store is 10 to 15 miles away.



Our area is nowhere near that woodsy, but we have had:

The wood heater
Multiple gardens (for the herbs, make sure you get rosemary, basil, multiple mints, thyme, parsley, sage, and tarragon at a minimum)
Apple trees, pecan trees, fig bushes, blueberries, 3 different kinds of grapes, and lots of various veggies
Eight bee hives, they are still in the backyard
no livestock, but neighbor has that

Kathleen
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