Retirement Advice Needed
I am 47 years old and have a short term goal of retiring by the age of 50.
I live in California where I own three rental houses and a triplex.
I have no cash flow from these properties, but they have appreciated well.
Obviously I need cash flow if I am to retire.
I came across a local RE company that deals with properties out of state...specifically Az., Texas, and North Carolina.
I am in escrow on a NC duplex that should net me 300.00 mo. cash flow.
I just listed one of my houses for sale, which should net me a little over 100K, and I plan on exchanging into more of these out of state properties to increase cash flows.
I can probably aquire another 8-10 of these properties with the sale proceeds.
I would like to hang on to at least a couple of the Ca. properties, but wish to continue purchasing these other properties until I reach a cash flow that allows for retirement.
Does this sound like a sound plan?
Do you see any flaws or obvious roadblocks?
Any suggestions?
Thanks,
Joe
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