Our NEW Retirement Plan (2017 Net Worth Update)
HTML-код
- Опубликовано: 2 окт 2024
- We just purchased a 12,000 square foot warehouse as an investment. This is how we expect it will change our early retirement and travel plans.
Details:
Purchase price - $480,000
Down payment - $100,000
Repairs so far - $30,000
Monthly income - $7200 (2 empty units)
Loan Terms - 7 years at 5%
No. of Units - 9
Sign up for monthly income, expenses, and net worth reports!
newsletter.mike...
Help us make these videos:
/ mikeandlauren
Twitter - / mikeandlauren
Instagram - / lauren_moyer
Facebook - / mikeandlaurentv
Check out our blog:
www.mikeandlaur...
Tenant Tuesday, Warehouse Wednesday, Finance Friday... yes.
+John Lowe, Photographist haha we'll see about that!
I love that idea!!!!!
Maintenance Monday, Trailer Thursday
Would be interesting on seeing how you handle the rental units and dealing with the renters. The updates would be cool.
Whaaaaaaaa? Wow, glad I stayed till the very end of the video! Congratulations on all fronts! Send the videos that you WANT to make, keep telling your story and document the journey. Above all keep having fun!
Second this. I started watching back in the day because I enjoyed getting to know you guys. (Well that, and Lauren has a smile and a personality that lights up the screen. :-) ) I love just following along in your life journey. And wow! Pregnant again. Grats! So happy for you guys.
I'm encouraged to hear you stop referring to retiring. You actually switched from jobs you didn't enjoy or were too inflexible to the thrill of being entrepreneurs. You are still hustling...just now you own the risk and the rewards. I don't see you "retiring" for years to come. The most admirable part of your venture is how you both work as a unit and support each other. That foundation is your greatest asset.
It's interesting seeing how much your plans have changed over the years I've been following this channel. You may not have hit your retire at 30 goal, but you've been able to do a lot of cool things, with the channel and your travelling and everything else, so if you're enjoying everything you're doing, I'd say that's better than retiring super early.
congrats on the baby and pls do weekly updates
Less Mike more Lauren.
Retired by 40 with a six-figure income is okay. I guess. :-)
PaulPlays Until big Gov comes around and says you are not within regulations lol
Being a landlord is not really retired. I guess it's more like a part-time job?
I would love weekly updates. But I understand it only costs me 5 minutes of my week and a heck of a lot more for you to put a video together. Im so interested in this house eyes you're taking I would love to hear as many details as possible.
Also, I love that you can change your plans and both of you just roll with it. It doesn't have to be the thing you thought you wanted to do, but you've put yourself in the position to take opportunities you couldn't have anticipated. Way to go!
Great to have you both back. Yes, updates, projects, just bring us along for the ride!
Yes, please do a regular update. Every other week is great if you don't have enough news for a weekly show. Good luck with the new baby!
Congratulations on the exciting plans. Definitely interested in the warehouse updates. Cheers
CruisingTheCut ....whoa my two youtube worlds just collided! Awesome to see a comment from you here.
Dude I don't have any worries about you guys, always hustling, keep up the great work!
yes please to the updates!
Oh WoW Guys! Congrats! On EVERYTHING!
Congrats to both of you! Work hard, Play Harder!
Congratulations on the new baby !! And the new/old warehouse ...
Yes to weekly updates. Congratulations!
Congratulations on both the baby and the investment, I can't wait to see what's up next.
Weekly updates please... This will help me know if my plans will work out or not.
Big congrats on the baby...
Congrats on the pregnancy and congrats on the warehouse. I would love to hear about everything involving your new warehouse. If gets to be too much, you could always sell it for a million bucks. :)
Just trying to figure out why this was in my feed... and why on earth I watched it.
Bsaint same boat
Same. And why are they claiming they are retired when they have a property management job?
Me too why am I here? Who are these people.
Why did RUclips put this in my feed??? Google and RUclips are really loosing me. :(
We all have something in common. Just that....we don't know what it is. We must have had analytics ran on our profiles. o.O
Congratulations on the baby and the warehouse! As a father of two kids (3 and 1 years old's) I want to warn you about the work and time a second child requires. The attention they both require, well lets say 1 + 1 is not 2, but rather somewhere between 2.5 and 3. At least that's our experience. Are you going for dual citizenship with baby #2 ? If yes, will it also be Costa Rica ?
+Patrick Kalinowski we can only imagine, especially with having two so close together! We're lucky that Hudson is pretty easy going, so we'll see how things go!
I think once a month update would be sufficient. I had forgotten I was subbed to you guys it has been so long since I saw an upload.
Congrads dude - you married way out of your league - good for you
I'm a recent subscriber - love the channel. In response to your question, I'm less interested in the nitty gritty details of managing the warehouse property, and more interested in updates on how owning it is affecting the lifestyle you are creating. Do you like managing it? Are you glad you bought it? Generally, are the finances allowing you to live the life you designed? Thanks!
Congrats on baby number 2! And yes would love weekly updates! 😊 Sounds like a sound plan for retirement! Thrilled for you guys!
+Josh and Kali | The Freedom Theory thank you!
Seems like a great investment! Can't wait to see what comes next.
If you would actually do weekly updates instead of saying it that would be great! You guys are doing what many wish we did! Congrats on everything
Yes to updates! What a cool investment! :)
Was wondering where you guys disappeared to. Congrats on the new investment but more importantly and more excitingly congrats on baby number 2!!!
Congratulations guys! Kids are awesome! Thanks for the update on the channel and yes I would be interested in seeing these other videos!
Wow... Yes post more.. Mis you guys. Congratulations on the new baby.
Great videos, love it!
Warehouse Wednesday would be great. Good luck.
I'm interested in the warehouse / rental unit details and all that. After college, for my first five years working full time, I was investing pretty heavily into a retirement account. Then the crash happened and my account went to zero. That was very demoralizing to me. I still invest in my retirement account, but I also am trying to diversify with rental units. I feel like real estate is a much more reliable approach than the stock market.
Weekly updates and Lauren should have her own pregnancy updates and mom of toddler channel
Awesome been watching the channel for long time..congrats on new adventure you deserve it. Rental income is great. I own duplex live for free including utilities. So mm you making a apartment in warehouse are very cool....always thought myself warehouse so awesome.....look forward to mikes builds......
Inspiring story! You guys triggered me to find my own retirement plan. Thanks for that! :)
Also saw your video saying you guys retired. Looking forward to hearing the timeline etc.
Yes, definitely weekly updates!
Welcome back!
This was amazing. You guys are amazing! keep living your dream - it's an inspiration.
Kay's Closet Snapchat me I'm a paratrooper. It's mannyfresh2016
You are now a superintendent/landlord,manager....not retired at all
Great idea on buying a warehouse for tenant income! I would love to do something like this but I'm not exactly construction savvy. Any advice? I'm new to your vids, keep up the good work!
Ok, now on to plan Z lol Y'all crack me up with your goals and life plan switches. Y'all change your routine more than some folks change underwear lol. Grats on the baby too.
I am so proud of you guys!!! I started following you 3 years ago and your journey inspired us so much that we actually got obsessed with financial freedom and paid off all of our loans in 2.5 years (student loans, car loans, credit card loans, etc...). Today we are debt free!!! Yoohooo!!! Now we are working on our financial independence. Although we relocated to a new country a month ago, we will achieve it because we got the formula now: discipline and humble living. Thanks for your inspiration and I can't wait to follow y'all new adventures. Congrats Lauren!!!
That's amazing, congratulations!
I'm pretty sure you guys change the direction of your channel every time you make a video
+Brent D it does seem that way recently. Hopefully we'll get back on track with more videos so that won't be the case!
Why the fuck am i watching this? I have a paper due tommorow fuck!
Health, life insurance? Have y'all discussed that here? Hope you have that covered.
Yes to weekly updates!
Cool peeps. The story continues.
I live in a broken down truck camper...and still have to work.
Yes! I would love a weekly update!! Your lives are so fascinating to me! It's inspiring and wonderful!! And What!?!? Another baby?!!? That's so exciting!!
Good luck to you guys.
A lot of risk and only something reasonable within a portfolio. If you could just buy warehouses and net 2500 a month with them without other capital input, people with a lot more money would do it.
I've got at least twice the net worth they're targeting and wouldn't think of retiring, and I live in a small house and will probably get a significant inheritance.
There will be unexpected bills, health care (mandated, or a tax without having it and a very high cost of individual insurance or medical costs without insurance), kids' college, orthodontia, fees for kids' sports teams, car expenses, etc.
2 million would be a lot more reasonable target to retire outright without "retiring and continuing to work" (what sense would that make in the first place?).
Yes, I would be interested in weekly updates. I look forward to more!
nothing wrong with a Warehouse Wednesday
100 dollar golf cart. I don't believe it. I have been trying to find a cheap cart forever and nothing under a thousand has come my way. Nice find. Good luck as a freshly minted landlord. I'm rooting for you!
I have seen electric golf carts close to that, but without the batteries.
Yes to weekly updates!
Like your videos & would like to see updates.
The good news is that you are only 30
Did you guys ever think about doing it the easy way and invest in the stock market with your excess cash.
Can you make a video about your teeth? You both have great looking teeth.
Oh how plans can change, that's the fun part of life. I think the plan you guys now have will be great. After 7 years, you'll earn around $100k is a great deal. Best of luck!
+TruFinancials thank you!
This does seem like a fairly high risk proposition, but you guys are definitely not going the traditional route so this might be crazy enough to work! Wish you the best! My husband and I have made money from real estate, and used the proceeds to pay off student loan debt. (WORST DECISION EVER) We hope to continue to buy and fix up houses and either flip them or rent them out. Doing apartments or multi-family units would be ideal.
Sounds good to me. Have you considered a equity line of credit instead of a mortgage?
You're still ignoring the fact that $420K is not enough FOR YOU to retire on. Especially with another child on the way.
So you bought a minivan, did you sell the truck? I don't see how all 4 of you could live in the trailer especially considering it has only 2 beds.
facts!
Congrats!!! I wish I had your ability to pick winners!!! The only luck I have is bad luck. Even when something looks or is a sure thing, something bad out of the blue happens to screw me. But I am a fighter so I get back up and keep moving forward. It's very tiring though!!
Welcome to the club, your not the only one lol.
This is exactly what "Early retirement/financial independence" is all about. The flexibility to take advantage of opportunity and orchestrate a life of your choosing. Love it guys! Inspirational not impulsive or irresponsible.
Cool as hell! Love to see updates and diy type stuff, and did you say CNC? As in machining? Would LOVE to see more of that :D keep it up! You guys are AWESOME
+Keenafy yes! I'm hoping to work on it soon 😁
Congratulations.
Well I have followed for some time and I always thought that retiring at 30 was something premature, lucky in your new retirement plan. What do you plan to do with your property in Costa Rica?
Bring it on , Congratz and congratz
life is full of surprises, plans are kind of just a guide. Retiring by 30 is cool, but this is probably cooler. Good luck and hope everything works out with the warehouse.
So basically this is a how to do early retirement wrong channel? Got it
Lol right
I just found your channel I'm so happy for you both. I wish I had done that when I was your age. I will retire in 5 years from corporate America. I will be watching and little man is so adorable.😊
you guys are great, i am new to your channel, what video do you recommend for learning on how to save money?
I would be interested in seeing more details and numbers to put the whole picture together. Enough to make it a useful tool for my own planning. This video caught my attention when you shared some of the numbers. Thanks and good luck.
To mike and lauren, Is it a good investment to get the model 3 from tesla? with the low cost compared to other cars and government incentives, to the long battery life ,no fuel needed (which is always going up!). It does have high high maintenance from what I hear. what are your thoughts.
Hunter lueck buying a car is not an investment
Cars depriciate so fast, that a second hand car is almost always the besy way to do it if you like money more than cars. Almost tco is almost inverse liniar to initial investment. Also dont finance...
If you both feel comfortable with this & excited...go for it. Just saying to quit all sources of income for RUclips money (which won't hit until 1 million subscribers, I could be wrong) doesn't make sense. Mike & Lauren you might have to start working PT to FT again while you build the warehouse on the side. Either way good luck! You have a baby & bills so hopefully you budget your remaining cash and plan this accordingly
I would be terrified..but that's how you make the big bucks I suppose. One day I hope my huevos are as big as Mike and Lauren' s lol.
I wondered the same thing, I hadn't subscribed, but they showed up.. I DO remember however watching a few of their videos way back when, and enjoying them. guess RUclips monitors how long we watch videos and initiates things... whatever they did to make it happen, I want to know, so "I" can do it down the road myself. ha!!! Love the plan for the warehouse thing... I've been looking at a 3 million dollar airport with lots of hangers rented out and was thinking about doing something similar..Your investment sounds more practical. great job. I'm subscribing now too. *smile* Thanks!
OK junior, ditch the pic of the wheelchair, you are making me feel really, really old. Oh wait, I am 63. All joking aside, your channel popped up in the sidebar as a suggestion and may I say I am impressed. Take care, or you may wind up like me, busier now that ever before with projects I LOVE. Five years and counting in the Republic of the Philippine Islands and happy as a clam at high tide. Enough babble, time to hit the sub button and share the discovery of your channel with my beautiful bride. To your success.
CONGRATS!!!! (you should have put the biggest announcement before the ending logo!!)
Interesting change of plans...I for one would NEVER have taken out retirement funds, paying the 10% penalty. In addition, you've now removed the money from your Roths where it was shielded from taxes and more importantly RMDs forever. For various reasons, every story I've ever heard of seller financed properties ends badly for the buyer, usually through the seller's trickery...although those may be the stories that are repeated. You've also left yourself without cash and that may come back to bite you hard if the economy turns south again...a recipe for a foreclosure and a stunning loss of your capital...for emergencies, cash is king. That all being said...I've got my fingers crossed for you! Since you're now a little older (and hopefully a little wiser) and parents to boot, you may decide to reevaluate your plans to retire by a certain age. As you've already found out, you've already got the freedom to do what you want, and that's the most important aspect. I recently read Ric Edelman's new book "The Truth About Your Future" and it was eye-opening. The amazing things that are in existence, in development and the changes to our lives coming very soon are nothing short of amazing and you may want to check it out because you may change your plans based upon upcoming developments. Cheers!
Def interested in following updates on your experiences with the warehouse story. Awesome stuff. Very real. What sort of finance rate are you offered on the 30 year loan? If the warehouse cost 1/2 a million and the income is 100K, even allowing for maintenance it should make your net monthly cashflow around 5K not the 2-2.5K you mention in the vid. Unless the rate is a crazy 13%.
Congrats on the big purchase! I think Warehouse Wednesday's sounds like a great idea. Not sure if there would we enough content once everything is up and running, but would love to see how you handle common challenges of being a landlord, as well as ways to improve commercial buildings to maximize your ROI.
Didn't see the baby news till I read others' comments. A bigger congratulations on that!
Is that $100,000 per year, after operating expenses, or before? Im assuming before because a 22.2% cap rate would be amazing (but if so, congrats!). Did you calculate your cap rate? If so, what do you estimate it to be?
Commercial property investing vs residential
pros
1/ Much higher returns on investment
2/ Longer leases
3/ No rates and other outgoings (tenants pay these)
4/ Usually smaller purchase deposit
Cons
1/ Commercial properties are sensitive to economic conditions
2/ It takes longer to find a tenant once it becomes vacant
3/ It’s vulnerable to changes in supply
4/ Changes in infrastructure in the area can lure tenants away.
5/ Values can drop more sharply if vacant.
9 units for $500,000 plus repairs? That seems very high. Expecting 100K means that each unit will have to be rented for $900 per month. Who pays that for storage?
Hello Mike and Lauren!
I had a question about a video you posted a long time ago, but I couldn't find it. In the video you mentioned that even though you lost money you continued to invest money into Lauren's IRA, and that you lost around 6000, so I was wondering if you could elaborate on that topic. How was it lost? Did you fear losing more? I had other questions but can't remember at the moment. Thanks
I would like advice on purchasing warehouse and where this is a good investment idea!
Good way to make a little money to keep you going, Yes, I would like to see the goings on there.. I may be considering a similar situation and the info would be helpful.
Yah! Was just asking my husband (who showed me your channel) where y'all were. So excited for y'all! It is so inspiring to see you taking your own approach to life and letting us in. The more I see people going an 'unconventional' route in life I feel less crazy for dreaming big!
Haha I totally paused the video at what I thought was the end. Then reading the comments I see talk about another baby. Jeeze, gotta always watch until it stops lol congrats! And, as a father of a 4 and 1 year old GOOD LUCK. Oh how things will change with 2.
Amazing job! Yes, Warehouse Wednesday sounds great. Think the title is fine. Congratulations. Keep calm, you can meet your living expenses and the upkeep will pull from your rent. Do not faint.
...and then there's inflation. Yes, I've been retired for 10 years, living comfortably but everything inflates, even monthly bills. Also, keep in mind that renters have ungodly rights. Good luck.
more diy stuff
You guys were retiring with only $250k in cash? Also is it legal to have tenants in a warehouse? (Refer to "ghost ship" in Oakland CA if you haven't heard this story yet). Good luck guys.
Congratulations on both pieces of news! Ignore comments about changing directions... that's the part I love. Very inspiring to see the adventure with twists and turns. If I may make one suggestion... the concept of and details on owner financing. Always been an interesting subject and would love to hear more about your experience with this process. Thanks and God bless!