Quote:
Originally Posted by Unregistered
Actually, you're quite good. I'm in my late 40's and my net worth is only $1.5m and my wife's net worth is $2m. We need to work harder until our net worth reach $6m combined, then we can retire in a small condo and rent out our 4 other properties to generate $20k per month for our retirement. We plan to work till 70. We are just an average income family.
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You didn't say how much your outstanding loans for your 4 properties were. If you are highly leveraged, you will be having cold sweat every night. It wasn't too long ago (1997/98 and then 2008) that landlords were unable to get tenants and at the same time struggling to keep up with loans repayments. Many were forced to let go their properties at great loss (some were forced sold by their banks). Worse thing was after the bank sold off their properties, the poor guys still had to pay up the difference in installments.
I truly sympathise with your situation. Many of us in our haste to keep up with our rich peers / neighbors can be over exposed to risks. I off loaded 2 investment properties recently after a review of my portfolio. My risk appetite is much lower now that I am nearer to 55 yrs and although I think that I may have to work beyond 65, there is no guarantee there will be a job waiting for me. Also maintaining good health in order to continue working is another big unknown.
When young, yes, no risk no gain. When old, I would caution, less risk less pain.