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Subject Expert
You have 5 rental properties and are struggling to live paycheck to paycheck? Are those rental properties actually cashflowing?
Not sure whether this is an income problem or an expenses problem, but something doesn’t seem right here…
Sell off properties that are not cash flowing and use that cash (if there is any appreciation) to buy a better property
When you decided to have children, your priorities changed. There is no magic here, buying more rental properties will have to take a backseat to the expenses from raising children. If and when your income and the cash flow from the properties improve, then you can start again.
Yup, it’s all about prioritizing what is important.
Mentor
Yeah I want to know more about these rental properties. I have 4 doors and they cash flow like 1k each. How are you struggling on top of your income?
Subject Expert
$120k combined isn’t very much. What are your opportunities for career growth in your current roles / companies?
I know the current job market is pretty tight, but $120k for a two income household sounds like you’re both pretty early on in your careers, or don’t have highly desired skills. A career change for one or both of you might really accelerate your income.
Maybe 5 is enough for now...
Have you thought of selling a child in favour of purchasing a seventh property? That way you have less dependants and more investments. Although, some do say that children are investments, but hey, I guess its where your priorities are.
Gotta be a tax break for that
Stop buying rental real estate and put that towards your primary residence?
😢🎻
Leaving aside why the rentals aren't cash flowing, I will say that I had a good savings rate and kept all my expenses in line based on being DINKs, but two kids in 3 years upends all the math. All day child care for two kids is more than my mortgage. It's still less than what either my wife or I make so it doesn't make sense for either of us to stay home. Just trying to get by until they can start going to public school.
Same, except I hit my professional stride at about the same time I had kids so never really had that DINK life. I did manage to get a couple of properties (one cash flowing one cash neutral until I raise rent)
Is this satire? Or are you just completely and utterly clueless?
Why is this satire?
Stop. Focus on family. Wait til rents go up to invest more
You have 5 houses and are complaining how hard life is lol. Is this a troll? There are babies being ripped away from their mothers and deported in the US right now. Children being killed in Gaza. I’m sorry man I just can’t with this post. Have a good day and I hope you get your 6th house.
Following for my own sanity
You already have 5?? Money should be flowing from those to help increase your income from your paycheck. Is there a reason income from those isn't enough?
U
What’s your salary