Could you retire on $1 mil?

[MaureenCretis]

No joke in England you could buy 10 and rent them all out for 700 a month

10 houses at £65k per house with a £700/month return? Where’s that then?

 

[DarkneT]

10 houses at £65k per house with a £700/month return? Where’s that then?

Forgot we were talking dollars not pounds
And you know what In all fairness
You can get terraces for 60k in moston manchester
..you probably wouldn't rent them for 700 though

 

[therealdope]

No, not even close.

Have any of you ever used the BoA (or similar) retirement calculator? You might be in for a surprise.

 

[Headkicktoleg]

No I don't think I could retired on that, but it would be supplemental income if you take the interest and then leave the bulk of the 1M for when you do retire. It would be an extra $30-40k even with very conservative investment.

 

[Geo_Mac]

Good work I want to do the same but it's the initial down payment i can't get

Since I'm a carpenter my renovation skills are on point too so I want some run down ones

One day

You need an electrical journeyman? Give me a shout one of these days, we'll be flipping houses on HGTV in no time!

 

[DarkneT]

You need an electrical journeyman? Give me a shout one of these days, we'll be flipping houses on HGTV in no time!

Haha nice
You got 50k to jump start the procedure

 

[badascan]

of course... if you couldn't figure out how to make a mil work for you or you consume so much that a mil wouldn't be enough, you might as well end it right now...

 

[superpunch]

Yeah just move overseas and live like a champion

 

[Geo_Mac]

Haha nice
You got 50k to jump start the procedure

Damn...We'll find a mature sugar mama willing to invest and go 60/40 partners with the company in case we tank but the reality-reno show would be ours.

You got a decent bod? The sugar mama may want something else in return... a man can dream can't he?

 

[DarkneT]

Damn...We'll find a mature sugar mama willing to invest and go 60/40 partners with the company in case we tank but the reality-reno show would be ours.

You got a decent bod? The sugar mama may want something else in return... a man can dream can't he?

Bods on point but the dong is lacking
Just being upfront and honest as I think it's the best policy

 

[no fat chicks]

i think I could pretty handedly

 

[bad seed]

not in any desirable city like NYC or Boston. But it's more than enough in some rust belt shithole like Pittsburgh or the rural boondocks of Arkansas.

 

[Swoliosis]

Probably not. My take home is around 5300 monthly and go through about half after my mortgage, car payment, utilities food, bullshit etc so after doing the math the million would last me about 32 years and I’m 30 at the moment. If it was a million at age 55 after paying off my house I’d probably be set.

 

[marioh]

i could if that mil was in addition to what i already have.
but i would have to move out of NY, and i don't want to do that at this point in time.

 

[lostdog000]

i could

 

[ralphc1]

not in any desirable city like NYC or Boston. But it's more than enough in some rust belt shithole like Pittsburgh or the rural boondocks of Arkansas.

LOL at NYC or Boston being desirable.

 

[rj144]

Say you won $1 mil in lottery. Is that money enough for you to retire?

In place where I live you can perfectly retire on that. Just buy as many houses as you can and rent them out. After everything you will be looking at $4000-6000 steady income every month. And ofc properties value goes up with time so you can sell them at later stage of your life.

How many houses is that? I assume you bought your own house too? That seems like a lot of money in rent for what most likely is not that many houses.

Suppose it's $4000 a month. You still have to pay property tax and insurance on all the houses. Where I live, on $1 mil in properties, it would be something like $2000 to $3000 a month for property tax alone. Insurance wouldn't be too bad. But, worse case scenario, you would only have about $1000 left over. Then, you have to pay tax on that too.

I couldn't retire on a $1 mil, but it would let me retire much earlier.

 

[therealdope]

not in any desirable city like NYC or Boston. But it's more than enough in some rust belt shithole like Pittsburgh or the rural boondocks of Arkansas.

Pittsburgh isn't what it once was, and by that, I mean it's a lot better than it used to be.

Not that long ago NYC and Boston were complete shitholes. Do you remember the company ImClone? In the mid-80s, NYC was so terrible that the city gave the owners 40,000 sqft in a building in SoHo with no rent for 5 and no tax for 10 if they would put a company there rather than have it sit empty. Corner of Varick and Houston.

 

[Sir Galahad]

I could where I'm at.

 

[bad seed]

Pittsburgh isn't what it once was, and by that, I mean it's a lot better than it used to be.

Not that long ago NYC and Boston were complete shitholes. Do you remember the company ImClone? In the mid-80s, NYC was so terrible that the city gave the owners 40,000 sqft in a building in SoHo with no rent for 5 and no tax for 10 if they would put a company there rather than have it sit empty. Corner of Varick and Houston.

Yes, I'm old enough to remember NYC during the crack epidemic. It was synonymous with blight, crime and misery.

And I've heard about Pittsburgh's revival but remain skeptical. Perhaps it only exists in a small downtown section. But I give them props for trying.