All Topics / The Treasure Chest / Mr hedge please tell me your retirement plan

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  • Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    Mr hedge, I dont know why i am telling you this but here goes. I left school at the age of 14 after getting a traineeship with telecom, i completed the traineeship, and was asked by a family friend if i would like to take on a run down caravan park in a management role as he couldnt find any one to buy the lease, with an option to buy the lease in two years time. I took the option and built the figures up to triple the amount as when i had taken the park over. In three years i had gone from being total broke to having sold the lease for 100k. I then found myself another caravan park along with my new wife. This time we bought the lease and the freehold which cost 150k, three years later with alot of blood sweat and tears we sold for 300k. Took 6 months off and bought a motel 650k ran it for 3 years and sold the lease for 350k with rental income of just over 100k p/a. Semi retired at age 32. Revalued and used equity to buy another motel (freehold only) for 850k with rental income of 125k. All was good, we owned assets worth over 2.5 million dollars along with the bank(2 motels and a house on the water)with income of over 100k p/a untill the leasee of the second motel went bankrupt. We had to sell our dream house, for a hugly reduced amount in order to keep afloat and go down and run the motel. We ran that for three years and built the figures up and sold it on. We then bought a house and paid that off so we could still get a tax deduction on the money we owed on the first motel. But only last year we disided that we didnt want to have any problems with loans. so we paid the motel off and are still paying of our house. The motel is worth 1.7 million with no debt, we have a house worth around 300k with 100k paid off, I am earning 48k per year as is my wife, Rent went up 4k last year to 132k, we own a moterhome for which, we travel to the sun every winter, I do not want for anything nor do my family. If worse came to worse we could go into run the motel with no debt and make a fortune, but we are happy to do nothing for a while longer. Un like retail,factories, motels are never vacant (none that i have ever seen), the leasee has a stake in the premises and its in their best interest to maintain the property. Un like residential properties, we go to the property 2 time a year, and as long the rent is in my account by the second of each month, i have no problems. All you guys are talking about retiring, do you think you will ever be able to be relaxed with the problems of 70 properties to worry about? Now ziz instead of making idiotic statements get your facts together first ok, ZIZ i would love to here where you are up to in your plan to retire! As for you Mr hedge please dont call me a liar, If you could can you please post where you are up to aswell in you retirement plan, No answer and i will assume you are a long way off.

    Profile photo of mrhedgemrhedge
    Member
    @mrhedge
    Join Date: 2003
    Post Count: 24

    Dear Tails Your right, I was at work- Sory i didnt realise it was a crime.Retire’ no i havent retired yet & actualy have no desire to retire because i have just witnessed what can happen to an idle mind .You Tails seem to be the only treating it as a race.,Every one else here treat it as a people helping people forum.Yes i only have 1/3 of what you have &No i dont care because im not the one that needs my ego stroked.With your vast experience & knowledge why dont you try giving encouragement to the many young aspirants out there, it would help them & maybe even make you feel a bit better about youself. Please dont feel it is neccessary to respond as it would be handy to get on with some posative stuff now. Bye Andy

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