Our NEW Retirement Plan (2017 Net Worth Update)
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- čas přidán 2. 09. 2017
- 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
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www.mikeandlauren.com - Jak na to + styl
Tenant Tuesday, Warehouse Wednesday, Finance Friday... yes.
+John Lowe, Photographist haha we'll see about that!
I love that idea!!!!!
Maintenance Monday, Trailer Thursday
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.
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.
Would be interesting on seeing how you handle the rental units and dealing with the renters. The updates would be cool.
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.
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.
congrats on the baby and pls do weekly updates
Glad to see you back and great news on the warehouse! I look forward to seeing how this business venture goes!
So cool guys! Thanks for sharing!!! Looking forward to seeing more warehouse videos. That's actually extremely interesting!
yes please to the updates!
awesome stuff, keep it up!
Great job! Things changed and really I really like that you can change to fit your circumstances!
Glad you're back! Congrats on everything and yes to the updates!
Congrats and welcome back !!!
Yup. Call it what you want, updates are GREAT! Congratulations on the little one to come!!
Love the videos, just subscribed. I came here originally because of the 3-d printer review but stayed for all the other stuff. Very interested in hearing more about the warehouse. Keep it coming!
Keep uploading videos and updates are great. Nice to see you guys back in my feed...
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!
Congrats! On both the warehouse and pending baby!
Great to have you both back. Yes, updates, projects, just bring us along for the ride!
Congratulations guys! Kids are awesome! Thanks for the update on the channel and yes I would be interested in seeing these other videos!
Glad you're back!
Congrats guys! I wish you the best of luck and keep us updated!
Congrats, good luck, and keep us updated
Look forward to hearing all about your adventures. Keep the videos coming.
Updates would be great, and can't wait to see videos on the trailer and repair of the warehouse!
Wow! I started following you guys by watching your RV conversion, so this is all quite exciting!
"Warehouse Wednesdays" sounds great!
This is so so exciting!!! I would love to see the progress with the warehouse on your channel. Congrats on the baby!
I can't believe you guys did that right at the end, sneaky!! Congrats!! I would love to see weekly updates!
Very cool! Glad to hear you're reaching your goals, albeit in a different way than you had originally planned.
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
Congrats! Interested in those updates, sure
Congrats on the new little one!! Also on purchase! Definitely interested in weekly updates!
Great videos, love it!
Holy cow! Lots going on! Congrats. Yes, weekly updates would be great. Keep up the great work.
Cheers,
John
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 😁
It's great to see you back. And congratulations!
Y'all are crazy. Love it. Keep it up. I would enjoy any updates.
Yes to the warehouse updates, Congrats on the new family status !
OMG I missed you two! Thank you for sharing your progress - congratulations 🙃
Weekly updates!
Congrats! I would love to see more about the warehouse!
Glad you're back. Thanks for sharing! I like real estate, too.
totally AWESOME guys, you are doing so GooooooD!
Dude I don't have any worries about you guys, always hustling, keep up the great work!
Congrats on the big pivot. Excited to see it work out for y'all.
Yes, definitely weekly updates!
Yes keep us updated on the Warehouse
Weekly update videos would be amazing! Exciting times ahead.
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.
Great content, just found your channel and sub
Your on track
Good job
Oh WoW Guys! Congrats! On EVERYTHING!
Less Mike more Lauren.
Congrats on the new mini!!!
I'm glad you have a plan for the warehouse. I used to work as a site manager for the storage facility. Review the current leases, give tenants a 30 day notice before you will alter leases, then give notices of changes after the 30 days. You may lose some tenants, but when you get new ones you can ask for more than what you were going to ask from the grandfathered tenants.
In Portland OR, we were renting 10x20 spaces for $219 but we are high density so demand is high. We did offer discounts for automatic withdrawal of $5 a month since we didn't have to chase after tenants for payments. But if they defaulted and didnt' pay, their units were auctioned after 60 days.
Hoping everything works out!!! Sounds like a large initial investment with a great potential for passive income in the future :)
The owner of the property kept 20k on hand for roof replacement every 5 - 10 years, and another 100k for any other possible repairs/expenses (repaving being the most expensive). After those were set aside, paying employees, taxes and regular maintenance, the rest was pure profit.
Can't wait to see the vlogs!!!
PS. is mini #2 going to be born in Costa Rica too?
+Kimiko thanks for the info! And Costa Rica is in the works right now... we'll be posting a video soon with baby details 😊
Love the warehouse idea. Always wanted to live in one. Can't wait to see it unfold...
Congrats to you both and good luck with the property! And lauren especially congrats to you. I thought i saw you glowing in the video so the end was the confirmation. Wooohoooo!
So excited for you two, sounds like you are doing life your way.
Congrats!!!
Yes to weekly updates. Congratulations!
Welcome back!
That's amazing guys! Awesome job and congratulations!!! And yes please do post updates. :)
I've missed your updates so I am glad to hear from you again! We have a couple of residential rental units, so I would enjoy hearing about your trials and tribulations. Our children are all four legged and furry, but congratulations on your upcoming baby!
+John Quintrall thank you!
This is what i've been waiting for! Good luck to everyone! You guys got me motivated.
I love the way Lauren just lovingly smiles when Mike says “we just blew through $30,000”. She has such a kind heart!!! I love watching this couple!!! (Been bingeing old episodes!)
Enjoyed your video! A new subscriber here I've been paying more attention to my money since I'm about to retire in six months. Looking forward to reading your blog to know how you live so frugally.
Congratulations on the pregnancy. Prayers for a great and healthy outcome. I have missed your videos, so I would love to see a weekly update. In addition to various project and how to type videos of course.
+Rusty Helms thank you! More videos on the way!
Congratulations!!! Best of luck with both projects.....must admit I'm most excited about the baby.
I would definitely be interested in updates about the warehouse! Congratulations on the pregnancy as well.
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.
CONGRATS on the (soon-to-be) new baby. HELLS yeah, a weekly (or more often) update would be great!!! With all the wonderful things happening you just laid out, I'm quite sure that I'm not the only viewer feeling left out. WE NEED OUR MIKE AND LAUREN FIX.
+Danny Medlin Jr. thank you! We'll definitely be around more often ☺️
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!
Congratulations! I like how you casually slipped that announcement on the end of the video. Nice!
+Ronnie Ross haha we were trying to be sneaky 😊
All info is welcome. Good move on having kids back to back. Look forward to your updates.
Ok I'll give ya a like and a subscribe... first time viewer here. Weekly update is cool. I almost bought a 8,000sq warehouse. The guy was kinda tuff and the deal didn't work out.
Thanks Vic
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.
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.
I'm down for Warehouse Wednesday's! 😁 Yes please, updates! And congratulations all around!
Congratulations on the new baby! You guys are amazing and so inspiring.
Weekly updates please!! Also - congrats on the new addition!! (Baby that is)!
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!
Congratulations on your success, pregnancy, and positivity!
I'm interested in as many videos as you're willing to churn out - on the warehouse, on building/making/modifying things, etc ☺
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!
Congratulations! On the pregnancy...and the property too! Yes warehouse updates would be cool to see
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 CZcams 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!
Congratulations on the new baby !! And the new/old warehouse ...
Congratulations guys. Sound like a sound plan. We are looking at buying a condo in Maui...where we lived before our big road trip. We figure we can do a 15 year mortgage on it and keep the mortgage what we used to pay in rent, work full time for five years and then save enough to get back on the road traveling again and just airbnb it while we are away. Than buy another one after its paid off and live off what we make on short term rentals of two units.
Yes to the updates, Congrats on the new baby
Congrats on the baby and pls do weekly updates
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!
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...
I would love to see the updates on your progress. Congrats on the new family member to be.
Your doing a great job! I'd enjoy the weekly updates.
Yes, I would be interested in weekly updates. I look forward to more!
Wow... Yes post more.. Mis you guys. Congratulations on the new baby.
CONGRATS!!!! (you should have put the biggest announcement before the ending logo!!)
Yeah you should do weekly updates at least, build a playlist of the progression and in 7 years you can see everything every step of the way and it will be a cool thing to show your kids
Not gonna lie. I think I'm lost a bit. So u bought a commercial warehouse space. And will rebuild it into a liveable space for nine tenants too rent out? Am I on track? Your estimate yearly income when completed would be 100000 a year at that point?
Great that you guys are back. Congratulations 🎊 on the pregnancy. I have missed you and your videos. Warehouse Wednesdays would be awsome. Greetings from Andreas on the Off Grid Sweden channel.
Health, life insurance? Have y'all discussed that here? Hope you have that covered.
i seen a few of your videos and you guys are 100% all in , but all over the place with it.. hope it works out.. i starteted my plan at age 26 i am now 39 and still got atleast 8 more years before i can stop working. the more kids the longer it takes.