Reply to 35- 40 year olds - what's your NW?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]$650K HHI, 30/28. Work in data/tech field. NW of $4M with $300K gifted from family and two rental properties about 50% equity in rentals.[/quote]

You know how I know it's made up, unless you inherited the rentals? Because I am also high NW - $6m at 47. Bought two rentals in DC at 26. Rentals are only profitable if highly leveraged and if improved (if you buy a key ready property all profits/cashflow remains with the seller). Most can't afford to build a good multi-unit even at $650K joint income,  and you probably were making about $300k upon graduating colleges. It took me about 10 years to fully pay off the rentals and make them the cash cows.

So if you started buying in early 20s, you would need at least $1m to start a rental business, and it would take you to early-mid 30s to build that 50% equity in the rentals.

Keep writing fairytales here[/quote]

Umm, one of the rentals is my old 1BR condo I bought out of undergrad. We live in a SFH now. The gift went to down payments on our RE. We are not sellers, we plan on keeping all of our properties for the long term.[/quote]

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