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  • Property-a-holics

    What is your definition of retirement ?

    I think its whatever it means to you.

    I retired from the day job a couple of years ago but at times when we are doing a renovation I am more knackered now than ever. We had 3 whole house redec/ refurbs overlapping around Christmas time and we were flogging ourselves for 10-12 weeks, 6 or 7 days a week including Boxing Day. But for the last 6 weeks we've done maybe 5 or 6 days of light DIY type stuff. On top of that, everyday we are checking emails, finessing our next grand plan etc.

    But to me its "retirement" because I had come to dislike my previous jobs but now when we work it is for our long term good and I am working with people I want to work with. It makes all the difference.

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    Actually, just read V's point about alarm clocks. I'd just like to give that one a third bullet point!

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    I have an alarm clock set to wake me up to Radio 5 Sports Xtra. Most mornings that does nothing as the channel isn't broadcasting thet early. But when England are playing cricket away from home it wakes me up so I can listen.

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    Retirement for me means certainly no debts, all rental properies are 100% owned. The rental income supplements pensions and I self manage my properties even though I live on mainland Europe and regularily spend my time travelling the world.

    I'm certainly not going to pay an agent for doing basically nothing and because my properties are low maintenance there is very little to do anyway.

    Internet has provided a solution to any problems requiring tradesman repair, it's just an exchange of a few emails.

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    Seems that most landlords class financial freedom as being retirement, even though you still have to actually work.

    I suppose if you truly enjoy your work whatever that may be then why would you ever want to give it up ?

    I feel sorry for the people that have to spend 40 odd years doing a job they hate just so they can then retire at 65 and enjoy doing nothing !

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    Retirement is a word that really confuses me.

    I try but I simply cannot define it with any degree of accuracy .And this is why

    A retired property investor may actively enjoy spending his lazy days fishing

    A retired fisherman however  may actively  enjoy spending his lazy days property investing

    They are both retired but now do for enjoyment what the other person did before they retired

    See its confusing. 

    So much so that I  may even come out of retirement to work out the meaning of being retired

    On the other hand I may not


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    Jonathan Clarke. http://www.buytoletmk.com


    Retirement for me will mean giving up my day-job and lifelong career in order to do other things that are more risky, enjoyable and make use of some of my other skills and qualifications.  Some of this will be paid and some of it will entail working abroad, travel and languages.  I'm already doing some of that now in my "spare" time.   I expect I'll  also do more property related activities and perhaps some writing.  Although I expect to have a lower income; that is not at all certain as I am not very good at saying no and if I see an exciting opportunity I'll probably follow it.

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    I'm planning to retire in 5 years when I'm 55 from my day job, and that is the meaning of retirement to me.

    I will still have properties to manage and maintain etc but it will be nice to have plenty of time to do this.

    I will still have have a number of BTL mortgages but they will be quite low - eg say 10 x £30k mortgages. So I will owe £300k in total.

    Does anyone see an issue with this?

    Can I pass them on to my kids, in a trust for example or is there an issue having mortgage debt at this stage ?


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