Retire in Style

The Washington Landlord Association recently published a summary of remarks by long-time commercial broker and investor Virgil Wells from Tacoma. I enjoyed his "Rules of Investing" below:

1) Always buy - never sell (for now)
2) Never buy anything today that you cannot sell for more tomorrow
3) Always use other people's money!
4) Buy anything you want, as long as it doesn't cost you anything (e.g.tenants paying with rents)

His formula for retiring in style is to buy at least four rental houses to keep for cash flow:

one, to pay for added costs of necessities, such as groceries;
a second, to pay for the increased cost of consumer goods, such as gasoline;
a third, to pay for health care; and
a fourth, to pay for vacations.

Sounds like a plan to me!

Happy Investing!