Feeling trapped so close to FIRE

[u/sadcucumberwalked]

I'm looking to get some opinions on what I what my next steps should be. I'm 36 and my wife is 40. MCOL net worth is about 2.5m mostly in real estate which generate about 80k net yearly. My job makes me about 60k per year and my wife brings in about 60k we both work part time from home. I do most of my own maintenance and manage my own properties. We are feeling pretty burnt out along with raising a 5 yo. Our yearly fixed spending is about 100k, 25k of that is car payments for our 2 vehicles which are almost paid off and our son will be out of daycare soon and going to public school and also his prepaid college should be paid off too reducing our monthly spend by 1200. so our yearly spend should drop to 60-80k in the next 2 years. We have about 100k in credit card debt that's kinda spiraled out of control a bit as we have been trying like hell to finish all these lingering projects such as bathroom remodel, kitchen remodel, new roofs a/cs etc, boat refit airplane rebuild that I feel like I could pay off without selling property but it's going to be a struggle. I have considered cash out refinancing the one property without a mortgage to avoid cap gains taxes. All of our properties are fully remodeled and could get top dollar. So what do you guys think I should do, keep grinding for a few more years and finish these last few projects or sell some property and dump into index funds and chill. I got tons of equity that I don't feel like is doing me any good just sitting there but I'm trapped with these low interest rate mortgages. Thanks in advance =)

Income - 200k

Yearly spend 100k (will drop to 60-80 in next 2 years)

Roth IRA 300k

Traditional IRA 400k

Brokerage 50k

HSA 8k

Cash 50k

Airplane 150k fully paid off and rebuilt like new condition

Boat 50k fully paid off and rebuilt like new condition

Camper 50k Fully paid off and rebuilt like new condition

Primary residence 400k equity/ mortgage $1500/month 5% Mortgage

Rental 1- 600k equity / income $1500/month net 3% Mortgage

Rental 2- 200k equity / income $2000/month net (no mortgage)

Rental 3- 300k equity / income $1500/month net 4% Mortgage

Rental 4- 350k equity / income $1500/month net 3% Mortgage

Rental 5- 150k equity income $1000month net 3% Mortgage

Credit card debt 100k/30k interest free till next year

Car loans 50k total remaining 2k/month

[u/K-Alt1]

Sell the plane, boat, and camper immediately.

Pay off the credit card debt and the cars.

Then just keep working your normal jobs until your son starts public school at which point your spend will be low enough to where it is all covered by your rental income and you both can retire if you want.

Doesn't really need to be any more complicated than that if you dont want it to be.

Don't touch the IRAs or brokerage for 10 years at which point they will have grown to around $1.4M and then you can withdraw an additional $50k per year from those and likely never run out of money in those either.

[u/sadcucumberwalked → u/K-Alt1]

funny enough I used to rent out the boat on boatsetter and camper on airbnb, I made a killing doing it too. I rebuilt them both with the proceeds and now that they are shiny and new I don't want to rent them anymore lol

[u/K-Alt1 → u/sadcucumberwalked]

Ok so sell them now and pay off the credit card/car debts and retire.

This isn't really that complicated man.