Financial case analysis: A middle-aged American couple owns multiple properties but is tired of being landlords… How should a new financial plan be designed to ensure that they have time to do what they like and can retire with peace of mind?

Amy Nagler and Ranie Lynds owned seven properties in Wyoming, but now they were tired of being landlords and needed a new financial plan.

Nagler is an adjunct research scientist in agricultural economics at the University of Wyoming, and Lynds is a geologist with the Wyoming Geological Survey. Together they make $128,000 a year. The two transformed old houses into beautiful, livable properties, but now Lynds, 48, and Nagler, 54, are tired of dealing with the chores of these houses – such as painting the houses, fixing toilet problems, and making many phone calls to fix the sinks.

Real estate is their wealth accumulation tool. All seven homes are wholly owned by them, purchased in installments, costing a total of $745,000. Their total value is now about $1.8 million. Last year, the couple claimed to have received $30,000 in rental income before depreciation. This income is likely to increase as rents rise, and now that most of the renovations are complete.

Their total nonreal estate assets are just over $1 million, including $300,000 in laddered certificates of deposit, $43,000 in personal checking, savings and business accounts, and 403(b) and 457(b) retirement plans.

On a daily basis, they live frugally, drive an old car, and spend only $150 a month on gas and car insurance. About $500 a month goes to groceries and dining out. They spend about $850 a month on their two mules and $200 a month on their two dogs. Insurance and property taxes on their primary home cost $650 a month. They have no life insurance.

The couple said they don’t want to retire early, but want to spend less money on their property and do something new in their free time.Advice from a financial planner

Nagler and the Lynds have “done an amazing job accumulating hard assets,” said Laura LaTourette, a certified financial planner and founder of Family Wealth Management Group in Dahlonega, Georgia.

To reduce some of the day-to-day workload associated with the properties they own, LaTourette recommends they hire a professional property manager. She says it can also help them distance themselves from the emotional investment they make in each home.

The couple should also consider selling their home, which has appreciated in value. In fact, with interest rates falling, they may receive purchase offers from tenants who wish to become homeowners.