{"id":2051,"date":"2019-01-24T04:45:35","date_gmt":"2019-01-24T04:45:35","guid":{"rendered":"http:\/\/www.gentryrealestategroup.com\/buylowazteam\/?p=2051"},"modified":"2019-06-21T03:13:41","modified_gmt":"2019-06-21T03:13:41","slug":"later-life-rental-property-investing","status":"publish","type":"post","link":"https:\/\/gentryrealestategroup.com\/buylowazteam\/later-life-rental-property-investing\/","title":{"rendered":"5 smart strategies to start investing in rental properties later in life"},"content":{"rendered":"

 <\/p>\n

Later life rental property investing<\/span><\/h2>\n

Whether you\u2019re 35 or 70, it\u2019s never too late to add rental properties to your portfolio. If you\u2019re older and considering taking advantage of the steady rental income that rentals provide, more than likely you \u00a0already<\/span>
\n<\/span>have experience buying real estate (a home) and have been through the \u00a0<\/span>
\n<\/span>mortgage financing process<\/span><\/span><\/p>\n

If you\u2019re middle-aged or older and looking to start investing in rental properties, consider these tips:<\/span><\/p>\n

1. Take advantage of the network you\u2019ve built, and keep building it!<\/span><\/strong><\/span><\/p>\n

Leverage your existing network and become even more resolute about building it further. Who do you know in the real estate, mortgage, construction or contracting industries? How about people you know with cash to invest who could be looking for investment projects? Consider reaching out to the carpenter or plumber who bowls on Fridays with your team. He or she can possibly refer you to affordable and reputable general contractors. How about the real estate agent in your circle of friends he or she may not handle properties in the area you\u2019re interested in investment properties, but maybe they can refer you to someone who does.<\/span><\/p>\n

Join local real estate investing groups on social media sites such as LinkedIn and Facebook. \u00a0Engage with local wholesalers, turnkey providers, and other off-market sellers in the area.<\/span><\/p>\n

Start gathering your contacts and building your real estate investing network.<\/span><\/p>\n

\"Later<\/p>\n

2.\u00a0 Put your existing capital to use<\/span><\/strong><\/p>\n

After decades in the workforce, you should have some money set aside. If so, you have a competitive advantage. For instance, if you are in the position to make cash offers, you can often get a better deal negotiating a price on a property and avoid financing fees. Cash allows you to afford a higher down payment to dodge mortgage insurance and having to turn to tactics such as owner-occupied financing or depending on seller concessions for closing costs. \u00a0Even if you can afford to pay cash for rental properties, it might make sense to finance them for tax leverage benefits. Either way, having money at your disposal is an enormous advantage for negotiating and moving more quickly on a \u201chot\u201d property to beat the competition. <\/span><\/p>\n

3. Consider the advantages of house hacking.<\/span><\/strong><\/span><\/h3>\n

House hacking <\/span>is a great real estate investment strategy for multi-family rental properties. <\/span>By investing in a multi-unit rental property and make one of the units your primary residence, \u00a0in one of the units<\/span> property as your primary residence, rental income collected on the other units covers your mortgage. There are numerous upscale multifamily buildings to choose from, \u00a0so finding one you\u2019d be happy to live in shouldn\u2019t be a problem.<\/span><\/span><\/p>\n

Another option is to look for a home with an in-law suite and convert it to a rental unit. Look for opportunities to use space wisely, such as adding an apartment over a garage or in a basement with a separate entrance to generate rental income.<\/span><\/p>\n

There\u2019s a growing trend among homeowners who rent out their garage as rental space, especially appealing in areas where self-service storage facilities have waiting lists for new renters or are a distance from the community.<\/span><\/p>\n

4. The benefit of owning rental property to pad retirement income <\/span><\/strong><\/span><\/h3>\n

Investors turn to real estate rental properties for a variety of reasons, <\/span><\/p>\n

Older adults should consider \u201cpassive income\u201d a priority when retirement is in the not-too-distant future, or even if they\u2019re already retired. <\/span>
\n<\/span>Investing in rental properties allows you to forecast your returns accurately, even before putting a deposit down on a property. A bit of market research helps establish how much rent is typical in a market the neighborhood vacancy rate, local property management costs, property taxes, and insurance. Investors can accurately forecast capital expenditure and repair costs and know precisely what kind of cash flow can be expected before making an offer on a property.<\/span><\/span><\/p>\n

While appreciation may not be as predictable, cash flow is based on solid facts, rather than future hopes.<\/span><\/p>\n

Rental properties can be amazingly efficient income generators for retirement. The 4 percent rule <\/span>used to determine how much a retiree should withdraw from their retirement account each year to ensure a steady income no longer applies. <\/span><\/span><\/p>\n

Rental properties produce more income over time, and remember, rents can be increased, as your n=mortgage payment remains steady. <\/span><\/p>\n

5. Grow your extra income.<\/span><\/strong><\/span><\/h3>\n

Budgeting is nothing new to older adults. Lifestyle inflation, the tendency to increase one\u2019s spending when their income goes up, <\/span>By now you\u2019ve experienced the counterproductivity of lifestyle inflation, <\/span><\/span><\/p>\n

As an older adult, hopefully by now you\u2019ve witnessed firsthand how counterproductive lifestyle inflation is. So, when you invest in a rental property and start earning the extra income from renters each month, instead of spending it, your best bet will be to re-invest it in stocks, private notes, or more rental properties!<\/span><\/p>\n

Your objective is to retire with more wealth, enough to be comfortable throughout your golden years as well as to do the things you want to do\u2e3atravell, for instance, help with college tuition for your grandchildren or build a vacation home. More wealth provides more options. As you grow your rental income streams of rental income, you\u2019ll be able to retire at a younger age \u00a0or keep working and building more wealth.<\/span><\/p>\n

It\u2019s never too late to invest in rental properties. Invest strategically to hasten your retirement savings and build a reliable and consistent passive income base.<\/span><\/p>\n

Gentry Real Estate Group\u2019s\u00a0Buy Low AZ\u00a0team has been providing property bidding services in Arizona\u2019s Maricopa, Pinal, and Yavapai Counties for almost a decade. Our professional staff has the experience and knowledge of the residential Arizona market to effectively represent your investment while guaranteeing\u00a0you the best price possible.<\/span><\/p>\n

For complete access to\u00a0Gentry Real Estate Group\u2019s website<\/a>\u00a0and to place bids, contact Spencer Caldwell at 480-283-4425\u00a0or\u00a0sign up<\/a>\u00a0and one of our representatives will qualify you.<\/span><\/p>\n

\"Equal<\/a><\/p>\n

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 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Later life rental property investing<\/p>\n","protected":false},"excerpt":{"rendered":"

  Later life rental property investing Whether you\u2019re 35 or 70, it\u2019s never too late to add rental properties to your portfolio. If you\u2019re older and considering taking advantage of the steady rental income that rentals provide, more than likely you \u00a0already have experience buying real estate (a home) and have been through the \u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":2163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,4],"tags":[111,15,45,20,65],"class_list":["post-2051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-social-media-post","tag-aeizona-real-estate-trustee-auctions","tag-arizona-real-estate","tag-arizona-real-estate-investing","tag-phoenix-real-estate","tag-phoenix-real-estate-investing"],"acf":[],"yoast_head":"\nLater life rental property investing: rental income for retirement<\/title>\n<meta name=\"description\" content=\"Later life rental property investing: It's never too late to invest in rental properties. 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