I recently discussed funding your kids' college through real estate, and today I wanted to talk about funding your retirement through real estate investing.
Think about your current plan - are you putting money in stocks and your 401K, are you banking on social security, or are you just saving money? If you don't have a good savings interest rate, you're going to have to save a lot of money to prepare for retirement.
Consider the possibility of purchasing a few single-family rental homes or condos and financing them on a 15 or 30-year mortgage. You would have tenants who pay rent that's more than the mortgage for monthly cash flow, and in 15 or 30 years, that property would be paid for. If you have five houses paid for when you retire, that's a pretty good income.
Rental properties can generate monthly cash flow as well as equity.
Five houses renting at $1,000 a month is $60,000 a year in income, and if you have houses with $2,000 rent, you're looking at six figures in income from rental property alone.
Rich Dad Poor Dad by Robert Kiyosaki is a good book to read to change the way you're thinking about money. He talks about acquiring assets and allowing them to produce income to fund other areas of your life. I encourage you to think along those lines.
For this reason, I want to see how much interest there would be in an investment workshop. If you're interested in attending a three-hour workshop about the ins and outs, the good, the bad, and the ugly of residential real estate investing, email me at Justin@WoodallRealtyGroup.com. We’ll get you on a list to keep you updated about a potential event.
I hope this topic has been informative and has challenged your thinking today. If I can ever do anything for you, give me a call or send me an email.
