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2012-03-28 11:30:16
Is owning rental property part of a sound retireme

Many people lost a large portion of their retirement in stocks in the past few years. People have also lost significant equity in their homes recently. This has been an unfortunate problem for many people but is now an opportunity for many of us. Rates are very low, prices are way down and many people want to diversify their retirement funds. Having all of your 'eggs' in one basket is very risky.

Now is a great time to buy a rental property as part of your retirement plan, even if you don't want to manage rentals. Think about it: You can buy a rental with about 10-20% down, renters will pay it off for you and you can sell the home for the equity or use monthly rents as income. The best part is that you don't even have to act as a landlord. You can hire a property manager to handle repairs and rent collection and have a hands-off investment.

Demand for single family homes to rent is very high in our market. They are in short supply which means vacancy is down and rents are rising. For ease of mind, it is best to buy a home in a good location with good tenants. The home should also be in good condition to attract quality tenants who will take pride in the condition of their rental home. A great real estate broker or agent can be invaluable for your search for a rental property as most agents own or have owned rental properties.

The first step in your search for a rental property should be to get pre-approved with a lender (bank, credit union or mortgage broker), then you should hire a competent real estate agent with experience selling and managing rental properties. We have personally owned and managed 15 properties and have managed several other properties for other homeowners/investors and have vast experience. Call us today to get started on your search for a rental property!

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