{"id":4460,"date":"2017-01-04T15:15:07","date_gmt":"2017-01-04T23:15:07","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4460"},"modified":"2017-01-20T13:47:53","modified_gmt":"2017-01-20T21:47:53","slug":"is-real-estate-your-retirement-plans-secret-weapon","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/is-real-estate-your-retirement-plans-secret-weapon\/","title":{"rendered":"Is Real Estate Your Retirement Plan\u2019s Secret Weapon?"},"content":{"rendered":"<p style=\"text-align: justify;\">Your retirement may be a long way off, but if you\u2019ve yet to start planning, you could find yourself in a financial bind. And you won\u2019t be alone. Unfortunately, \u201cthe average working household has virtually no retirement savings,\u201d according to the National Institute of Retirement, a nonprofit research and education organization.<\/p>\n<p style=\"text-align: justify;\">So what can you do to avoid being average? Taking measures to diversify your portfolio among several types of assets is one important step, as is planning to maximize your 401K by enrolling in a company match.<\/p>\n<p style=\"text-align: justify;\">But to retire comfortably, multiple streams of income are important. Many prospective retirees have found success by trying their hand at real estate investing \u2013 a great way to make money, once you\u2019ve picked up some of the skills.<\/p>\n<p style=\"text-align: justify;\">We spoke with a couple of seasoned real estate experts to learn the ins and outs of buying and owning investment property for retirement.<\/p>\n<p style=\"text-align: justify;\"><strong>Tips to Get Started<\/strong><\/p>\n<p style=\"text-align: justify;\">If you\u2019ve decided investing in real estate is the right fit for your retirement portfolio, be sure to get started carefully. Educating yourself is important so you don\u2019t make a risky investment, said Burns, who recommends doing some research and taking informative seminars like those offered by The Norris Group in Riverside, California.<\/p>\n<p style=\"text-align: justify;\">Hall-Bradley advised to be careful about taking out a mortgage if your finances simply can\u2019t handle it. \u201cI\u2019ve seen investors not get a fixed mortgage and get something that balloons\u201d in interest, she said, and then lose their property.<\/p>\n<p style=\"text-align: justify;\">It\u2019s also a common mistake for first-time, rookie investors to take out a mortgage thinking they can refinance for better terms later. \u201cI would wait [until you can afford it], if you can,\u201d Hall-Bradley said. \u201cThe mortgage is very important.\u201d Before you apply for a home loan, be sure you know where your credit stands first so you know if you\u2019re able to qualify.<\/p>\n<p style=\"text-align: justify;\">You may also want to consider hiring a professional property manager who can help you deal with evictions and keep an eye on your nest egg, said Hall-Bradley.<\/p>\n<p style=\"text-align: justify;\"><strong>The Pros of Real Estate Investing for Retirement<\/strong><\/p>\n<p style=\"text-align: justify;\">\u201cInflation hedge\u201d is one of the first phrases John Burns, chief executive of John Burns Real Estate Consulting in Irvine, California, uses to describe the advantage of investing in real estate. Since various properties can be expected to maintain or increase their value over time, regardless of the value of a currency, it may be more worthwhile to invest in those as opposed to assets that may depreciate faster.<\/p>\n<p style=\"text-align: justify;\">There is also the aspect of having a positive income stream, Burns said. \u201cIf you\u2019re going to buy a house and rent it out, hopefully the rent covers more than your expenses, so you\u2019ll have some income coming in.\u201d Knowing you\u2019ll be able to make ends meet, and perhaps even build credit as you make your payments consistently and on time, can take the burden off of someone who is facing retirement.<\/p>\n<p style=\"text-align: justify;\">Another perk of investing in real estate is being able to take advantage of certain tax deductions, such as depreciation, Burns said. According to the Internal Revenue Service, some types of property, like buildings, can be reported on your tax return if they\u2019ve been used for business or the production of income.<\/p>\n<p style=\"text-align: justify;\"><strong>The Risks of Real Estate Investing for Retirement<\/strong><\/p>\n<p style=\"text-align: justify;\">Besides the real risk of not being able to attract tenants to a rental property, said Dana Hall-Bradley, a realtor in Osceola County, Florida, you may also have to contend with the cost of making improvements. That could mean having to replace outdated kitchen and bath fixtures, repair floors or install attractive features like a washer and dryer.<\/p>\n<p style=\"text-align: justify;\">Another downside to investing in real estate can be dealing with the tenants themselves, Burns said. \u201cTenants can be a headache and a lot of work,\u201d he admitted, especially if they fail to make their payments on time, become unresponsive or leave your property in poor condition.<\/p>\n<p style=\"text-align: justify;\">Real estate is \u201cnot a passive investment,\u201d said Burns, and it requires plenty of upkeep, both in terms of the legal and administrative paperwork and the maintenance of the property itself. If you aren\u2019t prepared to be actively engaged in your property, he said, you may want to focus your energy elsewhere.<\/p>\n<p style=\"text-align: justify;\">Bottom line : if you\u2019re up to the task, real estate is a terrific asset to have in retirement. Remember to do thorough research before you buy anything, and consider hiring an inspector to identify any potential problems with the roof, foundation, or structure of the property you\u2019re looking at. When done correctly, real estate investing is one of the best ways to produce a steady income throughout your golden years.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/real-estate-retirement-plans-secret-weapon\/98737004\/\" target=\"_blank\">Is Real Estate Your Retirement Plan\u2019s Secret Weapon?<\/a> by Jill Krasny | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your retirement may be a long way off, but if you\u2019ve yet to start planning, you could find yourself in a financial bind. And you won\u2019t be alone. Unfortunately, \u201cthe &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/is-real-estate-your-retirement-plans-secret-weapon\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4460","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Real Estate Your Retirement Plan\u2019s Secret Weapon? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/is-real-estate-your-retirement-plans-secret-weapon\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Is Real Estate Your Retirement Plan\u2019s Secret Weapon? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Your retirement may be a long way off, but if you\u2019ve yet to start planning, you could find yourself in a financial bind. 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