Real Estate is a fantastic way to make and save money throughout your retirement days for a steady stream of income. You don’t need a formal education in Real Estate to get into it or be good at it, you might not even need to know a whole lot about Real Estate itself. But if you’re more comfortable, there are a ton of books that will help you understand it. It’s certainly one way to spend your time other than researching Medicare supplement plans.
If you have the money, the simplest thing to do is buy a house and start renting it out to people. There’s very minimal work involved from with this route, as opposed to people who’d rather go out and buy cheap houses that need a lot of work, and fix them up to sell for a profit. By renting, you can sit back and collect a steady stream of monthly income.
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If the house is good enough, you may not even need to spend much time fixing any issues your tenants run into. Or maybe you have plenty of time on your hands and don’t mind being around to fix things as needed, that’s a great way to spend some time while making money. Otherwise, pay someone else to manage the property with the money you’re getting from your tenants.
If you don’t have the money up front to buy a house, don’t be afraid of taking a loan out. Just make sure the tenants’ payments are more than your loan payments, and you’ll still make a steady stream of income. It’s an easy way to make passive income.
You don’t need to limit yourself to a single family house, go for a duplex or three family. Work your way up if you want, eventually you could move into apartment buildings, entire apartment complexes, and so on. Think of the money that could be coming in from owning an entire apartment complex. You’ll definitely want to hire an entire property management company when you get to that level, but it’ll be worth the cost. No one would have enough time to keep up with all of those buildings themselves.
For now, learn everything you can by reading as much about Real Estate as you can, and start by investing in your first property. Get help from friends and family, be smart, and do it right. You’ll have a lot of fun in the process.