Is real estate a good source for retirement? – Definitely.
Investors love to invest in real estate because it is the most predictable stream of income for retirement. You may have heard it time and time again that “Cash is King.” When you have a good amount of cash, you can retire with a little peace of mind.
How to have a Solid Retirement Plan?
Set Your Goals
Many people believe in setting SMART goals. Those who were successful in real estate had goals that were Specific, Measurable, Achievable, Realistic, Time Bound, Ethical and had Profit the right way. When you set goals for yourself, you become a person with discipline because you are committed to achieving these goals. Making money and getting rich should not be the only to gauge of success. If you were able to set your goals effectively, then you are off to a great start. For real estate investors who are just starting out, you should never forget to set your goals!
You should also continue educating yourself. Warren Buffet, who is considered as one of the most successful investors in the world, also believes in the power of learning. He said that “The most important investment you can make is in yourself”. Know your “whys” and the reasons you make sacrifices. Do not be focused on just “I want to be rich.”
Although there are a lot of things to learn, your success is still based on experience. You should always have a plan before you go in. Picture yourself becoming the kind of investor you want to be. What are your short-term, long-term and ultimate goals? This will be your success compass to help you keep track and focused as you learn and enjoy your journey.
Taxes! It’s not about making tax mistakes. It’s about reaping the tax benefits.
Your new-found method of passive income is ripe with benefits. It can be downright tax-free if you do it right. You can even look into things like investing through a SDIRA for retirement. Do some research and talk to a professional who really knows real estate investment finance and taxes. Taxes and insurances are often overlooked, or at a minimum, pushed aside when investors look at properties. There are many benefits hidden in these two line items and those benefits can add to an investors’ bottom line in many ways.
One of the constraints in retirement is your outstanding debt. Whether it be mortgages, car loans, or other loan types, make a plan to pay them off as quickly as possible. One of the worst things that may happen is when you retire and still have debt to pay.
Work with an Adviser
Working with an adviser is a huge help. An adviser with very specialized knowledge, skills and experiences will help you work in real estate investing with as little risk as possible while creating better chances for high returns. Call Columbus Turnkey Houses to talk to a wealth consultant and get a game plan going for your retirement.
RJ Pepino is Co-owner of Columbus Turnkey Houses alongside David Payerchin licensed Realtor with ERA Real Solutions Realty. Together they have bought and sold over 300 homes since 2005.
They offer investors a full service turnkey real estate solution. Call today for a free consultation 614-285-3600 if you are looking for Columbus cash flow properties, Columbus wholesale properties, Columbus investment properties, Columbus real estate, Columbus turnkey houses is your premiere source for Columbus investment properties.