Investing in real estate for passive income in retirement may seem risky to investors who would rather trust their retirement funds to fund managers and mutual funds.
Bill Manassero, host of the popular Old Dawgs REI Network Podcast, found that there are at least seven reasons for seniors to invest in real estate.
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Seven Reasons Why Real Estate Investing
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Bill started investing in real estate after he turned sixty. As veteran stock market investor, the decision to invest in real estate was easy, based on the opportunity to create passive income and preserve capital.
Once he got started, he realized he could accomplish a lot more with additional units. So, he set a goal to acquire 1000 units within six years to allow him the passive income he wanted and leave a legacy for his children, grandchildren and Haitian charity.
Before making your first real estate investment, Bill recommends taking four steps:
- Education: Get your education. There are tons of free and low cost resources available. Go to the local REIA group, check out https://www.biggerpockets.com/ and listen to podcasts focused on real estate to learn how others are doing it.
- Mentor: Find an experienced real estate investor and get to know how they do it. Offer to help them for free. Learn first hand how they go about investing.
- Plan: Create a plan based on what you have learned, and input from your mentor. Beware of Analysis paralysis!
- Action: All the education will without action will never get you closer to your goals.
The most important question to ask before investing:
Experience is the most valuable teacher. Look to an experienced investor who can mentor you. Any investor with multiple properties and years experience investing can provide stories and lessons they learned the hard way, so you won’t have too.
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