No matter your age, it is never too early to begin thinking about retirement and the things you can do now for your future self. The traditional job market is changing; People are no longer working the same job for decades in hopes of retiring with enough money to get by. Real estate is an ideal side hustle that could provide the additional income you need to either retire early, or simply add more towards your retirement fund. In this article we’ll cover what you need to know to secure your retirement through real estate investing.
Why invest in real estate?
There are several side hustles and different investment strategies that could make you money and contribute towards your retirement goals. Here are some reasons why real estate is the most worthwhile of those investments:
1. Passive Income – Simply put, you earn money while you sleep. After the initial investment and work you put into a property, it makes money for you without you having to actively work at it.
2. Safety and Security – Real estate is safer than other investments because there will always be a demand for places to live. The real estate market experiences less extreme fluctuations than other markets.
3. Flexibility – With real estate, you can flip a distressed house for a profit, buy a rental property, split or combine land parcels, or even cash-out refinance to get money on hand. No other investment offers this many options.
Retirement through real estate in 4 steps
Securing your retirement through real estate investing may seem like a lofty goal, but breaking the process down makes it doable. Here are the steps you need to follow:
1. Set your retirement goals
First, figure out how much income you will need to maintain your lifestyle. This number is different for everyone and is influenced by a number of factors including where you’ll live, kids, travel, medical expenses, etc. Establishing this number will give a clear idea of what you need to make from your investment properties.
2. Develop your investment plan
Will you buy a distressed property to flip and sell for a profit? Buy a rental property and profit off the monthly income? Assess your options and develop a business plan to secure the steady stream of income you need.
3. Find the right property
Now that you’ve established how you will make money off your real estate investment, it’s time to find the right property. You will want to look in areas with a strong housing market where people are moving.
4. Calculate expenses
Finally, you will calculate the monthly expenses you will incur from the property to ensure you are making a profit. Consider factors such as maintenance, property management costs, mortgage payment, and a budget for repairs.
Where to start?
Investing in real estate can secure the cash flow you need to retire early. Anyone can begin investing in real estate at any age, but you will want to equip yourself with the right education to get you there. Don’t let lack of knowledge hold you back from an early and more prosperous retirement, our Real Estate Educational Resources walk you through real life investing scenarios to ensure that you feel confident taking this leap. Our courses are designed for all levels and learning styles and will prepare you to use real estate investments for your retirement.
To discuss more about how to get started on your real estate investing journey, book a complimentary consultation with IntroToRealEstate at https://introtorealestate.com/book-a-complimentary-consult…/
Wishing you great success in all you do!