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Fund Your Retirement with Real Estate Investments
We are all familiar with the standard types of accounts when it comes to later-in-life financial planning. However, in the current economy, these accounts will only guarantee you the minimum standard of living. If you’re looking for a little luxury in your later years, consider funding your retirement through real estate investments. Real estate has been used for years by savvy individuals, and it’s your turn to join the ranks of the successfully retired.
Passive Retirement Income
Investing in real estate allows you to enjoy the benefits of a passive income. Passive income is achieved by investing in properties that will generate cash flow beyond what is needed to sustain the investment. In other words, any money you make after you pay the mortgage and upkeep the property goes into your pocket. These funds will pad your retirement, allowing you to leave the workplace and enjoy a comfortable lifestyle.
Multifamily Properties Maximize Passive Retirement Income
A MDU, or multi-dwelling unit, has two or more dwellings underneath one roof. Each unit has a kitchen, living area, bathroom(s), and bedroom(s). An example of a MDU is an apartment building. Investing in one or more MDUs can maximize passive income, which we already discussed above, by providing multiple revenue streams from the purchase of one property. The income from each unit is independent of the others, meaning the loss of income from one unit will not automatically cause the loss of income from the other units. Investing in an MDU is a smart way to maximize your return, since purchasing one apartment building is easier than purchasing several single-family homes. An MDU can also guarantee you have a place to live during your retirement since you can reside in one of the units while turning a profit on the others.
Benefits of Investing in Multi-family Properties
There are several benefits to investing in MDUs, or multi-family properties. Beyond creating passive income, let’s look at what makes MDUs especially attractive as a retirement investment.
Multiple Streams of Income
As we stated above, a multi-family property will be occupied by several, separate tenants all paying rent independently of each other. If you lose a tenant, you still have others paying rent while you fill the empty unit. There’s no such guarantee of income from a single-family home. If a single-family home is empty, it’s not generating revenue for your retirement. The same could be said for multi-unit office spaces, if you’re looking for a higher-dollar investment. Multiple units equal multiple ways to make money.
Less Expensive to Manage
When you purchase a MDU, you have the option to hire a property management company. The overhead to hire the company and manage the property will be significantly less than the overhead to manage several single-family homes. A management company will handle things like rent collection and soliciting tenants, allowing you to relax and enjoy your retirement.
Invest with Less Risk
Even in a down economy, multi-family properties usually have tenants. This means your risk is less when investing in these types of properties. You should be able to draw passive income even in harder economic times. Also, having multiple dwellings means your revenue streams are not dependent on each other. This also equals less risk.
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