Multi-unit homes give retirees income and freedom. (pension, conversation, state)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Interesting article about a retired couple who purchased an apartment building of six units then remodeled that into three larger homes, renting out two ostensibly and living in one.
This building looks rather stately and well-constructed. Many apartments are cheaply built and are of little aesthetic value and likely not practical or worth doing this on. IMO, you'd need a fairly unique property to make this practical, interesting to clients, and financially viable.
While they are supposedly making $4,000 in rental income, no idea if that's net or gross after their mortgage. Also, what were their initial outlays? It doesn't say - if that's $4,000 month in profit vs. $400,000 to get started, the feasibility changes dramatically.
Other than maybe mathjak, how many folks on here are finding multi-family unit dwellings viable and fulfilling in retirement?
same here .last thing i want to be in retirement is a landlord but there are many who do it .. we just came from a nice b&b upstate where an 80 year old couple runs it and they love doing it .
My grandfather bought an old mansion with a carriage house in a small PA town. He remodeled the mansion into 6 lovely apartments keeping the fine wood paneling and moldings. With the carriage house he had seven units. He was self employed and did not contribute to SS.
When he was ready to slow down he sold his main home and moved into the carriage house. Then he sold his apartments with a guarantee of lifetime tenancy in the carriage house. So he had a free place to live, no maintenance, and income from his properties to live on. He lived there until he died at age 91.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,726 posts, read 58,079,686 times
Reputation: 46195
That's what I do^^^ (as a young retiree, no pension , no HC)
Have several rentals, keeping multiple living spaces in each for future caregiver & downsizing me.
I buy at prices that enable 10% net + potential equity gain.
Yes, it can be some additional work, but FAR less work than a 40 hr / week job that would be taxed as wage income. I don't plan to be doing it when I am age 80.
Explored a lot of REITs, but only found 4% on solid REITs, and 8%+ returns were holding risky mortgages.
I am exploring an LLC offering similar to private REIT. Several retired friends do this (Invest in specific properties as a group) Usually storage rental companies and complexes (in which I don't invest).
Master plan for me is to get back into NNN commercial props that are immune to internet erosion.
My paternal grandfather built 28 houses, they lived in one and rented the other 27 homes to families.
My first four homes were Multi-Family-Residences [A Tri-plex, a Five-plex, a second Tri-plex and a Four-plex]. Now as retirees we no longer have any rentals. But we have been shopping, thinking of picking up a four-plex.
A $200k purchase can easily get you $2,000/month gross income.
My parents are 51 and 54. My mom retired early from full-time government work and my dad has always been a full-time, small scale farmer. When mom retired, they let go of their hired help for the farm and they both do all the work now. As they look at the next 10+ years they're starting to convert some of their fixed assets into revenue producing assets. They now own four single-family homes (in addition to theirs) and a duplex. They bought most of them on the cheap (short sales, etc. -- the duplex was unfinished and had sat empty for 5 years, etc.) and are now beginning to realize a manageable income stream taken together with savings, investments and future SS.
same here .last thing i want to be in retirement is a landlord but there are many who do it .. we just came from a nice b&b upstate where an 80 year old couple runs it and they love doing it .
Yes, I much prefer a mouse click (equities, etc.).
[url=http://www.democratandchronicle.com/story/marketplace/real-estate/2016/08/25/multiple-unit-home-gives-retirees-income-freedom/88943586/]Multiple-unit home gives retirees income, freedom[/url]
Interesting article about a retired couple who purchased an apartment building of six units then remodeled that into three larger homes, renting out two ostensibly and living in one.
This building looks rather stately and well-constructed. Many apartments are cheaply built and are of little aesthetic value and likely not practical or worth doing this on. IMO, you'd need a fairly unique property to make this practical, interesting to clients, and financially viable.
While they are supposedly making $4,000 in rental income, no idea if that's net or gross after their mortgage. Also, what were their initial outlays? It doesn't say - if that's $4,000 month in profit vs. $400,000 to get started, the feasibility changes dramatically.
Other than maybe mathjak, how many folks on here are finding multi-family unit dwellings viable and fulfilling in retirement?
Multi-unit homes give SOME retirees income and freedom; they give other retirees expense and economic bondage.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
