Starting Rental Property for Retirement

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Tayskiing
Posts: 48
Joined: Tue Oct 06, 2015 7:47 pm

Starting Rental Property for Retirement

Post by Tayskiing » Sun Dec 01, 2019 3:31 pm

BL: Looking to get into rental real estate as part of my retirement portfolio. Looking for Pros and Cons, lessons learned, and recommendations on literature.

I am looking at retiring in 3 years. By then, we will have enough in dual military pension to live off just that. In addition, we have enough in stock market investments to live off just that as well. To round out our portfolio and to diversify even more, looking to get into flipping houses for rental income.

Like Social Security, not sure if military pension will be around forever… and if the stock market take a long slump, we want a tertiary source of income. Hence our wanting to branch out into rental property. This year we sold our two rentals that were across the country and want start fresh with rentals closer to us so we can be the property managers and keep a closer eye on our rentals.

We would like to renovate homes that we would like to use for rental property. We have no experience with renovating property or managing property (for our previous rentals we had property managers). We both still have our GI bill- maybe use that to get our realtor license? Not sure what other credential would help us with this endeavor.

Any input would be appreciated! Thank you.

User avatar
Sandtrap
Posts: 8465
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii No Ka Oi , N. Arizona

Re: Starting Rental Property for Retirement

Post by Sandtrap » Sun Dec 01, 2019 3:32 pm

Search the forum archives for "rental property", "retirement", "starting out", etc.
There are several long and detailed threads on this with input by "denovo", "sandtrap", and others.
Here's one of them asking a similar question:
viewtopic.php?f=1&t=283966&p=4606479&hi ... t#p4606479
j :happy
Wiki Bogleheads Wiki: Everything You Need to Know

Topic Author
Tayskiing
Posts: 48
Joined: Tue Oct 06, 2015 7:47 pm

Re: Starting Rental Property for Retirement

Post by Tayskiing » Sun Dec 01, 2019 3:52 pm

Thanks! I will definitely look through those previous posts.

JBEB
Posts: 44
Joined: Thu Oct 03, 2019 6:45 pm

Re: Starting Rental Property for Retirement

Post by JBEB » Sun Dec 01, 2019 7:59 pm

Check out bigger pockets to balance out some views

renue74
Posts: 1775
Joined: Tue Apr 07, 2015 7:24 pm

Re: Starting Rental Property for Retirement

Post by renue74 » Sun Dec 01, 2019 9:03 pm

Most states require X number of hours of school work and then taking an exam for real estate license.

In my state, the school work is usually provided by private companies and cost about $400-$600. The exam is pretty cheap...like $100.

--------

I started being a landlord about 6 years ago. I enjoy it. I like building/construction science and enjoy seeing projects completed.

The real estate markets in a lot of places are pretty hot right now...so deals are not as abundant as in 2010...but you can find some.

Biggerpockets is a good site, but don't be tempted to over leverage yourself or do screwy deals. Sometimes they can give bad advice over there.

User avatar
Sandtrap
Posts: 8465
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii No Ka Oi , N. Arizona

Re: Starting Rental Property for Retirement

Post by Sandtrap » Sun Dec 01, 2019 9:16 pm

renue74 wrote:
Sun Dec 01, 2019 9:03 pm
Most states require X number of hours of school work and then taking an exam for real estate license.

In my state, the school work is usually provided by private companies and cost about $400-$600. The exam is pretty cheap...like $100.

--------

I started being a landlord about 6 years ago. I enjoy it. I like building/construction science and enjoy seeing projects completed.

The real estate markets in a lot of places are pretty hot right now...so deals are not as abundant as in 2010...but you can find some.

Biggerpockets is a good site, but don't be tempted to over leverage yourself or do screwy deals. Sometimes they can give bad advice over there.
+1
Tread carefully.
j :happy
Wiki Bogleheads Wiki: Everything You Need to Know

Lynn1987
Posts: 122
Joined: Tue Jun 18, 2013 9:00 pm

Re: Starting Rental Property for Retirement

Post by Lynn1987 » Sun Dec 01, 2019 9:35 pm

DH and I acquired our first (and so far only) rentals in 2016 & 2017, in our early 50's. They are within 5 miles of our home and we self-manage, along with having full-time "real" jobs. It's been a really good experience and quite profitable. I would recommend looking for a local real estate investment group. We joined our local group about a year before our first purchase and have received a ton of useful information. There are many seasoned landlords in the group who are glad to share their experience and answer questions. I think the top two things we learned were the most important features to look for when buying a house to rent in your area and how to screen prospective tenants well.

Post Reply