Special offer

WSJ says to become a LANDLORD when you RETIRE!

By
Property Manager with Gibson Management Group, Ltd.

A recent WSJ article highlights a little advertised but widely known gem in the landlording community - retiring as a landlord in a multi-unit building.

Many retirees are seeing this as an alternative to full-time retirement AND a way to hedge their retirement income with net cash flow that does not effect their social security retirement benefits AND providing a FREE place to live.

 

Finding the right building may take some time and the type of unit the landlord/owner will occupy is a major consideration in addition to the building's cash flow and need to routine maintenance.  Some new landlord owners may have the ability to change light bulbs but not be able to deal with unit re-habs, yard maintenance or complicated HVAC issues, these duties are easily handled by good service personnel or other area landlords on a trade-out basis. 

 

Joining a local landlord association for education and knowledge may not be some retirees answer to their "Golden Years"; however, the benefits may far outreach the drawbacks if retirement income can be maximized and benefits not reduced.

http://online.wsj.com/article/SB10001424052702304451504576394083152168562.html?KEYWORDS=landlord

Posted by

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

Comments(10)

Christine O'Shea
Christine E O'Shea Broker - Naples, FL

That is a great option, I did not realize that retirement income like social security would not be affected by rental income!

Jun 28, 2011 02:27 PM
Roseville Rental Properties - Homes & Condos For Rent in Roseville / Placer County, California (916) 408-5500
Roseville Rental Properties - Roseville, CA
Property Management and Tenant Placement Services

Wallace, my parents have been landlords in their "family compound" of four units on one property for over 20 years now (even before they retired) and it's allowed them to live a comfortable lifestyle.

Jun 28, 2011 02:28 PM
Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor

Wallace,

Great article. I have heard of building hosts/managers living on-site in retirement but not this concept. Great idea. :)

Steve

Jun 28, 2011 05:45 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Wallace - it might be a dream of every retiree now. A viable alternative to imminent cuts in services

Jun 28, 2011 05:57 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

That is a great idea.  Hmmm.  I shall have to start taking classes in property management, oh, and save up some money :)

Jun 28, 2011 06:11 PM
MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

You first must have the right personality; if so, then it's a matter of finding one with the right cash-flow.

Jun 28, 2011 08:52 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Although I don't own, managing smaller properties in exchange for rent is my plan for retirement Wallace.

Jun 28, 2011 10:42 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Roger * there is a GREAT property intown that has 3 cottages and a larger "main" house.  Cottages are rented to UVa grad students and owner lives in the main house....I'd love to have that set-up in 5 years.....income is almost $5,000/mo and if the owner wants to sell with owner-financing, I'm THERE!

Jun 29, 2011 12:53 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

For the right type of individual this does seem like a reasonable option. This would take some real commitment!

Jun 29, 2011 01:02 AM
Jason Hartman
Platinum Properties Investor Network - Costa Mesa, CA

OR...start being a landlord NOW, years before retirement. If you play your cards right, you will be so deep into your financial freedom you won't know what country to visit next.

"Invest in places that make sense so you can afford to live in places that don't make sense." - I quote myself!

 

Jason

Jun 29, 2011 11:58 AM