Why investing in real estate can boost your retirement income.
Buying a house and paying it off can be one of the best ways to get ready for retirement. So, can you buy even more property?
Yes, investing in real estate is complex and risky, as last decade’s housing meltdown amply demonstrated. But if you have money to spare, consider buying your office building instead of renting it, or snapping up other properties. Becoming your own land lord can help you manage your company’s expenses—no negotiating leases or sudden rent hikes—and your tax bills. In the long term, owning rental properties also means you’ll have a steady source of income once you retire. A recent survey of 300 business owners, conducted for Inc. by business-credit site Nav.com, found that 27 percent of respondents had rental real estate investments.
“There are a lot of advantages to investing in real estate,” says Jim Doan, founder of a 150-person San Diego–based mortgage brokerage (and part-time investor in Hawaiian rentals). “If you’ve successfully run a business, you have all the skills you need to manage rental properties.”
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