Kalamazoo Real Estate – Have you checked what you can expect to earn from Social Security once you retire? You should go to www.SSA.gov to see what you can expect as a Senior Citizen in the greater Kalamazoo area when you retire. You can also see estimates of your minimum required distributions from your retirement accounts. So what happens if you discover that you’re not going to have enough retirement income to cover your living expenses. How can you supplement retirement income?
Ideally, it would be perfect if the extra money you need would just come to your mailbox each month with the same certainty as your social security or retirement income.
Rental homes are a popular choice for passive income because they are an investment that many people have some experience with since they have owned their own homes. There are ways to ensure that rental properties are easy to manage and the rents should keep pace with inflation.
When should you check your estimated income and make a plan for your retirement income?
Mortgage loans for investment properties in Kalamazoo are available to investors with good credit and a down payment of at least 20%. While 30 year mortgage terms are the most common, if you are an investor that wants to have the home paid for by retirement, you may choose a 15 or 20 year term. If you plan correctly, purchasing a rental property or two when you are in your 40s or 50s would allow you to have your tenant pay the mortgage and upkeep (and property management?) for your property during your working years, setting the perfect stage for residual income to supplement your social security during your retirement.
A tried and true strategy is to choose average or slightly below average priced homes in predominantly owner-occupied neighborhoods. This will appeal to more prospective tenants wanting to live in good communities and should provide a higher level of revenue and a more stable tenant.
When a Kalamazoo or Portage rental property owner has a good property with a good tenant, the income is as predictable and convenient as going to the mailbox each month.
The Veenstra Team has helped many people purchase rental properties and has years and years of experience owning rental properties. We are able to provide a packet of the forms you need to manage a Kalamazoo area rental property and provide solid advice with regards to the purchase of a solid investment property.
The Veenstra Team specializes in providing the latest and best tools for our home buyers and sellers and CLICK HERE to get a fabulous tool that will allow you to find out about rental properties that are on the market at the same time as REALTORS learn of them.