With the economic turbulence causing headache and frustration for millions of Baby Boomers and retirement living seniors, many are looking for alternate ways they can help make up the lost money from their retirement portfolios, and one new idea is becoming increasingly popular: become a landlord.
According to an article in Time magazine, more seniors and boomers are looking to purchase rental properties and rent them out to tenants in an attempt to boost their retirement income.
The article says that a recent Coldwell Banker study on real estate claims about 90 per cent of their real estate agents have at least one Baby Boomer client who is either currently a landlord, or is looking to become one in the near future.
Clearly, the rental business is big. The news outlet quoted a promotional piece extolling the virtues of buying rental properties: “If you’re willing to take the plunge, rental properties offer a rare opportunity to generate extra cash in post-work life. Indeed, a well-located unit in a middle-class neighborhood can produce an extra $200 to $1,000 per month after expenses.”
Despite the interest, the media outlet is cautious to warn readers that buying a rental property is not for everyone. Plenty of research needs to be done before making any kind of a large investment.