Here is how to use Metro Detroit real estate to provide retirement income. So many metro Detroiters and Americans across the country are going to be in trouble when it comes to retirement. We all have been hammered by the fall in the stock market. Add in that many people's incomes have been reduced by the economy. So many people are not putting away for retirement.
So what's a person to do? Here are my thought's. There are many great homes in the metro Detroit area that are selling for under $35,000. If you shop right you can pick up some very nice homes for under $35,000. Metro Detroit homes that have newer windows, decent roofs, decent kitchens. Homes that have the basics in good shape.
Many people have IRA's that can be converted into self directed IRA's. Or some people have home equity loans not run up to the max. Some people even have cash.
So here are my thought is buy a decent $35,000 metro Detroit home. Let's take this example taxes are going to be $282 and homeowners insurance is $60 a month. For a total outlay of $342 a month. Let's say you get $800 a month. That is $458 cash flow if you bought it cash. Let's say you took it out of your home equity loan. You could pay off the house in about 8 years (if you could keep it rented).
Think about this in numbers. If you bought 4 of them that would be $1832 a month in income. Or you would have 4 Metro Detroit homes that would be paid for. Even if they did not go up in value in 8 years. They would have paid for themselves. Plus you have tax deductions too.
Just my thoughts on how to use Metro Detroit real estate to provide retirement income.
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My Month of April quote:
"Sometimes the only way to get to the far shore is to lose sight of the shore you just left"
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Russ you're right! Funny thing is, more people were investing in real estate at the peak than now when we're at or getting close to the bottom. Buy high & sell low?
Wonderful Blog! Thank you for taking the time to write it and share it!