At this point, you should use the guidance of a knowledgeable wealth-creation expert, to help you plan your strategy
for optimal results.
They will
be able to help you work through the above questions and create a plan of
action to achieve your goals.
Just as
importantly, a good property investment strategist will have your
best interests at heart.
I’ve seen
many investors chase quick, fast profits with the fear of ‘retiring poor’
weighing them down, and there are just too many sharks and scammers in this
industry who are far too happy to take your money and line their own pockets by
selling you a dud investment, which leaves you worse off than when you started.
With the
right advisors on your team, however, you could then consider some of these
strategy options for people aged 50 and over:
A mix of property types: Your strategy could include investing in a
blend of higher-yielding properties such as commercial properties alongside
high-growth properties that you can use to build your asset base.
Creating your own capital growth: If your budget and risk appetite allow for
it, you might look at generating your own equity by renovating an established
apartment or townhouse or even considering getting involved in a small
residential development like a duplex to manufacture growth.
Joint ventures: If you can’t afford to invest in a quality property
portfolio on your own to create enough wealth to retire on – or if you can’t
satisfy the loan criteria of the banks to buy your first investment–
maybe you could team up your children or
siblings.
RealRenta has all the tools that a property manager has but for less
than ¼ the cost of a property manager.
You can now manage your Residential,
Commercial or share/student accommodation property
Join now and the cost is less than a cup of coffee a week to manage your
rental property.
RealRenta also has a free vision, so why not check it out.
Of course,
any investment strategy involves some level of risk and this is especially true
for investors starting later in life who only have a shorter period to grow a
sufficiently large property portfolio to help fund their retirement.
Some of the many risk mitigation strategies I discuss with clients
include:
Having a
financial buffer in place which will allow them to cope with any unexpected
maintenance or vacancies.
How to
purchase their properties to in the most tax-effective manner and in the
correct structures.
Income
protection and life insurance as well as landlord’s insurance to protect their
interests.
Estate
planning because, while we never like to talk about it, it's important to plan
how we’re going to look after our family. This will include seeing a solicitor
and preparing a will, choosing executors and organising a power of attorney.
Finally,
it’s important that our clients treat their investments like a business and
regularly review their portfolio with their property strategist to
track its performance, ensure they have the right loans and best interest
rates, and assess when they're ready for their next acquisition.
RealRenta has all the tools that a property manager has but for less
than ¼ the cost of a property manager.
You can now manage your Residential,
Commercial or share/student accommodation property
Join now and the cost is less than a cup of coffee a week to manage your
rental property.
RealRenta also has a free vision, so why not check it out.
Jason Gwerder
Wednesday, 31 July 2024