Retirement Plan
Hi Im curious. Many of you seasoned or on-your-way-there investors mention that you intend to retire using REI. Im not sure how that would work. Does that mean that you intend to eventually just rent out properties as your sole source of income? Sorry, naive question but I am curious about everyone's ultimate angle here. Could anyone share their 5 or 10 year plan to give an idea? Particularly using SubTo? As always, thanks!!!
There are many ways to retire in RE. We place properties into a ROTH. Like this....
We get an options on a nice piece of land or house building the money to secure the option comes out of the roth and the benifits are assigned to the Roth. Sells and all profits go streight to the Roth.
Paid $100 for one option and it returned$12K and I knew who would buy it before we ever got the deal. Or do the classic RE way and buy rentals and hold long. There are only 1000s of ways so start hunting.
Sire
Okay one more. Sorry retirement is a fun topic for me. We place houses in land trust Sub 2 with the benificial interest as our Roth. all profits and payments come from the Roth. We do this with my fathers proerties because of his age. He gets all the money out tax free. It was pretaxed money in so all money comes out with out taxes. This is how he pay him. Just give him anothe house in his Roth. Now I am done sorry for the ramble.
Sire
Thank you for your reply. What is a ROTH though? Thanks again. :-?
A Roth is a Roth IRA...an alternative to the "old" traditional IRAs. Check with a local tax and or financial planner to determine if this is an appropriate retirement vehicle for your situation.
A Roth gives you flexiblity to invest in almost anything through your retirement fund. Check into it well worth it.
Sire