When we teach our Success Path Education seminars, Tarek and I get a lot of questions about saving for retirement and how to make money after retirement. After all, our students are like anybody else. They don’t want to have to keep working until they drop dead. They want to have time to spend with their families, and they want to be able to relax and enjoy their golden years. Well, honestly, real estate investing is the best way to make money after retirement that I can think of, and here’s why…
Tarek and I chose our jobs as real estate agents because we both love working with people and because we wanted to have plenty of time to spend together and with our family. When the housing bubble burst in ’08, we knew we had to do something fast, but we didn’t want to rush into office jobs that would take us away from our baby daughter and each other most of the time.
Now that we have two kids, we want to be able to spend even more time together, and when we get older, we’re going to want to be able to spoil our grandkids rotten, too. If you want to do the same, I definitely recommend following these tips…
Put Together Solid Real Estate and Rehab Teams
Think about how Tarek and I approach our rehabs. We do as much as we reasonably can on our own, but we never try to DIY the things that need to be done by professionals. Also, if it’s going to take us too long and a pro can do it in a lot less time, we’ll definitely turn it over to more capable hands.
As our business grows, we end up taking on less and less of the physical labor that goes into each of our rehabs, and you should do the same when you flip your houses. You can do that by building a really solid rehab team. Find contractors that you can call on whenever you need them. Build a relationship with your suppliers. Bring in project managers you can trust. The stronger your relationships are with these people, the more you’ll be able to walk away and let them do their jobs.
And the same is true for your real estate team. If you have people working for you to generate leads, make deals, and sell flips, you’re going to have less and less active work that you have to do in your business.
Become a Private Lender
Even if you haven’t set up a full house flipping business by the time you retire, you can still make money in real estate investing. And you can do it from your own home without much work at all by investing in another house flipper’s projects. You put up the capital, and they put in the sweat equity. At the end of the day, you have passive income to help build your retirement fund even after you retire.
Partner With a Younger Flipper
Of course, you don’t have to be independently wealthy to make money after retirement. Instead, you could partner with a younger flipper and split the work up. They’ll take care of making deals and doing rehabs while you take care of getting private loans and other investor money.
So, if you’re thinking about how to make money after retirement, you should really consider one of these real estate investing options. They’re some of the best ways to make money after retirement, and you can bet that Tarek and I will be doing something similar when we get a little older, too.