In an article on Bluestone Hockley, it is mentioned that people who are Baby Boomers begin to rethink everything as they age, starting with how they will manage their real properties as well as investments before they retire.
Of course, retirement is the best time for absolute relaxation in which one can freely travel to different places around the globe. However, it can be a bit of a problem for people who have a number of real estates in different jurisdictions. Such time-consuming and money-consuming investment properties become a serious retirement burden according to a report on Forbes. And if one is thinking of placing owned properties on the market list is a good idea,then yes it is. Before this though, it is highly recommended to seek the advice of expert wealth advisors to be able to learn all the possible solutions.
A wealth strategy consultant with RBC Wealth Management in Minneapolis, Malia Haskins, shares his advice on sorting out real estates before retirement. "Decisions about how to handle real estate investments prior to retirement are extremely individual, but in general, investors need to consider what their cash flow will be like in retirement and how they want to handle their real estate investments in the context of family dynamics," he substantially said as cited in an article on My Informs.
A lot of real property investors begin with either 1 or 2 residential properties, and in the long run will find themselves in their 60's or 70's with a portfolio of real estate investments according to Cliff Hockley, the President and the Principal Broker of Bluestone and Hockley, which is a real estate management company based in Portland.
As cited in an article on Forbes, Hockley said in a statement, "There are several ways to simplify your investments as you prepare to retire, but I always recommend that at least by your early 60s, you should be talking to your kids about whether they have an interest in partnering with you to manage the properties." He added that "If not, you can look into hiring a property manager for each place or an asset manager to oversee your whole portfolio."
Another RBC Wealth Management wealth strategy consultant, Van Pate, gave advice regarding property investments. "Most people say they want to wait until they are 80 to sell their property, but often they have hired someone to manage their properties, or own property that essentially runs itself and just generates automatic monthly rent checks," said Pate as cited in the same article on Forbes.
Although selling properties as well as investing the profits in other ventures could be seen as a solution to get rid of landlord tasks, Haskins advised that divesting real estate properties should be conscientiously managed.
