Supplementing Retirement with Rental Property

Supplementing Retirement with Rental Property 

By Emilio DiSpirito Realor/iHeartradio Show Host "The Round Table Real Estate Simplified"

www.EmilioDiSpirito.com 401-359-2338 Email Emilio DiSpirito Here

February 2016

Retirement may be right around the corner for you, or maybe you have already relieved yourself from a crazy work schedule and have found things to be getting a little tighter with passive income. You wonder if you should pick up part time hours somewhere to help cover extra expenses like coffee time with friends, travel and other things you should do to enjoy life. BUT doesn't that defeat the purpose of retirement!?

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The definition of retirement is (noun) the action or fact of leaving one's job and ceasing to work.

Well if you find that after retiring you are either bored or not happy with your spending money, you may want to pay close attention to what some of our clients have done to leverage real estate in their favor.

With median rent increasing in Rhode Island approximately 27% since 2009 (according to rentjungle.com) and the price of multi family homes up approximately 14% (RI MLS) 2015 over 2014, the one thing that is obvious is that the most conservative of investors are also finding comfort and strong yields when investing in rental income.

Lets put it this way.. Under an ordinary scenario here in Rhode Island
$150,000 purchase price 3 unit multi family home of $1000 per unit
You take out a 30 year fixed rate mortgage 4% with 25% down
Taxes & Insurance are $6,000 per year
Renters pay all their utilities
You Net $1963/mo.
$23,556/yr.

Veterans with 100% financing would be at approx $1700 in extra income per month aka $20,400/yr.

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Quick List of 4 Ways You Can Leverage Real Estate For Retirement

• Cash out refinance when you own your home outright. If you are a veteran you can take 100% out, if you are using Conventional financing 20% down you can take up to 85% out and If you want to only put 3.5% down using FHA you can take up to 85% out!  Usually you can get your funds in as little as 3 weeks from application. 
• If you still own and owe on a house you can go Conventional mortgage 25% down and 30 year fixed rate (age does not matter, banks cant discriminate)
• Hard money is also an option. Rates are a bit higher and you need to establish an LLC. We have hard money lenders and attorneys that can help you with this.
• If you really want to increase your cash flow and owe a small amount on your home or no amount, you can take out a reverse mortgage where the bank gives you between 50% to 65% of your equity back overtime where they cut you a check monthly. In addition to that you may still be able to qualify for one of the mortgage or hard money programs above and therefore more than double or triple the amount you are currently making per month with Social Security, your pension, annuities, etc. Keep in mind reverse mortgages are not for everyone and you should speak with a trusted professional before moving forward. We have those if you need them.

And that my friends is how to supplement your retirement income with rental properties here in the Ocean State!

Start your home search here! www.MyDreamHomeNow.com or Call 401-359-2338 for a FREE no OBLIGATION Real Estate Consultation

Ready to cash in?? Maybe it's time to see what you will net when you sell real estate now? Find your homes value here instantly! www.TrustTheDove.SmartHomePrice.com


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Note from Author: Thank you for taking the time to read my blog. My name is Emilio DiSpirito and I'm a full time, very passionate Rhode Island Realtor. I run a team of highly productive and qualified real estate consultants and licensed agents here out of Rhode Island and Massachusetts. Much of our client base are folks in the age of retirement. I take a passion in educating the public and other real estate agents on all the opportunity out there with real estate! I've been featured on over 50 radio stations all around the country in places like Los Angeles CA, Los Vegas NV, Phoenix AZ, Nashville TN and weekly in Providence RI just to name a few. 

Many people believe that they are stuck living off what they get from

Host of The Round Table Real Estate Radio Emilio DiSpirito

social security and are afraid of taking too much risk with real estate. Real estate has always been the best returning investment overtime and is a superior vehicle for you. We need to make sure you are in the right situation though because its important you do not bite off more than you can chew. Please tune into my weekly show on iHeartradio "whjj" or Newsradio 920 am in RI and MA for information, advice and market data from the areas top recommended real estate professionals. My personal email is open to you should you have any questions emiliodiv@gmail.com and my personal cell phone number is 401-359-2338. Thank you and God bless!! The American Dream is alive and well!! :)