Creating a safer retirement dream in California can be confusing and daunting, but it is possible if you prepare for it. Last year, I had a TV interview on Ding Ding TV (make sure to push the CC button for English Captions) where I discussed different options. I recently spoke to a 74-year old woman who impressed me immensely with her retirement plans and implemented exactly what I had talked about in the interview.
This woman moved from her long term home in Palo Alto and lives in one of the three modest properties in Eureka. The Palo Alto property she owns only has about $30,000 left on the mortgage, and her other three properties, worth approximately $200,000, have mortgages.
She decided to sell the property she lived in Eureka and move back to the South Bay area to buy another property and continue to rent the other three properties. The combination of income from her three properties plus social security is approximately $9000.00 per month! By selling this property and maintaining her rental income, she is able to have a decent down payment on her next home, qualify for a home loan without having employment, and maintain her equity in her other three homes! How many retirees can do this?
What brought her to the real estate decision was her stock investments. She lost about $400,000 in her 401k and only had about $80,000 to $90,000 left that was not liquid due to retirement fund restrictions. She is the perfect example of someone who had planned for a successful and safer retirement dream most people wanted.
When you are ready to take steps to protect and enhance your future, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.