In this week’s episode, Tim Regan sits down with David Cobb, an Illinois-based realtor with more than two decades of experience, to chat about how real estate investing can fit into a larger retirement income plan.
A big piece of retirement planning is thinking about your future income – the money you’ll live off of once you retire from the workforce. For many, that often involves real estate investing. In fact, more than 60% of Americans are homeowners!
But like most investments, real estate is far from one-size-fits-all, and it’s important to understand your options before making the decision to buy or sell property.
To help lend clarity to this topic, we’ve teamed up with real estate agent David Cobb, who has helped countless families in purchasing first homes, downsizing for retirement, finding rental properties and more.
In this episode, Tim and Dave explore:
- Why downsizing is often more expensive than people think
- How property management responsibilities should factor into your overall decisions
- How market conditions like inventory and interest rates can impact the decision to buy or sell
- What to look for when choosing a real estate agent
Plus, Dave gives insight into how licensed agents’ resources – such as access to a private listing network (PLN) – can help you navigate the selling process more effectively.
“When buying a home, start with doing research on agents in your area that have a track record of success and that have positive online reviews – that’s first and foremost,” Dave advises.
Click “Play” to listen to the full conversation, and be sure to talk to your financial advisor about the potential risks and rewards of real estate as part of your long-term plan.
You can also click here to check out our other Retirement Readiness episodes, or explore Dave’s real estate services at DavidJCobb.com.
Key Timestamps and Topics
- 00:00:02 – Tim introduces the podcast episode and welcomes Dave Cobb, a local realtor.
- 00:05:06 – Tim addresses a listener’s question about changes to the minimum required distribution rules for retirement accounts.
- 00:06:52 – Dave discusses his expertise in real estate and how he provides advice to clients looking to buy or sell properties.
- 00:09:15 – Tim and Dave talk about how factors such as interest rates and inventory availability impact the real estate market.
- 00:13:52 – While some clients prefer to handle maintenance themselves, there are management companies available to assist with repairs and maintenance, especially for those who are not local or do not want to be bothered.
- 00:15:34 – Dave suggests that buying a single-family home is often the best option due to its ease of selling and potential for higher profits through appreciation.
- 00:18:18 – The conversation touches on the importance of niche specialization in real estate. The guest explains that agents often focus on specific areas or types of properties to better serve their clients.
- 00:21:04 – The conversation shifts to the current real estate market. Despite expectations of a flat market due to rising interest rates, the guest explains that low inventory and various life circumstances still drive the demand for homes.
- 00:23:10 – The guest discusses the challenges of downsizing, particularly in the context of a lack of inventory for ranch-style townhomes.
- 00:27:53 – Tim and Dave discuss the importance of finding a real estate agent with a track record of success and positive online reviews.
- 00:31:31 – Tim and Dave discuss the evolving nature of the real estate industry, including the use of private listing networks and pre-MLS listings.
- 00:34:19 – Dave explains how the private listing network (PLN) allows sellers to showcase their homes while they prepare them for sale.
3 Key Takeaways
- Learn how rental income can provide a stable and reliable stream of cash flow to support your retirement lifestyle.
- Explore the advantages of investing in single-family homes versus multi-unit buildings and find the best fit for your retirement investment strategy.
- Find out how to choose the right realtor who specializes in retirement investments to ensure successful and profitable transactions.
Links
Learn More with PrairieView
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