Steve D Valentine lays out a retirement strategy: buy a livable home now at a good interest rate, rent it out, then move in or sell it later using a 1031 exchange. He suggests buying in places like Flagstaff or Sedona where you'd actually want to retire, turning the property into income while you wait.
We're actually pre planning for the retirement by buying a home that's in livable condition that we can rent out and then remodel when they're ready for it. See, a lot of times we'll go through and buy something like this and do the remodel. Now the reality is the trends might change in five years. Prices will definitely change. I doubt that they'll go down. But we are doing is securing a good interest rate. We're securing the property and there'll be five years into retirement and the house has been five years paid off. Now some of you be like, well what if I decide I don't want to retire in that house? Well then it was a really good rent rental property and you can sell it and 1031 exchange it into something that you want to make into your future rental property. You will have to lease it for a year in order to take take full advantage of that. There's so many options. If we would look a decade ahead or five years down the road of what am I securing against? So when you think about things like hey, maybe you want to retire in Flagstaff or Sedona, maybe the time is to buy a house now and rent it out for years. It's an income producing property or at least a place placeholder for your retirement.
It’s Not What Your House Is Worth; It’s What It Can Do for You (Pause, Identify, Respond)
