After over 20 years in business, as an entrepreneur and in music, Bill Manassero spent years doing mission work in Port-au-Prince, Haiti. As he approached his retirement years, he turned to real estate and began helping other seniors learn how to leverage real estate to sustain them during their golden years. On this episode, Bill shares why he moved from turnkey rentals to multifamily investing and gives tips for anyone looking to tap into real estate to supplement their retirement.
Key Market Insights
- Working with Child Hope International to help abandoned and at-risk kids in Haiti
- Launched a series of micro businesses to teach Haitian kids a skill
- Skills included bakery, internet business, web design, etc.
- Purchased turnkey properties in Atlanta and Memphis
- 40% of retirees are looking for help
- Old Dawg’s REI Network began from emailing friends to answer questions about his journey which turned into a blog and then a podcast
- Was seeking emerging markets and saw jobs, population growth, strong demand and affordable housing, which attracted him to Atlanta and Memphis
- Seeking a bell curve where rents and values were beginning to increase
- Liked the idea of turnkey rentals – rehabbed homes with existing tenants – ended up with bad experiences with three different turnkey providers
- Turnkey providers make their money on the sale of the property – not from property management
- Economies of scale (even for a duplex) opened his eyes to multifamily
- Purchased a duplex in Indianapolis that quadrupled in value in less than two years
- Indianapolis – like many Midwest markets – has seen the urban core develop and attracts millennials renters
- Investors 50+ are dealing with healthcare and retirement planning with concerns that they’re savings may not be enough
- Retirees looking to invest in real estate may have more difficulty qualifying for certain loans
- Develop a timeline, come up with a strategy to acquire the properties necessary to maintain your lifestyle in retirement
Bull’s Eye Tips:
Winning Your Market (as a 50+ investor): Know your “why”
Tracking Market Changes: Plug into your people on the ground
Daily Habit: Wake up early
Resources:
Best Business Books:
Profit First by Mike Michalowicz
Digital Resources
Tweet This:
“Turnkey providers make their money on the sale of the property – not from property management”
“40% of retirees are looking for help”
Places to Grab a Bite:
Connect with Bill:
Website: Olddawgsreinetwork.com
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