We are about to retire and are starting our RE business journey

[Terry Ellis]

My wife and I are close to retirement. We joined BiggerPockets about four months ago and We’ve been reading and studying a lot about the real estate business. We would like to get into multi family real estate. When discussing with one of my daughters about our early beginnings in this journey, my daughter comments I ask you a question “why would you want to get into so much work with real estate when you’re about to retire and relax?

My Question:

If we buy real estate, but have management farmed Out to a management company, how much work is there from day to day? (Let’s say if we require 100 doors via multi family apartments)Is it like an 8 to 16 hour job every day like I’m doing now? Thank you for your input.

-Terry

[Greg Dickerson]

Originally posted by @Terry Ellis:

My wife and I are close to retirement. We joined BiggerPockets about four months ago and We’ve been reading and studying a lot about the real estate business. We would like to get into multi family real estate. When discussing with one of my daughters about our early beginnings in this journey, my daughter comments I ask you a question “why would you want to get into so much work with real estate when you’re about to retire and relax?

My Question:

If we buy real estate, but have management farmed Out to a management company, how much work is there from day to day? (Let’s say if we require 100 doors via multi family apartments)Is it like an 8 to 16 hour job every day like I’m doing now? Thank you for your input.

-Terry

Terry- If you do not need to raise outside capital, buy good properties, hire the right management company a 100 unit property will only require a couple hours a week after closing. Your time will be spent reviewing reports, talking to the pm company about the asset, paying loan payments and whatever bills you choose to pay vs the pm company like taxes, insurance, utilities etc. I have owned multiple properties at one time and spent very little time as all the day to day can be delegated out.

The key is to educate yourself on the business, the markets and the asset types and class. This is where you will spend the bulk of your time initially is educating yourself and looking at opportunities.