Want Out of Rat Race

[Marion McCroan]

I am near retirement and wish to start investing in real estate. I applied for a loan of $150,000 with my local bank and they told me my debt to income ratio was too high. The property I was looking at already had renters in it (I had figured that the cash flow of the property would be around $300.)

but the loan manager advised me that until I had been in the rental businessfor one year they could not consider the rent into my income.

When I retire I will be drawing a pension. I am 57 years old and have enough money in a deferred compensation plan to pay my way out of debt even if I take the 10% penalty for drawing it out before I turn 59 ½.

I am ready to start investing in real estate and leave the Rat Race! I Would appreciate any advice in this matter.

Thanks