Today I am joined by one of the “Old Dawgs” of real estate, Bill Manaserro. Bill is the host and “Top Dawg” of The Old Dawg’s REI Network podcast, which focuses on helping investors 50 years and older to build their retirement and leave a legacy for their children. His goal is to build a portfolio of 1,000 doors in just six years.
Before Bill started his journey in real estate, he was in Haiti for 12 years with his nonprofit to help abandoned and orphaned children. The purpose for his 1,000 door goal is to not only fund his own retirement, but also to fund those efforts as well.
The Old Dawg’s REI Network focuses on those in the market in their later years based on his own experience when facing retirement. He didn’t like the idea of just stopping everything and after receiving an inheritance check, decided to put that money into real estate instead of putting more money into the stock market. He flew to multiple cities and bought three rental units that immediately began depositing cash flow into his bank account. He realized he also has friends and family in the same boat who were watching his journey with interest, and once emailing everyone became too much, started his blog and podcast.
Bill has heard more and more from other pre- or post-retirees who are worried their retirement funds aren’t going to last as long as they will. They wanted better returns and the ability to be passive investors without having to deal with tenants, toilets, or termites.
Bill believes that older sellers are afraid of terms on their properties because of the rising cost of medical services, cost of living, etc. That property is their security and the proceeds are being counted on to help push their retirement funds further, so the thought of not getting a lump sum is terrifying. Some have even already lost money in the stock market or their pensions and they’re clinging to what they have, their home. Many of his listeners will refinance their homes or move their IRAs to try to hold those issues at bay.
Essentially, the issues facing older investors is they need cash flow to come in faster than if they were in their 20s or 30s. They don’t have as many years to wait for their return; they need that profit to keep them and their children going after they’re gone.
Bill loves to buy and hold because it’s a legacy that pays reliably and can be given to your children and grandchildren. That asset will either be steady streams of income or, if they decide to sell, still cash in their pocket. If you build up a big enough portfolio, they may never have to work again if they don’t want once that estate passes to them.
Originally Bill wanted to flip in the United States while still living in Haiti. After looking at the numbers and the effort, however, he realized it was essentially adding another full-time job to his schedule. He decided to go with buy and hold so he could have the free time to keep working on his non-profit.
To learn more about Bill and the Old Dawg’s REI Network, head over to his website at OldDawgsREINetwork.com.
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