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Retirement Options - Rental Property

by Joanne Foxxe

 

Don't Pat Yourself on the Back Just Yet

 

   


You’ve got $500,000 in liquid assets for your retirement and you’re still 15 years away. All your bills are paid; you have a small mortgage on your home; cars are paid for and great credit. Don’t break your arm patting yourself on the back yet.

People think more about what they’re going to do when they retire than whether they’ll have the funds to do them. Ask anyone who has retired, it takes more money than you thought it did. Let’s look at a hypothetical situation.

To retire with $125,000 income in today’s dollars with a life expectancy of 25 years after retirement, you’ll need to have a net worth of $1.5 million at retirement including what Social Security may provide. Your $500,000 will grow to $1,045,420 in 15 years which will leave you about a half million short. You’ll need to save $24,149 each year for the next 15 years to reach your goal.

Is this surprising? Did you imagine that this example would be that far from its goal? It might seem staggering to save $24,000 each year but there is another way…investing in rentals.

Real estate over the long term has proven to be a solid, predictable investment.  Cash flows, appreciation, equity buildup and tax advantages are the components that contribute to the rate of return. Increasing rents, available financing and solid appreciation make rentals particularly attractive in today’s environment.

Call me at (808) 385-2918 to find out more about how rental homes can help you reach your retirement goals.

 

Weather and condos for sale

by Joanne Foxxe

It is a beautiful day on Maui. The sun is shining. The temperature is in the 70's , just beautiful. 

The island views today are amazing. You can view all of Molokai and all of Lanai. We have had a rainy weekend, so today is a crystal clear treat.  Our weather doesn't vary more than 10 degrees in either direction, which is predictable and lovely.

I drove up to the Ridge villas, of which I have 2 for sale right now. One is 2622, overlooking this fabulous view. It is a one bedroom, 2 bath town home style condo, with 2 lanai areas perfect for watching our gorgeous MAUI sunsets. This unit has never been rented and is easy to show on short notice. It is immaculate with Miele and Sub Zero applicances. $1.285. This can be rented short term upon purchase.

Right next door is Ridge villa 2614. This is a one level 2 bedroom, 3 full bath condo with the same amazing views. It was remodeled one year ago,and is a profitable vacation rental. $1.749.

I also have a selection of golf villas and bay villas for sale.

 

The condos range from $600,000 and up. We have golf course and ocean views available.

All of the condos are close to the Montage Kapalua Bay, and world famous Kapalua Beach.

 

Contact me for more detailed information.

 

 

 

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Joanne Foxxe
Kapalua Realty
700 Office Road
Lahaina HI 96761
(808)665-3761