You know how there’s a ton of pressure to have this perfectly mapped out retirement plan? That it has to look a certain way or yield a certain amount of ROI? Oh, and it better include a heaping dose of financial security because no one wants to be sideswiped by an emergency. Well, what if your retirement plans looked a little… different? My guest on today is Lisa Vicoli, a former real estate agent and now a recently retired IT Specialist for the Department of Defense. On this episode, Lisa and I are getting real about retirement strategies especially as it pertains to… you guessed it...Real estate. PRESS PLAY on Ep. 4 “Real Estate Options for Retirement” to learn how to embrace retirement with purpose and strategy, the pro’s and con’s of renting, 55+ communities and condos and why twilight careers are a great option for additional income. ___________________________________ Links mentioned in this episode: Download Your Free Guide: 7 Steps to Becoming a Rock Star REALTOR® https://www.denisepetti.com/rock Keller Williams Preferred Properties Virtual Career Night on February 1, 2021 https://bit.ly/3oprSO6 BiggerPockets Real Estate Investing Education Tools & Networking https://www.biggerpockets.com/ ______________________________________ Have a question about real estate? I'd love to help you out! Real Talk Q & A phone lines are open now at 1-844-5-BIG-RED and I’m here and ready to take your call. Connect with me on Instagram : https://www.instagram.com/denisepetti/ Connect with me on Facebook: https://www.facebook.com/denise.donnellypetti Visit my website: https://www.denisepetti.com/
You know how there’s a ton of pressure to have this perfectly mapped out retirement plan? That it has to look a certain way or yield a certain amount of ROI? Oh, and it better include a heaping dose of financial security because no one wants to be sideswiped by an emergency.
Well, what if your retirement plans looked a little… different?
My guest on today is Lisa Vicoli, a former real estate agent and now a recently retired IT Specialist for the Department of Defense. On this episode, Lisa and I are getting real about retirement strategies especially as it pertains to… you guessed it...Real estate.
PRESS PLAY on Ep. 4 “Real Estate Options for Retirement” to learn how to embrace retirement with purpose and strategy, the pro’s and con’s of renting, 55+ communities and condos and why twilight careers are a great option for additional income.
___________________________________
Links mentioned in this episode:
Download Your Free Guide: 7 Steps to Becoming a Rock Star REALTOR® https://www.denisepetti.com/rock
Keller Williams Preferred Properties Virtual Career Night
on February 1, 2021 https://bit.ly/3oprSO6
BiggerPockets Real Estate Investing Education Tools & Networking https://www.biggerpockets.com/
______________________________________
Have a question about real estate? I'd love to help you out!
Real Talk Q & A phone lines are open now at 1-844-5-BIG-RED and I’m here and ready to take your call.
Connect with me on Instagram : https://www.instagram.com/denisepetti/
Connect with me on Facebook: https://www.facebook.com/denise.donnellypetti
Visit my website: https://www.denisepetti.com/
So picture this.
You are finally an empty nester and you no longer have to Clock into your daily grind.
You get to be a crossing guard, a lunch lady, a bus driver.
You get to spend your days working on your passions and your hobbies.
No bosses to whom you must report, no staff to hold accountable, no morning rush hour.
No conference calls.
An no more painful team meetings.
Imagine that it sounds like a dream, doesn't it?
Well, maybe for some and for still others.
It may sound like a night.
Mary Ann, what would you do with all that time on your hands?
Some retired folks I've talked to.
They've said things like I'm going to do as little as freaking possible an others fear.
They might just get bored and my guest today on today's episode is Lisa McCauley, a former real estate agent, an now a recently retired IT specialist for the Department of Defense.
So today we get real about retirement strategies and goals, especially as it pertains to, you guessed it, real estate.
So if you're closing in on retirement, you don't want to miss this episode.
Lisa and I are going to share with you ways to keep things real with one reliable force for retirement, change for the better.
I also have a caller who's asking for some real world advice about whether or not he should sell his home and downsize now.
He and his wife are both retired, so stay tuned for Real Talk with Big Red.
Live from the Wildfire podcasting studios.
It's the real talk with Big Red Show where we keep it real with real estate agents and real life buyers and sellers.
Lenders and landlords, vendors and investors, and anyone who's anyone that lives to inspire real success.
I'm your host.
Denise petty.
My friends call me Big Red and this is your show.
Where people, places and dreams come together real talk Q&A phone lines are open now at 8445 Big Red and I'm here an ready to take your call.
All right, so welcome Lisa.
Thanks for being on the show.
Wow, I mean.
Today thank you.
Denise maighread.
Oh, thank you for being here.
Thank you.
I just love having you here now.
You and I have a nice history of friendship, and we've known each other for quite some time with some mutual friends.
Yes, uh huh.
I'm so glad you're here.
You're a former real estate agent turned IT specialist now, but I.
Hired and that was with our trusty government Department of Defense.
I'm defense, yes, ma'am.
I'm yes, ma'am.
Alright, so tell me now this was back in the 80s.
Right, Oh my gosh, this was way back when I believe I got my license in 1984 and way back. You have to figure there was no Internet, yeah?
OK.
So that means no Zillow, different landscape, nothing.
Quite a different.
Quite a.
There was no, Sir.
There was no social media.
We got our listings in these huge multiple listing books that came out pretty much we.
Quickly.
OK, Oh yes, more time.
And then you would have to do floor time.
A lot of these, yes.
Do they still have full time?
Well, you know some brokerages do, but I guess it really kind of depends on what brokerage are with and what their kind of guidelines are.
Yeah.
Yeah.
Yeah, you know, I'm with a brokerage where a lot of us are working from home, especially given the pandemic, so we don't.
Even have oh that's right, yes, well, that's how we got our leads.
Office hours.
By answering the the phone.
'cause people would like look in the local paper and find their listings.
Maybe we're interested in looking at houses and they come to the office.
We get go in my car and we drive them around and.
How about it it?
A lot of.
A.
Was yeah, it was pretty interesting back then was a lot of fun, but it was very demanding.
You didn't have the luxury you have today of giving your potential.
Buyers and sellers listings so they can check out ahead of time, yeah.
Yes.
Yeah they can.
They have the added advantage of being able to sort of do a pre cursory correct?
Right.
Black set the properties prior.
Yeah, right.
And you can kind of like scale back a lot of time yeah yeah.
Save a lot of time time.
Yeah, absolutely.
Well and that was a side hustle for you right?
'cause you had a full time job.
It was I I was actually moonlighting and I wasn't filled in my at the time of the position.
That I had and a friend of mine said, why don't you try and get your real estate license so I did and I did it for about 4-5 years. I remember my first transaction was a mortgage rate of 14%.
OK.
Good Lord, so wait, yes, uh, way back, yeah.
What now so obviously the market shifts we get bear markets we get bull markets and?
We have all kinds of changes in interest rates over the course of the years and and there's quite an ebb and flow in this business so but 14%, that's quite a difference between you know. Now we're in the twos and most people still buy, don't they? They have this insane yeah, it's amazing so.
Oh yeah, yeah.
It was.
Yeah I know, yeah crazy.
They have to, yeah.
They have to.
Well, you're retired now.
Officially I want to talk to you a little bit about like what that's been like for you, tell me what, what did retirement look like when you were still working in your head and then versus like the reality of it now?
Oh well, the reality is kovid yeah, you know, prior to retiring we had some trips planned we canceled.
Uh huh.
We rescheduled.
We cancelled again.
So that has put a wrench.
In travel plans, I think most retirees look forward to traveling when they do retire, right?
Uh huh.
So that's the reality and.
You and your husband are both retired.
We are both retired.
And you have some.
Yes, yes.
You know.
Pensions right that so you have like some reliable sources of income except you know, did you think you were going to have like a Twilight karere at the end of it?
We do.
We do, yeah.
Did you think?
Well, you know when I really hang up?
My hat I'd like to kind of dabble in some other things.
Yeah.
Are you thinking?
About real estate.
Again I am.
I am right now I'm enjoying my freedom.
You have to admit I like doing what I want to do when I want to do it, but I wouldn't mind.
I actually was looking into maybe going back and getting my license.
I was never licensed in New Jersey at the time I was in.
I was in Pennsylvania.
Yeah, and I thought about it, yes.
Yeah, and like what were the things that you liked and disliked about real estate back in the day and?
You know, tell me what what you look forward to and if you were to dabble in it again.
No bank, well it was a lot of fun.
I enjoyed it.
But what I did not like at the time was it was being very demanding of my time.
Uh huh.
'cause you have to figure I was working a full time job and you have to be available for your clients if they want to look at the time at a listing at Saturday night at 7:00 PM.
You need to cancel your dinner plans and be available for your clients.
Yeah, and I think it's interesting that point because you know, a lot of people think, well, you know, I'm self-employed.
Yeah.
I can set my own hours.
There's something to be said for that.
I think when you say, well, you know here my sister-in-law is a newly licensed agent.
Well, in the last year and a half she got her license an.
It's nice because you know now you can set your hours you can chew.
Whose, except there was no predicting this current market and how intense the sellers market is and how many people.
Right, right?
How many buyers are looking for houses and just how competitive that is?
No, yeah.
And you really don't have the luxury of taking your time because.
Right?
Right?
One of the things in real estate is time is of the essence.
So whatever we do with regard to drawing up contracts and placing bids and getting inspections and going into attorney review, it is of the essence.
So you think you've got time and you might be doing this as a side hustle or Co career as I call it an it can be a rude awakening.
Oh yeah.
And you know, back in the day.
I remember like if you calculated how much time you put into one transaction, yeah, and if you dedicated a lot of your time and then you split that amount of hours to your hourly rate, yes yes yeah.
Oh yes.
Yeah, we are worth our Commission.
We work that were worth every penny.
So true, so true.
So I just want to talk to you like so this episode that we're talking about today is about retirement and really just about you know, how can we embrace retirement with purpose and with strategy?
How do we diversify like our investment portfolio?
Maybe with things such as real estate?
And then you know what do these Twilight careers look like?
I know a friend of mine is considering getting his.
He wants to become a home inspector because he's got so much experience with contract degan and doing a home repair and he just thought it made sense as we are inching ever closer to that to that goal to kind of dip his toe in the in the inspection water if you will and then.
Spectre OK yeah.
Yeah.
Yeah.
You know you just think about.
What did you think it would look like versus what it is and so did you and your husband?
Did you guys ever talk about like?
What you would do with your housing situation or your investments or your real estate portfolio, so to speak?
No, every day.
Do you ever want to be landlords?
Well, we were landlords at one time where you did have investment properties.
It's not for the weak either have great tenants or you have the tenants from hell.
Yeah.
Yes, you absolutely can.
If I can say that there.
And yeah, so I don't think with at this stage of the game we do not want to be landlords. Again, yes, an I think we are happy just having one primary residence. Now we are considering downsizing, so that's a major issue. We discuss it all the time. Where do we go to go somewhere warm? Do we want the big 2600 square foot house?
Uh huh.
We'd like to.
We'd
I don't know.
Yeah yeah, yeah.
Yeah, it's a.
It's a.
Good point, in fact, we actually have a caller with a similar question.
Hey big red Len here. I retired a few years ago and my wife recently retired. We've been talking a lot about potentially selling our four bedroom home. Since we don't need that kind of space anymore, the taxes are around 9000 a year and the home is getting older.
So we are not looking forward to maintenance and upgrade costs.
The home is all most paid off, but the market is hot right now so my questions are.
What do you recommend for retired people like us?
Should we sell now and downsize to a smaller home or condo?
Would it be better to buy into an adult community?
What about renting?
Is that a cost effective strategy?
What is your advice to people in our situation?
Boy, what great questions?
Wow, yeah.
I mean really.
Thank you Lynn for that call that isn't that what we're talking about today.
So yes.
I don't.
I mean I, there's so much to consider when you think about retiring as a distant goal, maybe even a not so distant goal.
You have all these ideas, and then a pandemic hits and you think to yourself, wait a minute, I where am I going to go?
Uh huh.
What am I going to do?
I mean, there's a it's it's a really.
Intense time right now to not only list a house, but also buy a house and you're going to go up against a lot of competition.
Uh huh.
Sure.
So you think where is my money best spent?
And this is a great.
Inquiry.
I feel no, you don't need that space anymore.
There's no.
There's no reason to hang on to a four bedroom.
Home, especially in this market when you can actually command a premium for cashing out.
I mean, really, if it's almost paid off, then you have this amazing opportunity to take that equity out of this home that you're in an you can have multiple offers.
A really great situation that's going to command.
Uh, a really solid financial position went for you to close with and then you take that equity and you roll that into either a condominium or you know, a smaller like one floor ranch.
Yeah.
And then here you've got you know house is paid for no more mortgage and you're basically paying yourself a salary at that point because that.
That's.
Payments right out the door, right?
So you can now refocus your budget and the money that you're saving on that in monthly payment amount, and then roll that right into investments.
Yeah, it's a solid, solid position what?
Are your thoughts.
I think if you're a home seller in today's market, you are in the driver seat.
Absolutely 100%. I've you know. I also have a thought. I mean, a lot of people are going into real estate investing and someone that has a high risk tolerance. I think it's really.
Absolutely yeah.
I know, yeah yeah.
Uh huh.
Curious what can be done so.
Uh huh.
Not everybody is cut out to be a landlord.
Like you said earlier, not everybody wants that for themselves.
Yeah.
Right?
So when you think about, you know like a duplex, they call this like House hacking where you can live in one side, rent out the other, and then I mean, especially if you're taking the equity out of out of a home sale and rolling that into the purchase of a duplex.
Sure, rent the other yeah.
Sure the other yeah.
If you have the stomach for it, if you have the tolerance to be a landlord, you have potentially a really great scenario in front of you where you are really maximizing your budgetary position.
An your tenant is paying.
Your mortgage.
You're more yeah, or not, even you don't even have one. It's all gravy. Oh yeah, I mean you're going to have expenses, sure, and there is an amazing resource called biggerpockets. I don't know if you've ever heard of that. No, I have not. There's a bigger podcast, Bigger Pockets, podcast, and there's a biggerpockets.com website.
Yes.
With amazing resources and tools and calculators, so for anybody who is maybe looking to like dig into real estate investing during retirement to help to offset some of those costs of living right, it would be a really really good resource for you to look into bigpocketsbiggerpocketsyeahbiggerpockets.com.
I'll check it out.
I have to remember that biggerpockets OK Biggerpockets.
Yeah, but I think that's I'm trying to think now.
The other thing renting right?
We don't want to overlook that right?
Uh huh.
I would say.
Renting is a viable option, especially now if you are looking to unload the home.
If you don't want the headache of home ownership maintenance, yeah.
You don't want the headaches and Len had said on his call that he wasn't looking forward to the cost of repairs and upkeep, and I think renting is great friend of mine calls it.
He has a certain philosophy around renting.
He called.
This is very uncouth, but he calls it the fix it Bich philosophy.
Oh great.
Where he says he'll say to his landlord, listen, fix it.
I am going to the beach or fix it.
I'm going to.
I'm going to go out and you know, I'm going to take a weekend while you fix the roof and the and the windows.
Me.
And there's something to be said for that, because when you don't have all that overhead for you know at the end of the day when you've got a house that's maybe twenty 2526 years old. At that point, you've got the wear and tear. It's going to need a new roof soon. new Windows, you know it's considered old. I mean not to mention all the things you gotta do. Maybe upgrading the kitchen to modern standards.
Uh huh.
Sure, yes.
It's considered old.
At that point, yeah, yeah.
Appliances, floors heater air conditioning, HVAC.
Hmm.
Yeah you've got a lot to consider.
Maybe the driveway and the sidewalks need some attention.
Landscaping to increase curb.
Repeal, I mean, it starts adding up.
Where do I rent?
There's a lot.
There's a lot to consider, so the renting I would say on a short term basis because not only does it put you in.
A more flexible position to buy your next property because now you're noncontingent correct so.
Correct, yes, he can take your time.
There's a lot of options there, and.
Yeah, yeah.
So short term, I'd say three to five years.
For rentals for.
A rental long term. I mean, I think at this point, like if you're spending on average, I think an average rental in the state of New Jersey for like a 2 three bedroom, 2 baths, probably going to be upwards of 1800 a month, and that's for a pretty.
Average place you know if you like your standards a little better, like little increased if you.
Yeah.
If you have a higher.
You know, if there's certain things about location and certain things about view and Accessibility, convenience, things like that, you're going to pay for that.
Yeah.
And if you do that over the course of two three, five years, it's not too terrible, especially if you've got savings that you've got your a lot of your.
Thanks here.
Now your emergency fund. Fully funded, you've got investments, and it's not really that much. You know you've got your down payment on your next place itself. All of that is liquid. Then renting is not too terrible where it starts to get a little dicey. I think is for people who rent for 10:15, eighteen 20 years, and that.
No.
That rental income.
Multiplied over 12 months, 10 years, 20 years that is.
That's a purchase, nothing else.
That's your average. That's your average home price in the state of New Jersey. So it's you know. I would say tread lightly there. But, you know, rental is not the worst thing in the world. So 55 and older.
Right, right, right.
Unity, what do you what do you think?
Well, you know well.
Well know well.
What do you say?
To lend for that, you know it's funny we I actually toured a couple of 55 and older communities back in the fall in Florida because that's something my husband and I were considering. The pros, beautiful homes, everything self contained activities.
However, I felt like it was very homogeneous because it's all old people an I don't consider myself old yet, right?
Umm?
Maybe I've got a ways to go.
Maybe I need to look in the younger section and I felt like the couple that we had looked at the people were very nice.
The tenant server I should say the residents that were there but I felt like we would be eventually living in a fishbowl because they were like they swarmed out the new people on the block.
And can I see how your window treatments look like and.
All right?
Window.
That type of thing like.
That
Yeah, like a little too intrusive yeah yeah.
Interesting, you know, that's that's an aspect of.
Of that Ave that I don't think a lot of people consider.
Yeah and like the new kid on the block.
You know, I I didn't even realize it until we actually toured a couple of them, and I thought to myself, well, I don't know.
I think I would like it for about the first year and then.
I think it would probably get too too intrusive with the with the yeah.
Too intrusive, yeah, is a privacy matter be, I mean.
I have a couple relatives that live in the 55 and older communities and they love it because you know they well pre covid. They made use of things like the clubhouse. Sure we would have like baptisms and yeah graduation parties, birthday parties, things like that. It was really nice 'cause you have access to some of those amenities. They have a walking path which is really.
Sure.
You know?
Yeah.
Nice safe, yeah, they're great.
Yeah, they're great. It's great.
It's great.
It's.
There's a lot of great, you know, a lot of activities you're never bored.
They hope.
Yeah, and I think they generally hold their value depending on where they are, and I think you know it's nice to have.
It's nice to have that like minded social social interaction Ann.
I'll give you another example. My sister-in-law parents. They were one of the first ones to move into their 55 and over community in Florida. OK, and.
OK.
All of them them and all their neighbors.
They were all the same age.
They were all in their mid 50s mid mid to high 50s and then.
OK.
They've all grown old together, and they've they've done it together and they've enjoyed each other an now.
Oh yeah.
Some of them have as they've gotten older and may be passed on.
They've they've kind of.
Linked up with each other and that they found other partners, it has some like fringe benefits, except you know now it's been 20 plus years and so now they're in the high 70s or early 80s.
Their own paint place, yeah.
OK.
Please.
And now we're starting to see a whole new flux.
A whole new influx of the 50 somethings now taking over those properties again, so it's skewing back to the young and they'll all grow old like it.
Yeah.
So it tends to have these patterns and these and we see this in regular neighborhoods as well.
Right learning yeah sure sure.
Like the neighborhood I live in now when we first moved all the children were the same age and we all grew up together and then it was wonderful.
Uh huh.
Yeah.
It was wonderful.
But now it's time to pass the baton and pass with young.
But the younger people are moving in now, which is great.
Yeah, and the neighborhood is, you know, it's starting.
Let's check over a little bit, yes, yeah?
Yeah.
So, Lisa, you and I have been chatting today about you, possibly.
Getting back into real estate.
So super exciting an I will say that for you and for anybody listening.
I just want to make you aware that my agency, which is Keller Williams.
We regularly host these career information nights an.
Since Kovid has been happening, these things have gone virtual instead of in person, and we've been doing them over zoom, so my market center, which is in Long Beach Island, New Jersey we're hosting a virtual career night the first Monday in February at 6:00 o'clock.
OK, so I'm going to drop a link in the show notes to the flyer.
An if you live on or near the island, and you happen to be interested in attending, even if you don't live near LBI and you're just curious, you know, just click on the link to register in the episode notes, or just feel free to reach out to me for some more information on a career night in a.
Market center near.
You and Lisa, just for being my special co-host and my guest on today's show.
I'm going to share with you and for all of our listeners.
Today my free Guide 7 steps on becoming a Rockstar.
Realtor OK, yeah I love it.
Yeah, so I have one here in the studio for you that I'll hand you and the rest of you that are aspiring Realtors out there. Just head on over to denisepetty.com/rock to download your free guide today.
We'll talk with Big Red is brought to you by our sponsor, Redfeather staging, where creativity and profitability connect.
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4334 or visit red feather staging.com to book your appointment today. All right. So now for our market analysis segm.
And do homes in 55 plus communities hold their value now that is an inquiry. Then I feel like we've addressed today and also our caller, Len addressed.
I ran a report in my MWe.
Multiple listing service.
I just drew a blank.
The multiple listing service.
The MLSS is we call it.
On these statistics over the last 10 years, so I pulled a graph and a chart and I'm going to drop this in the notes as well.
If you want to head over to my website and go to the podcast page, you'll see.
This episode and the notes and this chart graph.
And I mean I have a couple of them actually so.
Interestingly, you can.
Over the last.
From I guess it goes from about 2010 to 2020 ISH 2020 11 to 2021 because we're only in January, doesn't there's no real stats for 21 yet, but I'm noticing this trend in 55 and over communities that.
It generally holds its value, so the average sales price is anywhere from about 1:50 to about 275 or two. Well, probably more like 225, two, 45, something like that.
An it does gradually increase.
Now I pulled these stats for New Jersey.
In the counties that I do most of my work, but just because that's where a lot of my listeners are, so I pulled Burlington County, Camden County, an Ocean County and Ocean County does skew it slightly, but.
Generally speaking.
A 55 and over community is a good bet because it does not lose value. So we did notice the number of listings.
OK.
Fluctuates from one year to the next, so we might see in, for example, 2011 we saw about.
How?
Probably about 1400 listings in the MOS that year in the 55 and over Realm, but then in 2012 it jumped up to almost 2000. It was probably it probably jumped up about about 1000 more listings in 2012. In 2013, it decreased slightly. 2014 decreased.
Big jump.
Slightly, but then in 15 and 16 it went right back up to that 2012 peak and all the while the home values are increasing.
I don't know.
So we're not really seeing any significant dips there, so I think I think a 55 and over community is is not a bad investment. Now you contrast that with, say, a duplex. We talked a little bit about your risk tolerance and your tolerance for being a landlord in your retirement years.
Right?
A lot to think about.
You gotta think about you, know your expenses.
You gotta think about your overhead, your maintenance costs, and if you are trying to get out of all that right.
Even if a duplex is going to.
You know have ROI in the end.
This graph is telling.
Now this is the second graph.
In my market analysis though, this shows the same span of time 2010 to 2020.
And how the average sales price?
It's it's like a lightning Bolt. It goes all over the place. So whereas we may have started somewhere in the average list price, the sales price in, like the 325 range over the course of two three years, it dips down to 250 interesting.
Interesting and then it spikes back up.
To the original position and then it plummets. Right around 2016 it plummets down almost 100 and $25,000 for duplexes in Ocean County, Burlington County and Camden County. So it's just showing you that and then the number of listings stays relatively the same, somewhere hovering around that like 400 duplexes listed.
Per year in this time span, but then it jumps up in 2017 to around 2:50 levels out a bit, decreases slightly in 2016 and then now in 2020 duplexes.
People are taking advantage of these low interest rates and being a landlord because there's so many buyers, an not enough houses to buy that people are forced to rent. So these duplexes have become an incredible hack and so we see. Now in 2020 it went from an average list price of $250,000. It spiked up to nearly 400 it's pro.
Great investment too.
Really around 375 wow big increase yeah?
For a duplex in those three counties and so.
People are noticing that you know the market trends differently and it kind of.
It responds differently to different conditions.
An maybe if you are risk averse.
As a retiree, you might not feel that a duplex is the right.
The right means to capitalize on, you know some savings. It might be better cashout. Take that equity, put it right into your 55 and over community and just live out live out your days comfortably.
Sound that sounds good.
Yeah.
Yeah.
Someone who's got a little more, maybe some skin in the game if you will like that, they might. They might go another route now. The third one is a condo, so one thing that I did was I worked with one of my buyers on selling a townhome and it was a 3 bedroom 2 bath, 2 1/2 bath town home and they downsized to a condo.
Two bedroom 2 bath condo.
OK.
In the same neighborhood that was in Mount Laurel and they said I don't want to go to a 55 and over community. I want to see all the young kids riding their bikes right? I want to see. I don't want to live in the fishbowl. I want to do. I want to see these young families growing up and I want to see them walking out. You know, walking their dogs and running around playing softball and baseball and.
Uh huh.
Yeah.
Tennis so they opted for the condo route. Now I pulled her chart for that as well an we're seeing a very similar map to the 55 and over community. It's now condominium is a different interest, so different ownership interest. As you may recall from real estate school Lisa and so.
Sure.
That aside, we are looking again right around that.
Probably list price is going to be right around 175 to about 200 and we're seeing over the last 10 years. It just trends up. Oh yeah, so not a bad idea alright. And for anybody that wants a little bit of additional reading around this topic, I do have a couple of resources that you can look into. Two of them are on the Biggerpockets website.
Yeah, yeah.
And if you want to.
Really become a real estate investor.
You might be interested in checking out and becoming a subscriber to the bigger podcast website.
You can you know it's like a meeting ground for like minded investors, real estate investors so all kinds of discussion boards, all kinds of blog articles an topics that for people that really get their kicks.
Out of real estate investing, one of the questions that I looked up that I'll put.
In the episode notes is about whether or not you know living on one side of a duplex is in fact a deal and they break down some of the mathematical formulas that talk about that. So if you're interested in something like that, check it out. Also, you know how to analyze that. You know there's tools on this website biggerpockets.com that tell you if.
A duplex is actually worth your investment.
Again, different discussion topics and forums for people like you and me that are just out there talking about it and really good insights there.
Another episode that I put, uh, excuse me. Another link I put in here in the episode notes is this website. Calledthebalance.com an is real estate a good investment for retirement?
And it does come down to, you know, having the right set of knowledge, the right set of skills, boosting that polishing that, and just developing your intuition as an investor as a real estate investor.
It does take some guts and it takes, you know, some wit.
So to flip a place and things like that, it's not for the faint of heart.
That link is real estate.
A good investment for retirement.
In the episode notes.
Well, that does it for this episode of Real Talk with Big Red.
Thank you for tuning in.
It was great to spend some time with you.
Big thanks to our listeners to our in studio guest in our co-host Lisa Vicoli.
My pleasure.
Thank you for being here pleasure and I just want to thank our caller Lenoir sponsor Redfeather staging and of course to our producer Taylor Carditis.
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