What are the advantages and disadvantages of buying rental property at age 70?
If you can cash flow the property, then cash is an advantage. If you pick the wrong tenant, this can be a disadvantage since you will be harassed. Bad tenants believe you are the dad and want you to replace the toilet when they drop the compact eye liner case into the toilet. This is a bad thing. If you are a handy man who can still work, then you may maintain the property. This is good. If not, you will have to hire people. This is bad. Rental property is a “get rich slow” scheme. At 70 years only, you may not have enough time. Instead, I would purchase property and sell it on contract for deed with a payoff requirement in 5 years. You can easily sell it and dictate your own interest rates. This will provide income now without requirements to maintain the home. In 5 years, you can cash out since they will have to re mortgage. If they don’t, you can re sell the property under a new contract for deed at a higher cost.
