Best strategy for 55 + - Posted by GL - ON
Posted by GL - ON on June 29, 2003 at 08:45:27:
Here is an idea for real estate investing for the retirement age group that I have never seen mentioned before, except by me.
I got it from an English author who wrote about it 50 years ago.
It seems he was on a week’s holiday by the sea in the south of England. It was a resort town popular with older retired people.
He noticed that one of the other guests at his hotel seemed to be some kind of celebrity. The manager treated him with great deferrence and so did the staff. When he and his wife came into the dining room, a waitress hurried over immediately, and he noticed that they enjoyed special dishes not on the menu.
For several days he amused himself trying to figure out who this couple could be, but finally gave it up.
He asked a waiter if he knew who the couple was. The waiter replied:
"Yes, it is a well known local businessman and his wife. A few years ago he retired, sold his business, sold his house, and bought this hotel.
Then he leased it to a smart young manager.
He has the best suite in the house, room service, all his meals in the dining room, and he never gets a bill.
Plus he makes 10% a year on his investment".
Now that’s a retirement plan! I wonder how much it costs to buy a hotel in Hawaii?