Become a Resident Manager to Manage Housing Costs
One of the highest expenses for boomers who are not homeowners is housing. Others own their home, but much of their retirement savings is tied up in it. How can boomers win? Consider becoming a resident manager.
1. If you are looking to save money on housing costs, become an on-site resident manager. My wife and I have saved over $130,000 on housing costs so far doing this.
2. If you own a house, become a resident manager and rent your house out to other people. If the home is paid for, you can equate that monthly rental income from your house as income you can use to improve your lifestyle. We have done both and are confident that we can show any boomer how to do it the right way and avoid the pitfalls.
The biggest misconception about becoming a resident manager is that there is a lot of busy work, maintenance challenges or that it requires a certain type of experience or training to do it.
We’ve been resident managers for almost 10 years at 3 completely different types of properties and have figured out smart ways to negotiate high value, low time-commitment duties that landlords really want. Our last position we paid no rent, phone, electricity, gas or parking and our cost was about an hour a week worth of work.
We recently published a best-selling book, Don’t Own Don’t Rent Live Well, where we show people exactly how to do it. I’d be happy to share specifics of our strategy with your readers for this story or other articles in the future.
Its one thing to scrimp and save with coupons or lowering lifestyle to save a hundred dollars or more a month. We teach people to save a thousand dollars or more and live well in the process becoming a resident manager. Frugally without the frustration.