CINCINNATI — Stocks. Bonds. 401(k)s. All typical ways one could save for retirement.
But there is another way. One that many people — most often, millennials — overlook when planning for their future years. And it has nothing to do with their avocado toast.
It’s real estate investment. And while some young adults are slow to take to homeownership themselves — while they pay off mounds of student debt, or contemplate their next cross-county moves — others see it as a real opportunity.
“It’s easy to do a 401(k) if you actually work for a company (that offers one), but that’s the drawback of having these out-of-the-box careers,” says Shannon Crutchfield, an agent with Coldwell Banker West Shell in Montgomery. “For somebody who doesn’t have that, real estate is a great place to start.”
She sees a small, but growing, number of millennial clients in the Tri-State considering this approach. She herself has invested in real estate for the past several years.
“Millennials like to think outside the box,” Crutchfield said. “They like their freedom; they like to travel and to be able to do what they want when they want, but they still know they have to have an income.”
There are no exact stats on how many millennials have turned property investors, but the opportunities are diverse. Buyers can pick from residential or commercial properties — although residential carries less risk — or single- or multi-family.
Are you handy? You could also consider flipping a home HGTV-style.
WCPO Insiders can read on to learn more about real estate investing and find out how buying a duplex or a second piece of property might help a millennial generate income, pay off student loans and invest in the future.