Sunrise Communities - Jan/Feb/Mar 2019

Embracing ‘Spendophobia’ You’ve spent your entire life being told to save, save, save. Now you’re finally retired, so it’s time to spend some of that money — but you’re scared! This is only natural because it means breaking a lifelong habit of socking away money and refusing to touch it. 3Ways to Invest in Yourself After Retirement

in-ground pool or a private tennis court might be outside your budget, but new kitchen countertops or a deeper tub will add a touch of luxury to the space you spend the most time in. Upgrading your home is almost always a good investment because it adds equity, which will pay off down the road. That extra cash will come in handy if you decide to sell later on in order to downsize or you plan to enter assisted living. Don’t forget to set aside money for ongoing maintenance, such as a new water heater or roof repairs. Go Back to College It might sound counterintuitive to go to college when you’re not planning to go back to work, but continuing your education after retirement offers many benefits. Many individuals find themselves with more time on their hands than they’re accustomed to, and without a plan to fill this time, it’s easy to become depressed or isolated. Numerous studies have shown that continuing to exercise your brain has a positive impact on cognitive function, so taking a few classes can be the perfect way to stay busy and keep your mind sharp. Attending school late in life is also a great

The first step to a healthy community is a proper screening process. Being able to suss out bad actors and unreliable tenants before they have a chance to move in will always be more beneficial than simply giving everyone the benefit of the doubt and paying the price later. Maybe 30 years ago, business could be done based on the power of a handshake alone, but these days, it pays to add a few more layers to the screening process. Check Those Credit Scores One of the best factors to gauge a tenant’s reliability is their credit score. In running a national credit check, you aren’t necessarily looking for someone with a picture-perfect record; rather, you are looking to spot good habits. More than just giving you a number, these checks show you how their score has changed over time, letting you piece together how financially disciplined a prospect truly is. Verify References It happens more often than you think: Unwilling to let their last landlord vouch for them, a prospective tenant lists a friend or relative. Thanks to the internet, these ruses are easier to spot than ever before. By simply Googling “[the county your prospect last You’re not alone. A recent study of retirees’ spending habits showed many people actually spend less than they can afford to. They’re scared of the “what ifs” that come with living on a fixed income. However, at age 70 1/2, you have to start taking the required minimum distributions (RMDs) from your traditional IRA and 401(k) whether you want to or not. Instead of stressing over the fact that you’re pulling money out of these accounts, embrace the opportunity to do something for yourself. Travel It can be tempting to hold off spending money as long as possible. After all, who knows how long you need your savings to last? Travel, however, is one thing you can indulge in early without feeling guilty. Even the most leisurely trips can be physically demanding, so it’s better to see the world at 70 rather than wait until you’re 90. To keep yourself on track financially, use the bucket system to set up a separate savings account just for travel. Invest in Your Home Once you no longer have to work five days a week, you’ll be in your home more often, so why not make it amazing? An Know Before You Rent Screening Best Practices

opportunity to indulge your passions and learn more about subjects you’ve always been interested in. Many colleges offer free classes or reduced tuition to seniors, so check with your local schools and see what classes or programs they have available.

lived in] property records” you can access a database of property owners from that area. If the name of the owner of your prospect’s last residencs doesn’t match the landlord they’ve included as a reference, chances are they've provided you with false information. Run a Deep Background Check The last thing you want is to shelter people with outstanding warrants or a history of making trouble. Thankfully, there are plenty of companies that offer comprehensive investigative services for a fee. These kinds of deep background checks will alert you to any past criminal activity by a prospect and pick up on any evictions or lawsuits made against them in the past. Why It Matters Good screening pays for itself. Why risk renting a space to someone who may fail to pay rent, damage property, or skip town altogether? That’s why effective screening is the very first thing we implement when taking over the management of a property. In one case, we saw a park’s revenue go from $38,000 to $163,000 through this one simple change.

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