Investing in Real Estate for Retirement

" Would love something where every month I'm not putting my hands in my pocket to take money out but. Money is coming into my pocket."

" Clean -- EO Harris is nearing retirement. And the 55 year old from queens New York is searching for an investment property that she hopes will become an income producing asset in the years to come."

" I would like a rental property but ideally if I could afford it that is. I would love a two family house where I can live on one floor and then get income from the other floor. And so that would help pay the mortgage."

" And with funds saved the time couldn't be better. Dottie Herman is the president and CEO of property group Prudential Douglas Ellman."

" And then there's not many times that I can remember where interest money was cheap and we'll -- the same time so and that -- anyone buying up. The first phone the second one just moving up is going to benefit in this market."

" Bill Kirschke the managing director at GE capital mortgage says that while property is a solid investment becoming a landlord is a responsibility that goes to be yellow line finances."

" There are a lot of unexpected things have been -- vacancies for Paris market conditions."

" You know fires -- so it's like running them of small business DO Harris says she plans to manage the property on her own and is aware of the possible pitfalls."

" Now IQ have a passion for real -- paid. But it is a big investments and probably more headaches just because if it's a rental piece of property. Then you might have tenants that hit on hard times and what's -- and -- can you afford to pay for it."

" It is the job. And if it's effective job and you have to decide that you if somebody who's willing to do that if not then you would happen maybe employee a rental. Manager for the property which would be an additional. What you would be additional money if you and would take away from -- return that investment."

" EO Harris has good credit. But is concerned her speech might work against her when applying for a mortgage."

" And let let's say someone's 55 years old by the time the -- but I. A thirty year mortgage -- 85."

" No -- will discriminate based on image but the reason for term of the mortgage is really to manage the payment per month. Longer term -- really the reason for thirty versus fifteen versus ten. But yeah hundred year old person -- thirty year old thirty year mortgage that's not an issue -- advises applying for a mortgage as soon as you're in the market to buy."

" As far as mortgages today. They take lot much longer the banks aren't a lot what they want a lot more information. So why it definitely paid fees if you practice."

" DR Harris says she's ready to seal the deal on a property in the next six months. And she's RD learned her lesson with how quickly could properties can get snapped up."

" Sunday morning jumped in my car went to the property -- parked in front of the property. And pick -- the -- I finally got the real estate -- to sit home. It went on the market on Friday but it's sold in six hours."

" When a good deal comes then. Is always people who want. So if you are not quick to act if you don't have your client who -- if you are now working. With somebody who's going to let you know right away and if you don't get -- on Madonna and he will work for Fox Business I'm Catherine title."

" Yeah you."

" People."