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Have a proper allocation towards debt, equity and real estate. Having overexposure to real estate is not good for a senior citizen -- it is not wise to be asset rich and cash poor.
It is not possible to sell a small part of a property to get immediate liquidity and income whereas it is possible to redeem some part of a mutual fund when needed. Keep in mind your liquidity needs when investing.
With age, managing lots of properties can become very troublesome. Getting a good price/rent, taxation can be issues as well.
Many investors fail to take into account the cost of inflation while evaluating property.
