Binghamton, NY · Member since 2013 · 56 posts · 4 votes
Just wondering since next year is the "big" birthday, anyone start out their real estate investment career or on the path to wealth around 50 years old? I could kick myself for not starting sooner and for the past decade considered it was "too late." I have also been consumed building my business which is doing well. But I ready Kellers Millionaire Investors book and that motivated me. I'm in the "heavy reading, talking, education phase" and hope to get my first deal in 6 to 12 months. I'm reaching out making contacts and talking to agents, lawyers and those I've done business with in the past. Don't want to go in unprepared but man, I wish I did this years ago even though I have a successful business.
I started a bit late also , I am 52 , my youngest is 5 and oldest is 8 years old ...as far as investing just had 2 great deals fall in my lap in 10 months , A duplex , aand a 4acre farm . I just kept every house I bought as I moved up to bigger and better . I will be busy rehabing to rent all winter
I would like to move to income producing properties eventually either in or out of my area. I work now 60 hours a week, and while I can put time into trying to do deals, I simply will not be doing labor myself and will not be a landlord. That's a quality of life issue and time fixing toilets and screening tenants will actually make me less money as I'll be unproductive in my business.
It sounds like you want more passive income versus taking the hands-on approach in managing the properties.
I would like to move to income producing properties eventually either in or out of my area. I work now 60 hours a week, and while I can put time into trying to do deals, I simply will not be doing labor myself and will not be a landlord. That's a quality of life issue and time fixing toilets and screening tenants will actually make me less money as I'll be unproductive in my business.
It sounds like you want more passive income versus taking the hands-on approach in managing the properties.
Correct Dawn. I will settle for equity (wealth) buildup as well. I am strongly considering trying flipping to build cash reserves so I don't burn my capital completely. Call it risk aversion of my "cash in the bank" and also believe looking at properties to rehab will help me learn my market better.
this thread is funny to me. Getting off our *** and doing something positive doesn't require an age accomplishment and age certainly shouldn't limit us either.
I was a baby when I bought my first property. And after hundreds and hundreds later nothing is different except I live in a nicer house and drive nicer cars. I don't give a crap that I'm 51 and neither do the sellers I give my money to.
Andrew:
I bought my first apartment at 55. As you, I'm not looking for another job so have them all managed by a 3rd party professional management company. Age is an impediment only if you let it be one. I'm buying for passive cash flow for retirement income. As soon as I have enough cash flow I'll quit the day job but probably continue acquiring property for syndication as it's too much fun to quit.
I am 57 and started 5 years ago. I thought DYI was my path as well (as mentioned before). I found out that ain't so. Your knees start hurting and you can never find your glasses.
I know there is probably not enough time to retire from this business when I want to . But, I figure in anther or year or two, I can quit the JOB when I want too and continue working in something i like a lot better. The gubmint sez I am supposed to work till 67 anyway.
Don