Investing later in life

Real Estate Agent · North Port, FL · Member since 2022 · 10 posts · 3 votes

Hi Everyone! I've been pouring over the forums, books and videos on here about investing in real estate and it has always been something I've been interested in but never knew how to get in until I found this site. I'm excited to start my journey but have to admit, there seems to be a recurring theme as I work to gain knowledge that much of this information is designed for the 20-something to start their journey and be financially free in 30 years. Does anyone have advice for someone in their 50's starting this journey on how to implement strategies that can have a quicker payoff or can help fund the retirement years? Still the same principles or are there specific strategies that might be better than others?

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Jill F.

Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes

My husband and I started our business in 2016 at 54 and 62 respectively. I think there are some real advantages to starting off later: We had retirement savings and home equity available that permitted us to jump right into multi-family. We had business experience that I think our lenders did consider. We had strong skill sets in useful areas and were well aware of our strengths and weaknesses, and we had a broad array of life experiences that really only comes with time dealing with different types of people from a wide range of backgrounds.

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Eric Prescott
Investor · Union County, NJ · Member since 2022 · 92 posts · 51 votes
3y
Quote from @April Tsotsos:

Quote from @Nicholas L.:

@April Tsotsos
just saw you responded to me a few days ago and I missed it. question for you - would your schedule and finances permit you to travel (frequently) to an OOS market to get started?
i always recommend that new investors start in their backyards if at all possible. but, if you can travel to an OOS market and really be hands-on for the start-up / purchase / core 4 building / stabilization phase, I think it will lessen your risk and increase your chances of success.
with that said, i have to believe that even if your immediate FL market seems too expensive or saturated, there are probably markets within driving distance of you at a lower price point. this would let you go to REIA meetings, meet agents, interview PMs, walk properties, network in person, etc.
one other thought - if your goal is $7k a month net on just 10 properties, that's likely going to require STRs unless you're making very large down payments on LTRs.

Thanks for your feedback. My availability is open but my husband (who would be directing repairs/etc) is not. It's part of the reason we're hesitant on out of state properties. It seems good on the surface to want to be OOT but you're right, it makes much more logistical sense to have our first purchase locally. I'll start looking a bit more inland and see what I can find.
As far as 10/$7000, I would prefer to have STR but haven't yet figured out how the funding would look. I'm sure I'll have to get creative and may need more than the 10 as you've pointed out. I'm so green at running the numbers right now that I know I need to spend alot of time getting a better grasp of it all. I've looked at the DSCR loans and they work well for LTR if its suburban/urban and has comparables to justify the rental rate but with STR - I may not be able to justify what LTR rates would be on it if its not located in a populated area in order to secure that type of loan. I'm also looking for hard money lenders to research and so far only know about Kiava but have nothing to compare to.
Message me about HML and maybe we can find a time to talk about lenders.
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April Tsotsos
OP
Real Estate Agent · North Port, FL · Member since 2022 · 10 posts · 3 votes
3y
Quote from @Nicholas L.:

@April Tsotsos
sounds good.
don't be this guy.
https://www.biggerpockets.com/...

Yikes! I'll have to follow along and see how he makes out!
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Frank Pulice
Rental Property Investor · Weehawken, NJ · Member since 2021 · 15 posts · 12 votes
3y
@April Tsotsos
Thanks for bringing this up. Yes it’s definitely a different game for those of us not in our 20’s and 30’s.
Loved reading everyone’s responses.
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Walter JonesBusiness Member
Real Estate Agent · Memphis, TN · Member since 2018 · 102 posts · 102 votes
3y
It's really great to hear stories of how quickly people got the ball rolling on this and I appreciate all of the great feedback. I love the idea of househacking but we already have a home we really love so it would be hard to give it up to start out that way. My thoughts are to HELOC or hard money my first investment but feeling a little uneasy about the risk. My confidence grows every day as I read all of the success stories!
If you can get good hard money terms I would do that and keep the HELOC for other repairs and unforeseen things, and other opportunities that come along. (Assuming you want to rehab a property, and potentially flip it or BRRRR it for a long term hold.) Nothing wrong with paying asking price for a nice MLS property and use a conventional loan if the numbers work for you. I usually start my filter with 1:1 ratio, and adjust up or down depending on where the property is, but 1:1 is difficult to find in some markets.

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April Tsotsos
OP
Real Estate Agent · North Port, FL · Member since 2022 · 10 posts · 3 votes
3y
Quote from @Frank Pulice:

@April Tsotsos
Thanks for bringing this up. Yes it’s definitely a different game for those of us not in our 20’s and 30’s.
Loved reading everyone’s responses.
It's been a gamechanger for me to see the stories and the support - my initial hesitation is all but gone and I'm doubling down on trying to get this going in the next few months, if not sooner. I'm so glad it is helping others as well!
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