questions about 2 deals
I invested in real estate heavily - when I sold real estate in Colorado. Ended up with a lot of negative cash flow properties and my husband got a once in a lifetime job offer in another state - so we sold everything at a loss. Looking back, of course, (with the benefit of hindsight) - we had lots of other alternatives, it just didn't seem like it at the time.
Now, as a retiree (sort of), I've become interested in investing again.
I wrote a couple of offers last week on foreclosures in my area:
1. House built in 1960s - 4 BR/2 BA about 1750 sq. feet. $82,000. Will rent for about $1100/month. I would finance this one 5/1 with 20% down. Will need about 5-10,000 invested.
2. House built in the 1920s - 2 BR/1 BA about 1300 sq. feet. Needs about $10,000 invested. I would pay cash for this one. Would rent for about $800/month.
I did not expect to get an accepted offer on the 2 BR. It was listed in the high 50s and I threw the offer of $30,000 out there...assuming it would not be accepted but thinking I may come back later if it doesn't sell and make the same offer.
I can go forward with one or both of these. I'm feeling some serious buyer's remorse. Primarily, because although I've lived here for some time - I have not bonded to the area. I do not feel the same level of confidence in real estate as when I actually worked in real estate and had easy access to all stats. House #1 is on well and septic and I've not had experience with that situation either.
I had a friend ask me last night - why would I even want to do this? I am comfortable and really am not in a situation in which I need to generate more money. I think the answer to that is - I got out of real estate ownership in Colorado and Florida at the wrong times (due to husband's job movements); I think I'd like to show my daughters and son that real estate investments can work.
Not sure what my question is! Most of you are far younger than I - wondering if it is truly crazy for someone in their 60s to be doing this? Opinions?