55 year old just starting. Am I crazy or can I do this?

[Jane Dunn]

I'm looking at a lease to own on the rent house I'm in. It's in an area that is being slowly gentrified. After I get this rehabbed to rent out, I want to buy 2-4 more duplexes or with conventional financing; planning on living in each a year to get the financing.

I'm a 55 year old female. I work full time and would continue to do so. I would want to be my own property manager which doesn't scare me much as I have good people skills and good maintenance skills.

I'm concerned about getting financing at my age and at my income level. I have scads of other questions and I've been studying up, but I just need to know if I'm being realistic taking into account my age re financing.

[Christopher Telles]

I enjoyed your post for the worthy goals you describe, and humorously in the way you refer to your "age". Let's start with the latter, perhaps my perception is skewed but at 55 I'm of the opinion you've just enter a life phase where you can do so much, experience great things, and create great wealth while in the process. My 93 year old grandfather to me recently "I know I've got at least 10 years, but if I could just get another 20". He was speaking in the context of growing his business of 50+ years. A business he still works at 5 days a week putting in 50+ hours. My point here is you are young (I'm five years your junior) and have many decades to grow and operate your yet to be built real estate portfolio. Now go do... As far as your plan, it actually sounds solid, and you want to know why, because you have a plan. It's really that simple. You made a plan, which is way more than many will even attempt, and now it's time to execute. The important thing is to just get started. You can make adjustments as you move along while executing your plan. Now, go do!