Hello everyone, I'm wondering how many of you started investing later in life. Anyone start in their 40s, 50s or later?
If so, what has been your experience so far? Are there any strategies or concerns specific to investors who are getting a later start?
Thanks, any insight you may have is most welcome!
@Christine Sykes I had been doing "house hacking" for a long time until I got into my current home. I started seriously investing in real estate in my mid 40's in the SF Bay Area. Within the past 4 years I have gotten to 19 doors leveraging my strong W2 that I built up over many years of working the "grind". I like to swing my own hammer and I do some of my own property management.
I don't think that there are any real specific age related concerns for me other then needing more advil at the end of demo day! Kidding aside, you have less time on the back end to recover if you make a financial mistake... so be very careful.
Good luck to you!
I am new to REI and I am in my mid forties. It would have been nice to get started earlier, but I still have plenty of runway. The big advantage is that I have resources, money and life experience. I figure those things will make it easier.
I have always been interested, but actually just recently started. I am 47. If you don't mind, why do you ask?
I am on my way to my first deal and I started thinking about real estate at the end of last year.
I had the same question you are asking before. I am going to turn 50 this year Gods willing. But I decided not to focus on the cons but on the pros and give it a shot.
I have been very careful making sure I get the right education and knowledge though because as Arlen said, we don't have much time to recuperate from a very costly mistake. But, yes, don't let age to stop you to pursuit your dreams.
Good luck and let us know how yet eou are doing with your business. BP is a great place to get educated and to push you in the right direction by the way.
@Christine Sykes I'm starting now, at age 53. My primary goal is to reach my freedom number in 12 years. Can't tell you yet how it's going to turn out, but I have faith in my own abilities buttressed by the knowledge base available here on BP. Stick around and I'll post my progress over the years. Better yet, post yours along the way and we can compare our successes and learn from each others mistakes (along with a few hundred thousand of our closest friends). =)
I started about 15 months ago, at age 55. I am not doing it as a new career, just as an addition and to allow for extra retirement income.
Thanks everybody for your wonderful insights and encouragement!
@Arlen Chou, wow, 19 doors?? Way to go! Very inspiring. Yes, we do have less time to recover, so I will do my homework and then some.
@Ann Howell, I agree about resources, money, and life experience. I couldn't have started this journey in my 20s or 30s because I didn't have the perspective I have now. Kudos to the younger members who do!
@Carol Zeroual, I ask because I'm starting late, in my early 50s. :-)
@Alfredo GonzalesC, good luck with your first deal! Keep us posted. I have a lot to learn, but do plan on getting a solid education before I pull the trigger. Can't wait!
@William Homer, I look forward to your future success stories, and to posting some of my own.
I started buying rentals in my 40s, but have owned, built and rehabbed homes for 20 years before that. I attribute my long length of experience at giving me a good foundation to work from when I wanted to buy and hold, since I generally buy wrecks and turn them into something nice.
I purchased my first property last year at age 45. I am hoping to replace my W2 salary within 10 years. Start slow you will make mistakes along the way but as long you have a goal and you keep working on it. You will get there. Good luck