Newbie in Central FL

12 Replies

Looking for advice... I am a newbie looking into potentially getting started/involved with REI which has fascinated me over the years, just never took the plunge. I have been in corporate america for ~ 40 years and looking at my next chapter - retirement in about 5-9 yrs. Is REI a good vehicle to help fund retirement this late in life? Might require pulling funds from 401K to finance thus reducing those funds earning power. Currently, given an average market, my 401K should produce a little more than I am currently earning today. Thanks

@Paul McVey never is too late, Bob Helms "the Godfather of Real Estate -the Real Estate Guys" is already on his 80's you can use your 401k in a self-directed IRA, but before spending any money buying properties, please find out what is your exit strategy, please keep me posted,

@Paul McVey first, welcome to BiggerPockets! This site is a great place for a newbie like yourself to learn the ropes of real estate investing. To answer your question, REI is an excellent vehicle to help fund your retirement in about 5 - 9 years.

I have spent several years perfecting and sourcing undervalued property for immediate resale. In my experience, Paul, I've had better success sending out offers to owners directly.  That way, you'll know who wants to deal with you.

I'm happy to help further. Feel free to PM me.  Once again, welcome to BiggerPockets, and I wish you the best of luck in your real estate investing endeavors.

If you're looking to retire that quickly then the best thing to do would be to buy as many turnkey rental properties as possible right now with your 401k cash. Finance all those properties. The max amount that you can buy is 10.

Over the next 5-9 years use the cash flow to pay off those homes. 

By year 9 you should be able to pay off all of them depending on the size of the loans. Now you own those 10 properties all cash and your cash flow from those 10 properties should be enough for you to retire. 

Learning about tax advantaged accounts and how they can participate in real estate investing is always a good idea for someone who is creating an investment strategy.  This link, 

https://newdirectionira.com/investment-options/rea...,

will get you and your financial and real estate team started.  And we are happy to follow up with you, at any time in your process, by answering questions.

@Paul McVey

Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

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Wishing you the best!

@Paul McVey welcome to BP! This sight has helped me immensely! I’m in NSB area also. I’m looking to start a meetup in the area very soon. There are a few of us BP REIs in central Florida. We’d love to have you.

Originally posted by @Paul McVey :

Looking for advice... I am a newbie looking into potentially getting started/involved with REI which has fascinated me over the years, just never took the plunge. I have been in corporate america for ~ 40 years and looking at my next chapter - retirement in about 5-9 yrs. Is REI a good vehicle to help fund retirement this late in life? Might require pulling funds from 401K to finance thus reducing those funds earning power. Currently, given an average market, my 401K should produce a little more than I am currently earning today. Thanks

 The younger you are the better. Investing in long term rental real estate makes the most sense when you are very young as the payback of your capital takes many many years. If you buy a rental property at 25 you've got it paid off at 55. I would think your 401k would be a better place to keep that money at this stage of your career. Not much upside to pulling it out and starting something totally different.