I started at 55 in 2016-- I'll turn 59 this year and we just bought our 59th unit. It's never too late.
@Patrick Froehlich it's never too late to start something you're passionate about. My dad actually began his real estate investing journey (on the side while he runs his company, primarily) in his late 50s and he absolutely loves it. Go for it :)
@Patrick Froehlich yep, just started at 48. For me it was all about building generational wealth and tax benefits with a high earner in the family. I'll have 6 doors before the end of the year, and won't be stopping any time soon. Every new property is an opportunity to grow and learn. First was a pretty turn key investment where I did nothing but clean, and learned how to find great tenants and manage. Second is a BRRR in an up and coming area so I'll be learning how to work with contractors and staying on budget. And the refi piece. Eventually I'd like to get into apartments. Or who knows maybe I'll love duplexes and quads and stay there! Good luck!
@Patrick Froehlich Hey Patrick, I studied real estate for a year and closed on my first property 6 months ago, I’m 45. BiggerPockets webinars and the calculator was a huge help. I went with the pro membership to watch the webinars on demand and read a lot. I put in a bunch of offers that got rejected. Finally got the winning bid on a 10 unit. Being in my 40’s I wanted to accelerate the process. Hopefully you have some good money saved if so maybe consider doing the same. Figure out your target retirement date and the cash flow you’ll need the work the #’s backward. For instance I want to retire or at least slow down the day job within 10 years and to do so I’ll need 40 units worth of cash flow. Good luck!
@Greg Scott what’s the right way to buy property? Nine in a year.
I'm 47 and just hitting acquisition #3. What would be too late for me would be waiting any longer to pursue what I want.
however many years you and I have left, they will pass by whether we invest in real estate or not.
best of luck to you
@Greg Scott may I ask the name of the group and are they accepting new members?
I'm 46 and going all in.
Rehab value add? Is that what your referring to the right way?
I got my real estate license when I was 20, property manager at 26, mortgage broker license at 36. Bought my first rental? Age 51. I'm 55 and have 15 doors. I spent most of my life around the industry but never felt confident enough to take the plunge until I was staring at being retired in 15 years with only a modest 401k and whatever is left of social security. Sometimes, fear is the thing that stops you and sometimes fear is the thing that motivates you. Age is secondary, getting started is primary. People often say "someday I will..." realize that "someday is today".
@Patrick Froehlich im in my late forties too,and I want to try to go into this ,I’m like you and getting all the knowledge that I can and reading investors and people experiences and tips ,I hope I’m get in the right way with the right investors to learn
@Greg Scott thank you for sharing your experience. Can you direct me on finding a group similar to the one you found? I’d love to learn more about buying with a better approach.
@Greg Scott hello Greg my husband & I have the same goal. Would really like to connect with you & learn from your journey.
@Aigo Pyles hi there great to see you here.
We began ten years ago, ages 48 and 49. Just closed on our 13th property (and no we're not superstitious.) We started with foreclosures in the Great Recession. I have a feeling similar opportunities might be coming your way soon with the COVID-19 economic effects. Husband will likely take retirement package soon, we are probably done buying...but who knows. We own 3 duplex halves, one townhome, and nine condos, and are buy and hold investors. Including our own home we have 8 mortgages on those 14 properties, so we feel prepared for possible downturns.
Hi @Patrick Froehlich ! As it goes in the real estate world, any time is a good time! As long as you manage to align your investment with any strategy and goals you have at any point of your life, it's definitely never too late. If you want more insights / advice about investing (particularly in Massachusetts), i'd be more than happy to connect and help out in any way.
I am starting out and am 50. I have an offer on a 4 plex in the greater hartford ct area. My banker tells me he needs 60 days. The broker is pushing me to sign a LOI saying 40 days. Even though I'm off the hook if financing falls through, I feel rushed and I'm a newbie. I don't want to go down a path I can't succeed in. Does anyone have advice?
I am 39 years old this year. This is the first year and I am still working on my first investment property. I am also dealing with my English skill. Of course I also have 2 little boys(2 and 4) I am full time taking care of them. My husband is working over 65+ hours a week. I heard lots of investors said I wish I knew this 20 years ago. I do too. But never too late to chase your dream! I am happy and excited everyday around these wonderful people! Wish you all success and happiness!
I did not but age has nothing to do with it. I have seen people start at every age. I have seen people really understand it and make 7 figures within just a few years. I have seen others that have been doing it for 20 years and can't make more than 50k. Age has nothing to do with it.