My old man started in his 60's and has 6 units now
I was a little over 50 when we started. Sure, I wish we had started earlier, but you can not turn back time. I say go for it. There are a lot of people who started their business life well after that. Where will you be 10 or 20 years from now other than older. You could be 10 or 20 years older and a lot wealthier. Don't waste those years and look back and say, I wish I had.
Yes and in less than 5 years I make more in real estate than my full time job
@Patrick Froehlich : I moved back to my hometown Toledo, Ohio at age 61 to start a side gig buying real estate. I began with an auction property and a HUD house bought in my self directed IRA, and learned what I needed to know as I went. It has enabled me to retire without fear of life in penury.
I buy, rehab, and hold older single family homes in C neighborhoods. I now have 11 doors, plus 7 doors in another group, which is a comfortable number to manage. It enabl They cash flow well for me . I'm glad I took the plunge and invested in my hometown.
I was a first time home buyer over age 40. It was a triplex I bought with an FHA loan. I no longer live in that area, but still own it
I'm overwhelmed by all the questions, so will try to answer one and all with a group post to you.
Lifestyles Unlimited is the organization that turbo-charged my real estate investing. There are too many elements of how and why to explain here, but why don't you see for yourself. Lifestyles has several free workshops streamed live every month. https://freeworkshoplivestream...I consider their basic membership to be a no-brainer for anyone doing any kind of residential buy & hold investing.
What I didn't expect when joining Lifestyles is that it would propel us into multifamily investing. They have a massive amount of training and opportunities to network with investors to get into deals. We are now invested in 15 apartments, over 2,000 units, including syndications of two properties ourselves.
Several of you asked for more information about me. I'm not a huge self-promoter. I have no reason to. I'm not selling books or tapes (tapes? I am over 50!) I'm not even looking for outside investors as we only let other Lifestyles members in our deals. B
@Patrick Froehlich started last spring at 46 and wish I had sooner. Wife and I talked about it forever then just started. Took 100K out of stocks for down payment on 2 properties. Yes I paid taxes on it but got me going.
My strategy is buy at least 70% of value or less, rehab, refi after 6 mo. I get my down payment back to purchase the next one plus some, then I hold and rent it out. I’m getting ready to purchase my 6th. I do a lot of the work myself and have a small team that helps me.
Knock on wood I’ve had 0 trouble getting traditional loans or rehab loans. Yes probably has to do with age capital and experience, people I know. Again wish I had started sooner. Just start!
@Patrick Froehlich I’m 43 and to this day believe that anytime is a good time to start any investment. Being older I hope to have my first door under contract before the summer ends. There is something to be said about being older and dare I say more cautious.
I will be following the stack method but I have also looked at some whole sale deals to leverage more capital for my disposal. Best advice I can give that’s paying huge for me as I enter is having established relationship with a realtor that understands what your looking to do. My realtor is a close friend and they have opened doors to private lending, and constant feed of mls and pocket listings.
Originally posted by @Andy Vaughan :
@brianbriscoe 50 is the new 30!
You make 50 look like 30 my friend!!
@Joel Williams Would agree with this realtor part 100%, my realtor is a friend of mine and like you said knows exactly what I’m looking for. Knows not to waste time with something that doesn’t fit the model, And sometimes I get really excited and ready to buy a property and she will give me 10 reasons not to.
@David I. Every employee I ever hired I tried to talk them out of taking jobs with me. They turned out to be some of my best workers and now friends!
Your friend sounds like they do the same because they want to know you are still driving and pushing. Definitely looks like the right realtor to me and to boot they are the second pair of bias eyes against you. There may come a day they see something and say something that makes you take pause verse a realtor/friend that’s just looking for the next contract payout.
@Mark Albini $600 after expenses is excellent!
@Michelle Ramos-Martinez thank you so much. This path has been on my mind for a long time.
Hey, we started in our mid 50'6. We have obtained 2 rentals, house hacking part of our home, and just completed our 2nd flip.
@Patrick Froehlich yes!
I found my first property right at my 40th birthday and closed on it shortly after. It's never too late to get started.
I started at 45. It's never to late. Every day that God gives is a gift. You are a decision away. Don't let days continue to past. You can't get them back.
Better late than never. Also as an older investor you might take as many risk as a younger investor in his 20's or 30's.
What’s it matter - it takes one deal to create a launch point for a massively successful journey.
Age isn’t a factor.
Energy is, Creativity is, persistence, relationships, Capital resourcefulness, being able to be honest with your self, but push your self to your limits etc ......most importantly get active but remain disciplined.
@Greg Scott so I started with the wife about 3 years ago and we also have been invested in a couple of single families and one multi....just to pick your brain. Which company took you to the next level ?? Maybe I can find something similar in my area of NJ.
@Lucy Iburg BRAVO....YOU GUYS ROCK !!!!
I started when I was 44. I’m now 49 with 10 properties. I just put them in 15 year loans so they’ll all be paid off a few years before I retire. Good luck!
@Jill F. That’s incredible! May I ask how you scaled so quickly?
Yes I am 45 and getting my Real Estate license and I will sell some real estate then I will buy some rentals. It doesn’t matter what age you are. Do what makes you happy, just like me.