Originally posted by @Jenny Sayavong:
@Jill F. That’s incredible! May I ask how you scaled so quickly?
We are lucky to live in Akron where you can purchase cash flowing investment properties, to have retirement funds available to use, and strong diy renovation skills. We are now all in on rental properties- this is our retirement income. Hopefully we'll be done renovating soon and start having more of the "retirement" part.
I am an aspiring Real Estate Investor and would like to find a mentor in my area which is Orlando, FL if anyone is willing to teach am willing to learn. Thank you
@Sully Hubbard May I ask if your flips are in the Wenatchee market? If so, may I Pm you?
@Patrick Froehlich interesting how much buzz this thread has gotten. I’ll play along...I was 45 when I bought my first rental house. I got up to 8 houses (plus 1 flip/flop) then sold them all and used the proceeds to buy myself a 20-unit on my 49th birthday (literally closed on my birthday...so exciting!). I’ll be 51 this year and now operate 80 units.
@Greg Scott what did you change to buy 9 in two years out of the gates?
@Greg Scott , you mentioned finding a group that taught you how to invest the right way. What group? I’m a 40 something investor just staring out, looking for first property now! Greatly appreciate anything further you can share.
@Greg Scott what is the right way to buy properties? Just a 20 Year old looking to learn haha
@JD Martin if you don't mind me asking, how did you lose big in your 20s?
Late 50's here!!!!! I'm in for the short haul :)
@Patrick Froehlich My husband and I are general contractors and realtors. Just started in flipping last year. He is 60 and I am 58. We are very excited about it. Yes, I wish I knew about this before, but actually we now have so much experience that makes flips pretty easy.
@Greg Scott thank you!
It's not late at all! By your late 40s you have built emotional intelligence, your income is ideally higher, and been through some difficult times. Also, don't beat yourself by starting "late," you didn't have the internet for most of your life or great website like BiggerPockets. Best of luck!
Hi @ Patrick Froehlich,
please listen to the BP Rookie podcast (#18) with investor who started at age 45.
Can't miss the take home that extra stream of income is so important-esp in a crisis.
Keep posting any questions and use the search tool at top for more specific data needs.
Glad you are here!
@Lucy Iburg Thank you Lucy, that is both inspiring and helpful information!
@Patrick Froehlich Obviously you are starting a little behind most, but I don’t think that’s a problem at all. My dad started RE investing at 45 and became addicted to it shortly after. He doesn’t regret it at all!
I started at 56.....
I am in my early 50's.Planning to buy 1-2 rentals per year.I buy everything in cash as I do not want to be in debt when I retire.I invest in SFR in B neighborhoods.I thought about multi family but too risky for me( they are mostly in C,D neighborhoods )
Turned 50 this year and not in real estate yet -- but never say never!
However, I started saving very early in career and actively invest in the stock market.
Take care of your health and mental acuity and you have decades of future investing to do.
This is a mindset question. 10 years from now you would wish that you started investing 10 years ago.
I started investing actively in real estate when I was 46. I purchased my primary residence when I was 36.
In 3 short years I was able to BRRRR 13 doors and build $4500 monthly PCF. I was able to do that because of my W2, my credit, and my professional ( I'm administrator) experience. You can do it too.
Originally posted by @Bernadeau C. :
@JD Martin if you don't mind me asking, how did you lose big in your 20s?
If you listen to my episode on the Bigger Pockets podcast (click the episode in my signature), you'll hear all about it :)
I’m starting in my early 40s. I’m right there with you, but I’m a firm believer in where there’s a will there’s a way, mentality. Best for luck friend.
This is a great topic, and lets say the catalyst to get my but back in here at BP. So Thank You.
A little background from me, bought my first house in July of 1998 at 28, but a vacation home a month later and fell in love with the vacation home, so moved into and rented the first home. Rented the first home for seven years then moved back and sold the vacation home (2006 recession). Lived in the first house for the next seven years than moved back in with my parents until the first house sold. A year later house sold for 315K I paid 128. Took the profits and bought my current house, bought my shop, and bought a vacation property.
2019 I took real estate classes and passed my test on the first attempt, that was July 25 2019. In the past year I have maintained my normal work but have also listed two properties and have seven buyer looking. June I put two properties under contract and expect I will put two more this month. Hopefully by October I will have completed the six transactions needed to test for my brokers license.
I want to focus on Real estate management, the reason I want my brokers license. The Broker I work for wants no part of Management of others properties. I have been following Real estate and the Market for 30 years and now that I am turning 50 I think I am done with analysis paralysis and ready to make that leap.
I am looking at a commercial acquisition that is a body shop, a parts store and 3 unit multi family. Asking price is 500K Owner is willing to hold the note for three years with 10%down. the two commercial spaces bring in enough rent to pay the mortgage, taxes and insurance. On paper it is a no brainer. My hiccup is securing the 50K down. that is where I am.
I am in the process of reaching out to some private money lenders to see how I can make it work, hopefully soon I can report back. Not bad for a nearly 50 year old.
After 40... Mmmmm no just might as well give up... LOL - You are your age no matter what age that is. I start everyday after 40 lol. So do you have the same runway length as a 20 year old? Probably not, but were you doing real estate at 20? Many 20 years are not doing real estate either. (There are some!) Hope they cut you in on their deals?
So now what, well I will tell you what. You need to start when you can, if it is 40 then so be it but, start. There is no definite end time for you until it is over. So the sooner you get started the sooner you can look back and say, I am sure glad I started when I did, instead of making an excuse and not starting at all!
Get After It! I do everyday!
I started at 41 when I retired from the Air Force. As I kept going, developing an approach and adding properties to people in my network encouraged me to systematize the approach and help other to follow it. That's what I am doing now. Many on this thread talked about what they did and how they did it. I know it is never too late to start. I would go as far as stating that you want to establish your goal and then find an approach you really like and learn, follow, and apply it.
I know that my approach is seen as conservative by many but it has allowed me t create a passive income that will never make me uneasy when I don't feel like working anymore and I keep adding to it, just because it's great and long-term helps my daughter with her inheritance.
Don't spend any more time on your age and just get started. I believe even an ambitious BHAG can be achieved in 10-15 years, so you could be economically free even before most people retire.
@Patrick Froehlich I restarted my rental investment journey last year at 41. I was home owner and a landlord back in my 30s I let them go during the last crisis. I look back and I think I just didn’t have the right mindset back then than I do now. If I knew what I know now I would’ve done more to try to keep those properties. I feel really great about restarting my journey now because I have done more to learn about real estate and how to buy the right property and it has been working out so far. Now I’m looking to scale up and I’m in escrow to buying my first multi family property. I think if you have done your due diligence and have the right mindset then I think it shouldn’t matter what age you start.