Starting too late in life?

Starting too late in life?

Detroit, MI · Member since 2017 · 20 posts · 18 votes

Hello community. I think this is my first post. *Insert long winded personal story here*, and now I'm 49, chronically ill and exhausted, but finally in a position where, if I can figure it out, I think I could start some real estate investing. I'm not afraid of hard work, it's just that my body now dictates how much I can do, so I can't commit to the hustle that others can. But I don't want that to stop me. There has to be a way.

I don't have a lot of money to start with, and it took a long time to get into the position we're in, with excellent credit scores and money in the bank so, while I'm not naive that it takes money to make money, I'm not willing to risk our home, credit scores, or empty our savings. At our age we can't be as risky. However, I know I can do this somehow. I know I can do it without being too risky. I'm trying to figure it out. I'm watching, reading, researching, doing my own comps for practice, etc. But I find myself in a strange position. That of actually being able to qualify for credit that I couldn't before and having a little money to use. Very little, about 10k.

Suddenly, a house we've been looking at is possibly within our reach, but I'd need a 203k since we'd be living in it, not flipping it. Although I would flip it if we didn't want to own it (and I had the money), it's an incredible deal. I digress. This same day that I made an appointment to go inspect more closely and start the pre-approval process, I see that two FSBO homes have been put up in our area, with Land Contract options. Again, too good to pass up, from an investment standpoint. I'd be so stupid to not get them both if I could figure out a way, pending further inspection of course.

I'm not a greedy person, I'm satisfied with 'enough'. However, I need to have a way to do my part in bringing in income, my husband may need back surgery soon. AND we really want this other house, this kind of opportunity might not happen again for us for some time. In that area, almost certainly not. BUT, those two smaller, local properties would be good investments. I would be a fool to pass any of these homes up if I don't have to. I could use some guidance or suggestions on what to do, what options I might have to have my cake and eat it too, so to speak. Or to not do one or the other. We do have the option of renting out our current house if we do end up moving, which would increase our monthly income by about $350, or we could just sell it, which would reasonable let us walk away with $25k. Assuming the market doesn't crash before then, which I'm hearing a lot of warnings about. Another reason I'm having reservations. 

If you've read this far, thank you. And think you in advance for any advice at all. 

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y

My mother was widowed at 47, started investing in real estate at 48 or 49. She made enough to retire on time at retirement age, and has a net worth in excess of a million now in retirement.  Its never too late. 

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  • Rental Property Investor · Member since 2020 · 20 posts · 20 votes
    6y

    @Heather B. I have no advice but I'm in the same boat as you! Im in my 40s and staring over. I just don't see myself working 60 plus hours a week for the next 25 30 yrs. I'm missing a lot of my children's growing because of work and that needs to stop. My goal is to make enough to be there for them. And for me not to work myself to death and look back and say what if! You can do Heather just believe in yourself!!! Good luck!

    -Mark

  • Investor · NJ · Member since 2020 · 17 posts · 18 votes
    6y

    What is age anyway? I’m in my mid 40s and feel like I’m just getting started. Best time of my life so far. I had a SF rental several years ago, sold it as it wasn’t the right property. Joined here several months ago and starting again. 46 years young!

  • Detroit, MI · Member since 2017 · 20 posts · 18 votes
    6y
    Originally posted by @Mark Vazquez:

    @Heather B. I have no advice but I'm in the same boat as you! Im in my 40s and staring over. I just don't see myself working 60 plus hours a week for the next 25 30 yrs. I'm missing a lot of my children's growing because of work and that needs to stop. My goal is to make enough to be there for them. And for me not to work myself to death and look back and say what if! You can do Heather just believe in yourself!!! Good luck!

    -Mark

    Thanks mark! Best wishes to you in your new endeavor too!

  • Wholesaler · glasgow, KY · Member since 2017 · 6 posts · 4 votes
    6y

    What I wouldn't give to be 49 again! No, you're not starting too late! You can still accomplish quite a bit in real estate before normal retirement age. I'm 72 and have been investing for 3 years. I have one SFR paid for and another with very good cash flow. And the appreciation in just 3 years is mind blowing. Hang in there and go for it!

  • Rental Property Investor · Fair Haven, NJ · Member since 2019 · 19 posts · 4 votes
    6y

    @Heather B. Great thread with great insight. Thanks for posting. I’m 44 and just starting out in real estate investing. Like many of you, I have fear of the unknown. However, I’m at a point in my life where I want to be more aggressive. Spending most of my life playing it safe and almost talking myself into believing I’ve made sound decisions. What it really was, was taking the easy way out. Now, I’ve changed and feel a need for personal growth and self fulfillment. Real estate investing is what I want to do and it’s what I will do. Now, I like the nervous/anxious feeling. It means I’m doing something new and stepping out of the comfort zone. As is stated on many podcasts, knowledge, analysis, and education are great ways to mitigate risk. Set goals and work hard to achieve them.

  • New to Real Estate · NJ · Member since 2017 · 8 posts · 0 votes
    6y

    @Darius Ogloza. I love that "Pick a horse and ride it"! Awesome!!

  • Investor · USA · Member since 2015 · 168 posts · 243 votes
    6y

    @Heather B. 

    You are already ahead of lots of people because you have the courage to take the actions NOW! 

    Started from 43 and turned the initial $100k cash to a $4m portfolio.

    It’s never late to make your life better!

  • Member since 2016 · 79 posts · 134 votes
    6y

    I'm going to take a slightly different tone (but still positive) from others. 

    Yes, you kinda missed a lot of opportunities for the last 20 years and yes, you wish you could've started a lot sooner. Looking at all the successful people on BiggerPockets and social media and seeing they "showing off" their age in 20s and 30s really make people feeling anxious, hopeless, even angry (at one's self). That's how I feel sometimes. 

    Now that we acknowledged this, knowing that there are tons of people in the same boat, we can move on and start building. It's not early, but never too late.

  • Homeowner · Long Beach, CA · Member since 2015 · 18 posts · 5 votes
    6y

    @Heather B. Thank you for posting this! The answers here are quite encouraging and inspirational!

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