Investors who started in late 30’s with multiple children

Starting Out
5yFollow

Investors who started in late 30’s with multiple children

Ciji Masser
New to Real Estate · Frederick, MD · Member since 2021 · 39 posts · 36 votes

Hello All,

Josh and I are newbies to real estate. We are absorbing as much information as possible and setting goals. We are currently in our late 30’s and have 4 school age children. Over the past year we have been able to increase our savings and continue to work on our financial IQ. We have a general idea that we’d like to invest in North Carolina. Our issue is capital, we don’t have a lot of it.

Are there any investors that have a similar late start like we do, who’d be willing to share some tips or tricks?

Learning so much and so grateful for this community.

Thanks

The Masser’s

17Reply
352 views

Most Popular Reply

Aaron W.
Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
5y

@Ciji Masser Welcome to the community and look forward to hearing about your successes.

It is never too late to start investing and you are in the right place to do it. 

Before you get started, know why you want to get into real estate investing? Are you interested in cash flow or appreciation? Do you need immediate cash flow or can it wait? What is your appetite for rehab? This is going to be your guide throughout your roller coaster journey and will keep you looking forward through the good and bad days. After you know your why, work backwards to establish short-term and long-term goals to help you accomplish your why.

Understand what to you constitutes a great deal. This is typically a personal decision and can include specific returns you want to see from a deal. This will also help you stay focused and to not give in to a make a bad deal work.

One of the most important skills of an investor is deal analysis. You will want to practice analyzing deals everyday, even if you don't plan to buy yet. This skill is invaluable and a perishable skill.

Continue educating yourself everyday as there is too much information to learn in a short amount of time. Know that mistakes will be made, but the great thing about real estate is that over time and if purchased right, many mistakes can be mitigated or overcome. Don't be afraid to make the leap. Analysis paralysis can and does stop many from moving forward. Some of the best learning comes from jumping in and figuring it out.

Best of luck!

15Reply
See this reply in the discussion

82 Replies

Jump to latestLatest
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    5y

    @Ciji Masser I was recently was on a pod cast with the house hackings legend himself Craig Curelop,  PM me I can share the episode with you.  My main goal of the show was to share my story and let listeners know you absolutely can invest with a full family.  

    973-975-3895
    House Hacking New Jersey563 Reviews
    WebsiteView Page
    1Reply
  • Justin Thorpe
    Member since 2020 · 437 posts · 675 votes
    5y

    Hi and welcome to the world of RE investing. At your life stage as such nothing should stop you from investing BUT I would caution on who and how you give money to. There are many out there who would love to jump at your hard earned money. Often the masquerade as "gurus". Be wary of them.  The last thing you want to be part of is any shady investment scam. As long as you can screen those types and keep yourself informed and agile, you will be ok. 

    1Reply
  • George Munoz
    Real Estate Agent · Fort Lauderdale, FL · Member since 2018 · 360 posts · 213 votes
    5y
    Originally posted by @Ciji Masser:

    @George Munoz perfect quite! Thank you for the advice. One those niches.

     Happy to connect as well!! and blessings.. 

    0Reply
  • Meghan McGill
    Accountant · Summerville, SC · Member since 2020 · 57 posts · 67 votes
    5y

    @Ciji Masser Awesome! That is exciting. Sounds like you are taking action steps to get you headed in the right direction. Good luck on your journey. 

    1Reply
  • Ciji Masser
    OP
    New to Real Estate · Frederick, MD · Member since 2021 · 39 posts · 36 votes
    5y

    @Jacob Fitzgerald those are amazing pointers. We will be sitting down and running a strict budget this weekend and looking at all areas to trim the fat. While working the budget we will also be setting that long term goal. Love the work backwards idea. Gotta vacuum that truck. Lol.

    7 man, congratulations and God Bless. We have four and some days feel out numbered. Our 14 year old is really into Rich Dad Poor Dad for teens and the younger 3 love being helpful. We will for sure be taking them on the journey with us. This is as much for them as it is us.

    I connected with you. Stay in touch and can’t wait to share our first investment.

    0Reply
  • Ciji Masser
    OP
    New to Real Estate · Frederick, MD · Member since 2021 · 39 posts · 36 votes
    5y

    @Justin Thorpe thanks. We will be on the look out for the shady.

    0Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    4y
    Originally posted by @Ciji Masser:

    @Steve Vaughan I'm not sure that the truck will. Our overall DTI is 30%. Most of our other debt is low or non existent. Individually I'm not on our mortgage so my individual DTI is also 30%. My husbands DTI is also 30%. I think as industry standard goes we are good on DTI.

     I just turned 66 (God I'm old??!?!), and if I had to start from scratch right now...I would...and I could.

    Look at it this way.  % years from now, at the ripe old age of (##?), you have two choices.  You can either look back to today:

    A - Be a successful REI and say, "I'm really glad I started when I did...5 years ago",or...
    B - Be sitting in your living room, worrying about your budget, and saying, "...if I had only...".

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free