Charleston, SC · Member since 2018 · 9 posts · 47 votes
My husband and I discovered BP this summer and are ready to start invest! We have enough capital and are actively searching for deals and running the numbers. It’s exciting!
Anyone else got started at or around 35? Tell me about your journey. Our goal is to live off of our RE investments for retirement.
@Danielle McClelland I’m 38 and just beginning. No properties yet, but I have the same goal as you. Right now, I’m learning as much as I can via podcasts, books, and other online research. I’m nervous and excited to start!
I was 39 when my wife and I bought our first SFR. Can you use real estate to help get to financial freedom even if you start late? Yes, of course. But do we have dreams of swimming in millions soon? No. We have reachable goals, and milestones to pass along the way to those goals.
I started 3 years ago at age 44. Have slowly acquired 6 single family rental homes. Cash flowing $3,500/month off them. Not getting rich off it, but over time I hope to nab a few more. My goal is to cash flow 10k/month before I retire to help supplement retirement. I think it’ll be doable if I keep at it slowly. This is a fun journey so far!
My dad and I are teaming up. He is in his mid-50's. If anyone has a good story about someone reinventing themselves later in life through REI, I'd love to connect. He beats himself up sometimes because most investors who start at his age had a comfy career path and some giant nest egg to get them started. We're pulling ourselves up by our bootstraps.
Started 4 years ago at 35. Done a number of flips (doing 5 right now), wholesales and small buy and holds and syndicated a 94 unit and 47 unit apartment building. Key for me has been reading and listening to everything I can (BP thank you) and surrounding myself with others who are doing what I want to do. Don’t think age matters here young or old. Each has a ton of advantages.
I started young but then took a beating in the downturn and am just starting again at 42. You shouldn't worry about if its too late now, you should worry about what if you don't start now. Make good sound purchases using good research and sound purchasing principles and build your portfolio. Good Luck! Aaron
Just started at 51 and closed on 7 properties in the last two weeks. Do yourself a favor and LEARN but don't do analysis paralysis. This is a great site for knowledge and networking take advantage of it.
I was 38 when I bought my 1st rental. A single family rancher. Just closed yesterday (almost 2 years to the day ) on a 2 unit . Hope to have another 2 unit in next year
Started in my mid-40's. Bought 3 SFHs in the past year. Educate and take action! Bigger Pockets is where to start and continue to educate and network. Go for it!
I started in 08 at the age of 53. I am a car dealer who never invested in RE before but saw banks selling houses for far less then the cost to build them. Kind of like buying 20 dollar bills for 10 bucks. A no brainer, at least to me. Bought all I could for the next ten years. SF's, MF,s and Commercial. Flipped about 15, but kept the vast majority as rentals. Now more then 120 doors. Retirement is as well funded as I could have ever dreamed, including a house directly on the Gulf in FL bought 3 years ago for 400k less then it's likely worth today.
Age is very unimportant. The gospel of 200 units at 20, while headline grabbing, means little to everyone else. If at 60 I learn the right way to invest and I can by 65 buy the right 10 units to live off the rest of my life, should I not do it because I didn't start in my 20's? Age is just another excuse. If anything the older one is the more critical a role real estate investing can play in shaping their lives. The one true advantage youth has over old age is the power of compound interest. Otherwise, let's go!
I am 18 currently going onto 19 this month. Self mentoring and studying RE investing, micro and macroeconomics, as well as general financing on all of my free time. Also applying for assistant property management positions in my area for the hands on experience. From what I've learned so far, theres no perfect age to start...but always the earlier the better not just for RE but any investing in general. You want the most massive return you can possibly get? Start now. Dont hesitate on reading a few books and getting background knowledge, find a few natural mentors. At the same time dont jump right into an investment if you dont have a basic understanding or foundation of knowledge to do it, that's a pitfall waiting to happen. It could be costly financially and legally as well ruin someone's RE career before it takes off.
After managing apartment communities for many years and learning the ropes, I finally bought my first SFR in 2005 at age 39. I was planning to buy one a year for 15 years on 15 year notes and then refinance one each year to have an ongoing stream of tax-free cash flow. As luck would have it, I stumbled on to some great deals and they worked so well that the investments seemed to take on a life of their own and the numbers far exceeded my original plan. Before you know it, I had accumulated 25 or so SFRs and duplexes and then found an 11 unit apartment building with 36 storage units that were loosely managed and well below market. This one and a couple of other bargains provided part of the funds through cash-out refis to graduate to larger apartment communities. It took about 10 years for me to go from depending on an employer for a paycheck to being financially independent. I still oversee and direct my team daily to see that my investments are properly managed but I no longer have to report to the office daily or do the work myself. It has been a life changing experience for me. I couldn't have done it without mentoring from successful investors and the education gained in getting a real estate broker's license and reading lots of investing books. I wish I had found Bigger Pockets sooner because it is a great network! It is so much fun to hear all of your individual journeys.
I am 38 and still working on making my first deal. My wife was on the fence for the longest time but is starting to see the possibilities. SO thing are starting to get serious.
Goal is to be able to retire (from the rat race)by 50 through a mix of flipping and rentals.
Started at 40. Now 45, done over 20 deals now. But realized that I became an accidental landlord at 36 due the recession and being under water but I had to move for a new job. No way to sell and so I rented my first primary home for 5 years.
It's amazing what real estate can do in such a short time. I cannot imagine what it would be like if I started at 25!
@Danielle McClelland
Welcome to REI!!! I started when I was about 35 and now I am at 58 units/doors.
My only advice is that it’s never too late and to enjoy learning regardless of the obstacles. Every challenge is an opportunity to grow, like in exercise without resistance, sweat, and pain their is now growth.
Best of Luck!