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.
@John Morgan
I’m 38 and fortunate enough to be eligible for retirement at 45. I’m just getting started and I’d be satisfied enough with 3,500 of positive cash flow a month by the time I’m eligible to retirement.
My mother didnt start investing until she was about 50. We've started selling off her units, but a couple years ago she was sitting around 15 units in her mid sixties.
My wife and I started about that point, nothing real serious, we are now looking to get serious about it and looking for buy and hold. Our focus had always been our family and now that they are moving on, we are adjusting our approach and looking to secure our retirement.
@Jolene P. Neal Thanks! I started out by using saved up funds plus money from my 403B retirement savings. I bought from MLS as I am yet to gain experience in going about finding deals off the MLS. However i was able to negotiate the cost down by offering to pay cash and closing within a week. I plan to use BRRR approach or the equity on my current home to finance subsequent deals and slowly build a portfolio.
OK so I started late.......I started when I was 50......My goal is to have 6 rentals by 60, Im interested in really great rentals in nice areas that people love to live. Great schools and so cal living. Its tough to find the gem but worth the work when you find the right one.
I’m 51 and just getting started. Had my first deal under contract last week. Unfortunately,
after some due diligence I had to back out. Looking forward to the next one!
@Danielle McClelland, yes we started in our mid 40s and want to keep on going. In fact we are closing on another duplex hopefully in the next couple weeks.
Good luck
Chris
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!
I wouldn’t call that slow!
John can you tell us more about the type of properties you buy? It sounds like you’re averaging 550-600/month per door? What’s your strategy? Are you buying below market value, are you investing in D class neighborhoods and just doing the added work in exchange for the added profit?
I’ll share my own deal structure in exchange:
Personally I buy D class condos here on Maui and rent them to section 8 tenants and make a similar return to yours. Market values about 125k so I like to get them for 90-100k, rent for about $1,650, and produce about 500-600/month I’m cash flow (although that number is going down as prices have gone up)
Great work John! I hope to follow closely behind you! I’ll be stoked to have $3500/month in 1-2 years from now!
@Danielle McClelland
I’m 47 years young and looking for my first rental property. I purchased my home 1 year ago (11/1/17). It’s a numbers game and age is not part of the equation.
I'm 34 now and started about a year ago. I'm almost finished house hacking a triplex and the next property will surface this spring. I'm having fun and learning so much. The BP podcast has basically replaced music when navigating the roadways.
@Danielle McClelland, great question! My wife and I are 36 and are just getting started. We have one rental and are working on number two. Our goal is to replace one of our incomes before we are 45. Good luck and happy investing!
Don't let age hinder you. When I was 22, people told me I was too young. I just overcame it with knowledge and confidence. I am 36 now and see people start when they are 50 and do really well. It's not an issue. It's about your focus and drive.
I started around 38. It has been very good. Recommendation, have a plan on where you want to get to, by when and what it is going to take to get there. Doesn't have to be exact, but I found myself buying a property a year as a goal. I did so for the first 4 years, then all of the sudden I was flipping a property, then wholesaling for a few properties, etc. At the end of the year I looked up and had not added to my buy and hold portfolio, which is why I invested in the first place. I learned to say No to deals that did not align with my goals and am back on track! I'd be happy to talk to you anytime.
@Danielle McClelland WWE inadvertently got into lipstick rehab live in flips before we really knew what we were doing when we were 30. Now sitting at 39 we are taking on an active role and plan on closing on our first flip next week! Then the fun begins! After that we may finish out our walk out and try Airbnb. Fun stuff!
Bought my first condo when I was exactly 35. 6 years later bought my house using some of the equity of the condo. In the last 2 years bought 4 3Family houses using my savings and the remainder of the equity I had in my condo and my house. Now it's time to get creative on financing my next deal.
I started at 40. I am moving slowly but I am enjoying the journey. Can't wait to see what the future holds. Since I started I have diversified into fix and flip lending, crowdfunding, private REITs, along with rental property investing. I am learning as I go and I really wish I would have started doing this in 2008. I was too "Chicken" back then. The education that I have received from this site gave me the confidence to get started. I wish you good fortune on your real estate journey.
As. You notice a lot of people start at 35 and older. I would have started earlier too but there were several obstacles and of course a lack of knowledge holding me back. Bigger Pockets is a great site.Best of fortune you. Remember real estate is cuclical be aware TomM
Hello @Danielle McClelland I do not think its ever too late or too early to start investing. However I do feel we tend to think we are often behind the curb. I purchased my first property at 24 but I did not get serious about investing until 27 and I feel that I am way behind. Comparison is the thief of joy.
got my start as a builder at 25 years old where alot of the same lessons learned apply, but didn't invest in rentals til I was 40. I'm far more cautious now than I was then. I have more to lose. Plus, for those of us that lost a ton in the crash of 08, we are more hesitant. So I'm going slow, and not overextending myself. If the market tanks again, I'll be ok.