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.
Second time around...short story, started 3 years ago at 60. Have 7 units, 2 duplex's and 1 single family. We have dbl'd my pension folding money. Out criteria is to only buy places we would live in if the situation warranted. It's been great, but now harder to find at the great prices we managed to get. We upgrade, charge top rents, vet the heck out of apps, and do our own property management because it is simple with updated structures and awesome, professional tenants. "Take your time to be fast", a wise sailor once told me....
We started we were 45 and 10 years later we have 8 doors producing 3k+ positive cash flow (above all expense) per month. You don't need high quantity but high quality properties to produce steady income. We still look to add to our portfolio but are very picky. We self-manage - looking at properties that have low maintenance to support.
Age can provide more resources to purchase but I wish I would have been in REI in my 20's. But age is not the limit. My grandparents started in their 60's and supported themselves quite comfortably thru retirement.
I love reading all these stories! I started at 30 and am hoping to close on my second duplex before the end of the year. Even at 31, I wish I had started a decade ago. At age 40/50/60, I'm sure I'll be thankful I got started when I did.
I started at 32...48 now have 15 properties I manage and looking all time. I'm looking even when I don't have money to buy! My advice new people don't is first don't get caught up in find a great deal. Even ok and slightly bad deals make money over time. Time in the market beats timing the market. Just find a great house that will cash flow. My goal is $200 month but I will take $1 if its a great property. One house I bought I totally got numbers wrong...ended up cash flowing like $12 a month and spent like $10,000 more than I budgeted. Five years later, cash flows nicely, and its appreciated more than any other house I own, was able pull out equity and still cash flow the $200. Its a very forgiving business that often mistakes turn into gold. I would really recommend you guys try to do as much of the work as possible in the beginning so you learn how it all works. I actually enjoy working on houses because of that its allowed me to retire much sooner because my overhead cost is much lower because I don't outsource all the work. I paint my own houses. If I paint all 15 my houses say over next few years the savings alone lets me buy another property. I act as my own carpenter etc. Worst case you break it or make it worse call a pro. My wife handles day to day management of properties. My son grown up at rent houses. We put in baby kennel while we painted. I give him paint brush hes 4 and scrape wood to paint etc. He's 15 wants to buy his first property, actually got mad at me for not letting him buy my last find. So again our overhead much lower than lot of other investors allowing me to retire at 38 to focus on houses. I looked forward to waking up and heading to the house I am working on. If you asked me year before I got into real estate investing the thought of me changing a ceiling fan or building a deck I would laughed at you. I didn't own single tool. Thanks to University of YouTube...and books I can pretty much do anything or at least know how it should be done to get the right people. AVOID always paying lowest price for everything. Use good people. Its ok to pay little more for a plumber who does the job correctly and stands behind there work. They deserve the money. Same with electricians foundation people etc.
I cant tell you number of times I been on vacation and sent my plumber, electrician, foundation guy etc to fix a problem and they just bill me. I let them know all time I only use them, I will recommend them to all my friends. I make sure those friends tell them I recommend them. I want them to love me. That has helped me SO many times when I was way over my head. Times when I was actually breaking the law didn't know it...they helped me out real quick.
Quick nightmare story...I didn't know (many agents are idiots dont turn to them for investing advice.) you must be on 1/2 acres or more in Texas to repair an old septic. Passed this law to get everyone to upgrade. If your house is say on .25 lot...your screwed. The house is condemned. We have quite few of these outside the city in poorly designed sub divisions. Agents will sell you these houses and not tell you this. I bought one such house. My plumbers like me, so he told me a story about plumbing faries that sometimes fix issues like this when people leave cookies on back porch. I left couple $100 bills and some beer that house was fixed good enough till city finally annexed it and provided services. He will be my plumber forever.
I don't get quotes any more I call them to come fix it. Because of that my houses are beautiful, and I have waiting list. Everyone tells me they are rented to low...but my turn over average is 7 years. One tenant just left after 11 years. I will fully update it and expect to not be back in that house until I'm almost 60 if all goes well. Most of the houses I bought are from other landlords. I would have been embarrassed to sell the house to another landlord in condition I buy them. I am just happy so many other people are awful landlords. Be a great one, its pays better! Don't forget...you are providing an amazing service for people. I have single moms who live in house they could never afford on there own...they have zero concerns about maintenance of the property and safe place to raise there kids. The moment I think my tenants are taking that for granted I don't renew the lease. I tell them up front, I am the best landlord in Texas, you will be best renter or I need find someone else. Easy agreement.
Never rent to get a renter...never...find the right person for that property. One bad tenant can make life a nightmare. Find right person. Sorry for grammar...I sucked at school!
started at 38 when I discovered BP, have a 2 family rented out and I live in a free and clear small single family. Chasing property #2....Goal is to change the family tree and honor my mother that sacrificed everything to come to the USA to give us a better future.
@Danielle McClelland
I started investing in RE around 45. I'm even older now and still loving it! When I had a 9-5 job, all I can think about was retirement. Now that I am focusing on real estate, I'm looking forward to doing as much deals as I can and not caring how old I am. Even if my RE journey wasn't perfect, I am very happy to continue it.
@Danielle McClelland
I turned 38 on Friday and closed on my first deal Monday. A package of 4 SFHs. LIke a lot of thIngs I feel lIke the fIrst Is the hardest because of the learnIng curve and gettIng systems In place. Excited to see how it goes over the next few months but plan to look for the next deal by the Spring.
Best of luck
Im fortunate where im at at the point where im trying to decide if i should retire early from my teaching gig to pursuit real estate investing full time
@Danielle McClelland. I’m 38 and just discovered Rich Dad Poor Dad, then Bigger Pockets in April of this year.
That sent me down a rabbit hole. I’ve read 15+ books so far and listened to 120+ podcasts. I bought a lot in Decatur I plan to subdivide and do new NC builds (need capital for rhat one!) and I’m currently soIng a 203k loan to flip a house I bought next door to my current house. all while working a 70+ hr/wk job.
I can’t believe I am 38, and just now learning about all this stuff. I wish I‘d found it 10 years ago, but oh well. Better late than never!
Let me know if I can ever help and best of luck!!!
@Danielle McClelland
I’m 36 just learned about Bigger Pockets about 4 months ago.
Within 2 months I had my 1st offer on a duplex in that was going to yield 2%. It got accepted the only reason I pulled out is because I started getting a divorce.
Other then that. This is simple and once the divorce goes through I’ll be full speed ahead.
For the last 20 years though I have been in construction and property manangemnt for single family and the last 2 years I have been running a 600 unit apartment complex and a 110 unit condominium.
Talk about the crazy stuff that goes on at these places lol.
YOU CAN DO IT.
@Christopher Ryan find a wholesaler in your area and get to the local meet ups!
This is my problem. I haven't been able to pull myself away from my normal life (4 young-ish kids) and current job to go to a meetup (I need to make it happen). That being said, I have been seeing enough properties that I am learning the market and starting to see the same investors at showings...
I started my first investment at the ripe young age of 41. I hit a point in my life when I realized my career wasn't fulfilling, and decided to make the move to real estate.