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.
I started at 31 - 6 years ago,
buy my first rental unit, barely cashflow positive, around minus $100-200/ month, though a good deal for appreciation of the property (2x of purchase price),
the second one was 3 years ago, better rental setup and better income (learnt from the first setup and competitors),
bought a house to live in 2 years ago which mortgage is paid from the income of the second rental property,
completed the mortgage of the first unit last year (5 years MTRG),
on going for the third property using BRRRR that I learned here in BP.
@Danielle McClelland - I just turned 48 and my wife and I started investing about 60 months ago. We just closed on our first 2 duplexes a couple weeks ago. Our goal is 50 units by the time I turn 55 and I think we are off to a good start. Don’t worry, at 35 you have plenty of time to accomplish all of your REI goals. Good luck!
Recently joined BP and I appreciate all of the insight and experiences. Have been building my residential and commercial port since 40. Working on a mixed-use property in Florida next and hope to close soon. Goal remains to find quality over quantity at wholesale pricing. Will build up slowly and try to load up on the next down cycle. Always watching House Price Index for that opportunity. Mid 40s now so I feel good about my timeline.
You can't start any younger! I wouldn't worry about your age. I started at 36 and love the business. Just dive right in and see if REI is right for your personality. Good luck on your journey!
@Danielle McClelland
I am 36 and my wife and I just started a few weeks ago. Looking for the deals and running the numbers, trying to figure out the best way to make an offer. Hardest mental hurdle for me right now is pulling the trigger and doing it. I haven't found the deal to pull the trigger on yet but it's still my biggest hurdle. I wish you the best of luck.
@Danielle McClelland I bought my first at 45, two years ago, and have two rentals and two ongoing flips, and am in the middle of trying to buy a 6 unit building. My net worth has increased by about $350k since I started.
When you hear these stories of someone starting at 22 and being a millionaire by 28, just think how much further along you could be in 6 years given your better financial starting point.
@Danielle McClelland
Started at 29 y.o. with 1st property.
At 31 y.o., I bought my Primary residence.
3rd property at 45 y.o.
4th Property at 49 y.o. this year and going.
@Danielle McClelland this thread gives me comfort. I'm 38 and the only house I've bought is my personal residence. I wanted to get away from renting. I'd like to get a rental next year.
@Danielle McClelland hello and welcome, glad you guys are on your way! My partner and I started our company right as I was turning 35 we recently got our first flip! Love Charleston! My girlfriend and I just came back from a week-long vacation there. Wish I had boots on the ground there it is an awesome place for investing! Please let me know how I can help. I am also a licensed real estate agent in Athens Ga.
@Danielle McClelland Yes!! I am 38 now and started my REI journey just after I turned 36. In two and a half years, I have more than doubled my net-worth!! ‘Just shy of the 1million mark now and closing on my next flip house tomorrow!! The best part of REI for me has been having my time freed up for my school-age kids. It has been so nice to be the mom who can help out the teacher whenever needed and not have to be chained to a 9-5!!! 😊
At 57, knowing almost nothing about RE, my wife and I visited a local RE mentoring group. After listening to the SF and MF presentation (we choose the MF syndication path), we joined.
Our first deal was 160 units, followed by several more each year. It took about 4 years to break-even and now 8 years later at age 65 and retired, with 35 deals (10 have sold), we have pulled out more than double what we put in and we are currently still in 3800+ doors (remember syndication; we boast with door count, but only own a small percentage of each door).
I applaud anyone that goes it alone, but it was very nice to have a guiding hand along the way. I'm sure there are a lot of good coaches; We found Brad Sunmrok and feel he has been a great help to us.
Disclosure: I have been a long term member of Brad's group and have volunteered at his events many times. He doesn't pay me! He charges to join - he is not a charity!
My wife and I bought our first place around age 30 as our primary residence. Always making extra payments. It was not our dream home :)
Five or so years later (with our down saved) bought a fixer to live in and rehab. We rented out and self-managed our first one.
It's been ten years (raising kid, paying off debt), and we are ready to make more happen.
We survived the big downturn, underwater on both properties, but because we planned for the worst case senarios, we kept everything. We have lots of equity now, zero personal debt, and an impressive savings rate.
Buying as soon as we could, both times, not being afraid of the hard work with the rehab, or learning to be a landlord has given us more options.
We started 3 years ago, have 2 properties (one we live in) and I have just finished my RE classes getting ready for my test. Im 55 and see no reason I cant have a good steady income in 5 years with some work. My second profession, RE, is looking promising...
I bought my first duplex at 41, second at 42 and I'm 43 now and am trying to acquire my 3rd (just put an offer in on a 4 unit multi). Sure it may take me longer than had I started at 25 but I don't care. The advantage I see to starting later in life is I have more life experience (i've been in sales my whole life so I find negotiating, evaluating deals comes naturally) and i also have more motivation to get out of the day job. I really don't think it matters when you start, as long as you start.
I started at 37. Im hoping to retire from my 9-5 by 45. I've gotten off to a slow start. I should have at least 2 rentals by now but it's taken several months to close on the second. I should close in the next couple of weeks. I could make about double the cash flow on this one compared to my first house or I could sell for around $20k profit. I haven't decided yet.
@Danielle McClelland
Hi,
I just found Bigger Pockets October 1st 2018 and it has re vitalized my dream. I have taken Real Estate investment classes in 1993 with Dr. Marshall Reddick. I was learning about buy fix flip sell then repeat.
I got stated when I was 29. I bought my first house did a house hack, by renting out a room.
12 years later I moved out and rented the whole house out.
This last May I bought my second house to live in.
I am currently looking for a duplex, triplex or fourplex by the end of the year.
It took me I feel a really long time to get to this point, but life circumstances slowed my vision. Ok I lost my direction both in real estate and my business.
I was asked to read Rich Dad poor Dad network marketing book which reminded me about the first Robert Kiyosaki book I read Rich Dad poor Dad, and it reignited my direction.
Bigger pockets is a awesome platform of constant education to help me along my new path to being successful again.
I have received more information about real estate in the last 30 day than all the seminar classes combined.
So investing A10 age can be done.
Husband and I started 3.5 years ago at the ages of 35. Its been great, we have done about 4 flips, currently working on #5 and have bought probably a total of about 20-25 units (some SFH, a few duplexes and a quadplex--which we sold off earlier this year and made about $75k on after holding it for a year and a half).
We wish we would have started earlier but its all in Gods time, best of luck, never to late!
@Danielle McClelland, We started at age 35 exactly if I am not mistaken. Since then we have BRRR'd 4 units ( one triplex and one single family) It's been a great experience and we are looking forward to adding more properties in 2019 and beyond. The best time to start is NOW!