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 yes!! My husband and I are 35 and we are finally financially ready to take the leap into RE investing. We are interested in wholesaling and buy to rent homes. I think it’s never to late to make that change. Good luck!
@Steve K. I'm very interested in using a self directed IRA for investing and I must not be talking to the right financial people because I keep getting told that's a bad idea. Any advice?
@Joe Pierson perhaps you should start a new thread and tag me in it so we don't derail this thread
there are also tons of previous threads on this very topic
@John Christopher Campbell where are you finding deals in Decatur? I have two rentals there but one was my primary home from ’06-‘08 before renting out then the another condo I just acquired 2 yrs ago.
Great work by the way!
Started at 34 with a duplex. 10 years later I have 5 duplexes and 5 houses. Had a quadplex that was a lot of work so I sold it for a 50k profit. Tried a flip that made no money. Interested in buying larger multi family properties now.
Yes and I so wish I would have started many years ago! But I lacked the knowledge and had no clue I was so passionate about its until later in life! All is well, 38 and working on a portfolio with my father! I definitely have a better understanding about how wealth works and life! Also reading Rich Dad, Poor Dad threw a wrench in my though process and i've been so eager to soak up all the knowledge and wisdom I can to get ahead!
I was in my 30s when I started. You have plenty of time and it's definitely not too late!
Unlike those that started in their early 20s, you have a buck or 2 to invest.
I agree with this! I started in my mid 30s, as a cash investor. I did buy my first primary home in my early 30s with a small mortgage that was such a pain to get that I decided not to take on debt again. In my 20s, I was moving around a lot, working a lot, and saving a lot. I'm now in my early 40s and semi retired.
p.s. - age is really just a number that is what you make it. I'm really only 20; the years keep passing me by and turning into decades, but I just can't seem to mature beyond 20 ... ;)
@Danielle McClelland I just turned 50. I have considered investing for several years but just got serious about it. Working on my first deal now.
Don’t let age bother you, everything happens at the right time for each of us. If I started earlier I really don’t think I would have been in the right place mentally.
I purchased my first home at age 22, then purchased 3 more properties at age 26. I’m still sitting on the 4 properties as rental income at the age of 32 and now waiting patiently FoR THE NEXT GREAT DEAL. Looking to invest further into larger deals via a syndication and start buying and flipping on the next swing.
@Narinder Gill I shopped and didn't find rates I was interested in at any of my current financial institutions until I called a bunch of local credit unions that I wasn't a member of. Found the best rate at LAFC joined and got 75% LTV do to my primary residence is a multifamily.
My 40th Birthday gift to myself was taking the plunge. Closed on 3 properties (8 units) 3 months shy of my bday. I guess I need to think of another present...
I started when I was about 40. I drifted away from it but have restarted at 55. The Biggerpockets podcasts are very helpful (I started at the beginning and trying to listen to basically all of them.) I also took a class on how to structure the financing on each deal and it is was invaluable. The class was called "The Passive Income Course" and you can find info at www.fynanc.com Well worth every penny.
I am 44. My wife and I bought or first buy and hold almost a year ago now. We are looking to do a flip soon also and as others have said, we wish we had started sooner. Hoping to leave my corporate IT job within 5 years.
@Russell Brazil that's awesome! My husband and I have owned about 12 units for several years and I have managed them while raising the kids. Now the kids are getting older and I'm in my late 40s and plan on purchasing a few more. (Rental properties, not kids! 😂) Thanks for sharing about your mom. It's good inspiration for me!
I found BiggerPockets two years ago, but have been interested in REI since I purchased my primary home back in 2011. Last week I closed on my 1st buy and hold at 38 years old! When it's your time, IT'S YOUR TIME!!!