I’m 50 years old, grew up a city boy never knew much about real estate investing. By 65 yrs old I would be able to retire with two pension, social security and 401k collecting over about 10k a month. I have been reading, listening to podcast and YouTube but scared to take that leap of faith but really want to buy multi family
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
6y
Willie, know what's really good for getting past being scared? Taking action. Know what's great about having lived a while? You know better than to jump in while "stupid." So, try this on: get yourself a realtor who works with investors in your city. Ask the realtor to show you some multi-family properties that are currently listed for sale and the cash flow they are generating. Get pre-approved; the realtor can point you in the right direction there too. Then look at properties BELOW the price you qualify for that are in good markets with solid rental demand and appreciation - and kick those tires. Do the math, look at the valuations, and then I bet that "being scared" will turn into something even scarier: The fear of missing out.
Adding some bench strength and expertise will help you decide faster if this is really something you want to do or if this is really just another job. Investing in real estate is really about starting a business that utilizes real estate. But unlike a job - it's all yours. So, go ahead and kick the tires...you might find that you're just the right age, just the right guy, in just the right market to make this an exciting new addition to your life.
Syndication Expert and Investor · Indianapolis, IN · Member since 2016 · 591 posts · 808 votes
6y
It is never too late you just want to find a strategy that matches your lifestyle and goals. There are great passive investing opportunities out there with the ability to increase returns the more active you want to be.
Specialist · Tampa, FL · Member since 2012 · 933 posts · 492 votes
6y
@Willie E Phillips its never too late. Only if you think it is. You're taking the right steps by listening to podcast. If you know for sure you would clear 10K a month why multifamily? Ever thought of getting a mentor. There are many reputable guys out there you can learn from. This may help accelerate your financial goals. Ever thought of passively investing and learn the ropes from there? There are good operators out there that will educate you on the process during the hold period. This is a great way to start and leverage someone else's expertise and time.
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
6y
Willie, know what's really good for getting past being scared? Taking action. Know what's great about having lived a while? You know better than to jump in while "stupid." So, try this on: get yourself a realtor who works with investors in your city. Ask the realtor to show you some multi-family properties that are currently listed for sale and the cash flow they are generating. Get pre-approved; the realtor can point you in the right direction there too. Then look at properties BELOW the price you qualify for that are in good markets with solid rental demand and appreciation - and kick those tires. Do the math, look at the valuations, and then I bet that "being scared" will turn into something even scarier: The fear of missing out.
Adding some bench strength and expertise will help you decide faster if this is really something you want to do or if this is really just another job. Investing in real estate is really about starting a business that utilizes real estate. But unlike a job - it's all yours. So, go ahead and kick the tires...you might find that you're just the right age, just the right guy, in just the right market to make this an exciting new addition to your life.
It's never too late to start. You just need to figure out what niche you want to select after you decide whether you want to be active or passive. Here're a few posts for you to help you out:
Multifamily Syndicator · Greater Los Angeles Area · Member since 2015 · 399 posts · 261 votes
6y
@Willie E Phillips It is never too late! It sounds like you are doing the right things by educating yourself. I would suggest going out there and finding someone who is already doing what you want to do, build a relationship with that person and add value to their business. Then partner or get mentorship from them to help you build your business. Good luck in your journey!