Real Estate Agent · Nashville, TN · Member since 2020 · 77 posts · 71 votes
Obviously, there is no correct answer. Some investors have the freedom to start when they are in college/a young adult while others decide to invest closer to retirement.
With that being said, at what age did YOU begin to invest?
Investor · Denver, CO · Member since 2018 · 18 posts · 24 votes
6y
@Bonnie Rhodes
I bought my first property at the age of 19. I lived in it for 3 years, and then I bought another property and rented out the first one. In my opinion, this is the easiest way to acquire properties early on if you don’t have a lot of startup capital. It also allows you to finance the investment property with better rates too!
Rental Property Investor · Pensacola, FL · Member since 2017 · 37 posts · 18 votes
6y
@Bonnie Rhodes
I bought my first rental when I was 19. I now have two rentals and a primary residence ( now 23) that will be rented out in a year or so. All of this was doable because I joined the military. Just start when you can.
Property Manager · Charlotte, NC · Member since 2020 · 80 posts · 41 votes
6y
The good news I'm seeing from this post is that it is never too late to start investing in property, it all depends on when the timing is best for you.
Rental Property Investor · Baltimore, MD · Member since 2018 · 107 posts · 129 votes
6y
@Tony Rodriguez I just finished (& wrote a post) my first deal after listening to podcasts/studying on BP for about 2 years. I took a 401k loan against an old employer's plan. I was able to take 50% of the current value and repay it over 60 months (max). In my case that was about $37k. I'm repaying myself back each month with interest. I setup automatic withdrawls from my bank paying back into Fidelity.
I used this 37k 'seed money' when qualifying for my commercial loan. My commercial loan covered 75% purchase + all rehab. The 37k was my 25% down payment, plus other startup costs. My tenant is now paying back my 401k loan and mortgage payment each month. This is working great. After 60 months, my cash flow will go up significantly.
I never did a withdrawl from a 401k. Therefore I didn't pay any taxes or take the 10% early withdrawl penalty.
Champaign, IL · Member since 2020 · 13 posts · 11 votes
6y
@Bonnie Rhodes
Didn’t invest into a retirement account until I was 27. Able to max out my retirement account and HSA at 29. Starting to read about real estate now that I’m 30 and hoping to get my first rental property(ies) at 31 .
Rental Property Investor · Woodbridge, VA · Member since 2015 · 75 posts · 68 votes
6y
@Bonnie Rhodes
I started with index funds in college and bought my first property when I was 23. It is important to note that while I learned a lot I did not make much money on the first property I bought, but I am still learning so much!
Rental Property Investor · Boston, MA · Member since 2016 · 1 post · 1 vote
5y
I started at 23, having saved my college internship money and not blowing it on spring break trips, and closed on a single family home in 2014 in MA. Been a constant learning experience since, from a basement flood to renovations and 3 tenants, and taught me the power of real estate firsthand. And, still learning to this day!
I recently just made my first purchase on 9/25 at the age of 22. Cash flows 500$ a month on top of my W2 income. Was on the fence due to covid but found a deal I couldn’t pass up and jumped in head first