Hitting it hard in your 40s +

Ryan Billingsley

Investor/Realtor · Wentzville, MO · Member since 2014 · 846 posts · 431 votes

10y

@Mary lou L.

My favorite part about real estate investing is once you learn and take action you are only a couple years away from finding financial freedom. Age is nothing but a number. I would 10x your goals! Worst case scenario you will have more units than you first thought possible.

7 Reply

Jeffrey Kops

Real Estate Agent · Tampa, FL · Member since 2015 · 129 posts · 44 votes

10y

Awesome post Mary Lou! I love your candor! I am 57, and 3 years ago was "RIFFED" from a very well paying job. It's been a struggle, but with the help of all the information and inspiration I have found on this website I am looking at the future with a new hope and excitement I didn't have before. My goal is to start building my own portfolio this year as I help others to do the same.

Good luck to you and best wishes for your continued success!

Glenn McCrorey

Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes

10y

@Mary lou L. My wife and I bought our first investment property 12 years ago at 40/41 and we are both retired now, just managing our investment properties. I was laid off twice during those 12 years so it was very rewarding to quit of my own terms. I wish we had started sooner but at least both our adult children are investing much earlier than we did. My advice is to be patient enough to make good purchases (nothing's perfect). I know a guy that rushed out and bought a bunch of crappy properties so his wife could quit her job and stay home with their child. The plan worked except she was miserable managing the tenants and they eventually got divorced. Slow and steady wins the race. Good luck.

4 Reply

Marenda Harper

Real Estate Broker · Moss Point, MS · Member since 2014 · 6 posts · 7 votes

10y

I started doing real estate in my 20s. I am currently in my 40s now. I am a part time real estate agent and I work a full time job. I love real estate! It helps to know I don't have to solely depend on one job. Real estate investing completely turn my life around. I couldn't live the lifestyle I currently live if I had not started investing in real estate. I was told by a lot of people that it was impossible to do real estate part-time and work full-time successfully. I have been very successful doing both. I'm sure I could make more money is a realtor if I was full time , however I am too close to retirement at my current job. I recently started flipping. We are still in the process of completing this property. I purchase that property for $25,000 . The tax value of this property is $90,000 already . Once all the repairs have been completed the value should be somewhere in the neighborhood of $130,000 . I will keep BP posted on how it turns out. Thanks for sharing your story ! Congratulations !

Melissa Gittens

Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes

10y

@Mary lou L. Congrats you are definitely an inspiration! I am glad to hear this! Good luck and please keep us updated on your success.

Paul Sorgi

Real Estate Investor · Abington, MA · Member since 2011 · 356 posts · 114 votes

10y

I am 48 and going to be 49 next month. I am plugging away at building a portfolio while generating cash to raise my children through flips. My wife, Anne, just went back to work in the last 6 months. We have 2 adult children 20 and 22 who are almost done with school. I see it now as our greatest opportunity to grow our rental portfolio. We have more income, better credit ratings, and 2 healthy strong helpers. We also have lots of experiences to keep us from losing money.

Mary lou L.

OP

Investor · Wichita Falls, TX · Member since 2014 · 382 posts · 123 votes

10y

I am so glad my story inspired you! I just love the sharing on this site and how everyone is supportive!

When I am feeling discouraged I read other stories here and it really gets me going!

One step at a time!

I cant have every bit of assurance it will work, I can analyze, stalk the neighborhood, look at plat maps, google, Zillow,redfin, play around with the rental calculator all day...but It takes picking up that phone and making the call!

Even if it is just to ask a question about the property.

Don't be scared.....just do it!!!

And believe me I am the queen of talking myself out of stuff...but once I'm in...I'm In!!

Account Closed

Real Estate Investor · State College , PA · Member since 2009 · 594 posts · 173 votes

10y

@Mary lou L.

I started at 39 and 1/2. Eight years later my life has completely changed and feel my future is far brighter than it would be had I not. That being said, I lost a lot of time with my family while pursuing money. Nothing in life comes for free.

Andy Luick

Real Estate Investor · atlanta, GA · Member since 2013 · 456 posts · 237 votes

10y

@Account Closed- you're in state college though so it's pretty laid back! I went to Dickinson Law before it got merged into Penn State. Great little market up there...you always have to make time for the family or you won't have one!

Cali is a very expensive place to invest...especially at current prices so make sure whatever you are buying is cashflowing very well. When the market corrects, you will likely be upside down on all of it if it's financed. Keep at it though!

George P.

Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes

10y

I will be 41 soon and we started in 2010. we have 23, soon to be 25.

David Faulkner

Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes

10y

I hit it hard in my 30s so I wouldn't have to hit it hard in my 40s. Good for you for taking action to get started ... your 50s self will thank you. It is all about sacrifices in the short term to have a better life in the long term. Stick with it, it takes awhile before you see some big tangible results, but have faith that they do come over time. Your savings rate and education are the most important things in the beginning, IMO.

Kurt G.

Investor · Louisville, KY · Member since 2014 · 34 posts · 16 votes

10y

I am 45, and my wife is 49. We are closing the sale of our first flip this afternoon! One year ago we set out a plan to flip a couple of properties in order to accomplish a financial goal by our 2016 birthdays - both in June. I have a great job, but our next plan was to then start accumulating rental properties so that there is no way that I will need to work on my 60th birthday.

The great news is that between today's sale being complete and selling all the clutter out of our lives, we are on track to accomplish the June goal. The even better news is that I expect to close on our next property a week from tomorrow: A SFH with an improved value of $92-97k for a purchase price of $39k, including a couple of vehicles and attic contents that should net us a few thousand. Since we are already on track for goal #1, I am planning on a max $15k rehab on the new property and then offer it for sale for 2 weeks. If it doesn't sell for at least $90k, then we will hold and start building our rental portfolio. I still can't believe that deal dropped into our laps, but I sure am looking forward to getting it ready to go and then start looking for the next one!

Big congrats to you, Mary Lou - I'm glad to see others starting out and doing well in our 40's!

4 Reply

Charles A.Pro Member

Rental Property Investor · Jacksonville, FL · Member since 2015 · 208 posts · 282 votes

10y

I'm 41 and wife is 40. We started in real estate in 2011. Now we have 10 units. For those who think only low income 9-5ers should be doing this, Know that I'm a physician and my wife is an RN. We have a decent W2 household income. But physician hours are long and life is worse than a 9-5. We plan to retire by 50 and just travel the world.

7 Reply

Kenneth LaVoie

Rental Property Investor · Winslow, ME · Member since 2008 · 826 posts · 281 votes

10y

Good morning

I was 44 (2009) when I started. We were lucky enough to have enough to supply downpayments to get the ball rolling but since then have bought 13 buildings, totaling 51 units and have since sold 2 SFH and now have 48 that are running on all cylinders and providing enough income for our family of 3. We are done buying and are in fact, open to selling out. We did cram 20 years into 6 though. I spent about 30% of those 6 years pissed off about something! haha.

Alex Franks

Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes

10y

Originally posted by @Mary lou L.:

I am 48 there I said it.

I bought my first property when I was 26, (1995)I have since managed that until now.

Since then I've been married, divorced and raised two children.

Now I am ready to hit it hard.

I have an owner financed deal under contract, and another owner occupied (3bd with studio) on the horizon.

Thanks to Biggerpockets I've been inspired, and motivated to finish what I started in 1995.

My goal is to leave a legacy for my children and grandchildren and to finally live in the home of my dreams.

I set a goal to have 5 properties by the time I am 50.

In the last month I have another with the possibility of 2 in the next two months.

I am beside myself at how everything comes together when we are ready!

I am reaching out to others who are in their 40s+ on how you are accomplishing your goals.

It really is refreshing to see the young ones.. I'm looking at you @Brandon Turner!! Just going for their dreams and goals!

I started out with the intention in my 20's but got side tracked, it was always on my mind but I wasn't able to really, really focus on my goal until now.

I would like to hear from others who have started "late" not to say that we cant catch up! LOL

This site has been a true inspiration to me and with it I have rediscovered my passion for real estate and the possibility within its realms.

I guess it is the geek in me...others don't really understand, they are 9 to 5ers, and see that as the way.

But for us its different, I feel we can see beyond that, beyond the constraints of what is "expected" or even in our ignorance how the world works.

Especially if that is all we have been exposed to in our life experiences (goodness knows they don't teach "rich dad poor dad" in school!)

I for one applaud everyone who has the guts to throw off the harness of "we've always done it this way" and venture off the beaten path. Towards a future we just know is there for us!

Financial Freedom...on. our. own. terms.

There I said it.

To the rebel in all of us...I salute you!

Mary

I guess I see it like this. I started 16 years ago and even today my passion and enthusiasm for the business is at all time high. In my 20s I was running full speed with no direction. In my 30s I thought I made it and I knew it all. Now in my 40s (42) I am able to sit and reflect a lot more. I still go 100 miles a hour with excitement and passion still burning. I'm just more analytical over deals. My goals have changed. My wants are less and much simplier today than yesterday, which makes my decisions easier. In this business you sure can learn a lot about your self.

By the way, I love this site. Been addicted for last two months.

Alex

John Lampertius

Investor · Farmington Hills, MI · Member since 2016 · 21 posts · 7 votes

10y

Hello Mary Lou et al,

Similar history...started in 1989, added a couple SFH's, got married, 3 stooges now in high school, divorced, lost nearly everything except one home that I lived in...back up to 2 rentals and aggressively looking for more. I'm a renovate-to-rent...haven't gotten into the flips yet.

Cheers to all and this wonderful site!

John

Joe Terracina

Austin, TX · Member since 2015 · 12 posts · 9 votes

10y

Old people unite!!!

47 year old here ready to make a move (yes, my first). You guys are great and I'm so glad to know I'm not alone in my advanced age and efforts to get the first deal done.

Victor Pierson

Spring, TX · Member since 2016 · 19 posts · 6 votes

10y

I turned 40 a few months back and finally starting to realize my dream of getting into REI. Better late than never!!

Brandon Battle

Real Estate Agent · Buena Park, CA · Member since 2016 · 743 posts · 424 votes

10y

I am also 48 and looking to finally do something positive about my life and my future retirement dreams.My father died in July of 2014 leaving me all alone in the world and having to go through probate to get his house.Then I did something horrible last year without thinking clearly,I sold it!!! I was so emotional and just wanting to liquidate his entire estate as quickly as possible that I just didn't think I was up to the challenge of rehabbing a 60 year old house that needed massive repairs to the tune of $100,000 or so.I had the cash and the house was totally paid off but,I just didn't have the courage to deal with contractors that would see a goof like me coming and take me to school.No one around me encouraged me to seek out advice and help from experienced investors and just told me to sell it and be grateful.I threw away a house that would have been worth $500,000 after rehab and fully paid off!!!! The rent would have given me over $2000 per month for the rest of my life.I have so much to learn and am grateful this Bigger Pockets forum exists to give me the courage to make up for my mistakes and try to learn never to let fear get the best of me.

Mark VanBuren

Stow, MA · Member since 2016 · 1 post · 4 votes

10y

I'm 47 and have owned a landscaping company for the past 27 years. Every year another part of my body seems to act up/give up from the stress and physical grind. I have always wanted to get into Real estate and this is the year that it starts.

I recently built a new shop for my business and now I will be collecting the rent checks instead of giving them away. With that money I plan to get the "investment train" going. With the full support of my wife and the help and information on BiggerPockets the future is looking bright!!

4 Reply

David Dachtera

Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes

10y

@Mary lou L.,

Well, I'm 61 and I'm starting over now that I'm divorced. I've finished my REI education and have been through 5 study groups including Fix and flip, Buy and Hold / Lease options, Multi-family and Short Sales, among other topics.

One of my goals is also to leave a legacy. The only eligible heirs I would have, though, are my ex's daughter and her husband who still I claim as my daughter and son-in-law and their little boy who I claim as my grandson. I have no children of my own.

To ease the process of leaving your legacy upon your passing, do read up on the use of trusts and business entities for tax benefits, asset protection and estate planning. This will allow your executor to direct your trustee to name your heirs as your trust's new beneficiaries per instructions you leave in your will. Your attorney (I'm not one) can explain the details and limitations in your state, I'm sure.

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
- DJ Benedict

TJ P.

Investor · WI OH · Member since 2015 · 113 posts · 36 votes

10y

Think and Grow Rich contained a passage about mindset after 40. I found it very insightful and in my case, true...hopefully. I found it was a marrying of means and determination around that age.

Podcast Guest on Show #244

Linda WeygantPro Member

Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes

10y

I had a rental when I was 31, but sold it a few years later.

Re-started my real estate career two years ago at the ripe age of 45 and am going strong so far. Between me and my boyfriend, we've got 7 rentals and we're loving every minute of it (except for the eviction last autumn).

In my 40s, with my kids grown and on their own (mostly), I find myself with a lot more freedom, confidence and time to do the things I always put off doing before, or just feared that I wouldn't be any good at.

Looking back over my 20s and 30s, I really don't even recognize that person. My 40s have been an awakening to who and what I really am and I'm quite honestly looking forward to my 50s and beyond with a new optimism I never had before.