Hitting it hard in your 40s +

Hitting it hard in your 40s +

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

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!

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Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
10y

Love it! I am also 48 coincidentally. I started at 40 when I woke up one day wondering what I was going to do for the rest of my life (it was my mini mid-life crisis). I am married and have 3 kids and my wife didn't work outside the home. In 2007 we bought a vacation home and watched it lose half its value by mid 2008. Then I calculated all the monthly expenses to operate this "luxury" (about $1800 per month!) - What was I thinking!!?

Anyway, through adversity comes triumph. This mistake of a purchase caused me to get educated on real estate and learn to invest correctly. I now own several properties and am full time in real estate. 

I share your love for this business. 

Keep it up you Rebel !

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  • Grand Rapids, MI · Member since 2015 · 113 posts · 29 votes
    10y

    thanks @Mary lou L. for this post!  I just turned 40 this month and I've been freaking out lately because I'm just wanting to get started in investing but wishing I had started 10-15 years ago.  I feel like I'm so behind in life being 40 and just starting a brand new career.   Most of my friends are married with kids and here I am broke, single, and trying to start a new venture.  It's very encouraging to read all these stories. I know, once I get started, there will be no stopping me.  I'm so glad I found biggerpockets.

  • Investor · Houston, TX · Member since 2015 · 60 posts · 18 votes
    10y

    I must admit that I am not yet in the 40+ club so I may not be welcomed here (LOL), but this post has been extremely inspiring to me. I've been learning about real estate for almost a year now. It started off as something to get my dad into after he retired. He proved to not be very interested, but I fell in love with the possibilities. I want nothing more than for my parents to be able to change their mindsets and live beyond the constraints of what they have always been taught. Houston is facing a tough period with the oil industry and it has hit my family personally, forcing my dad to get a part-time job AFTER he's already retired. I gave up trying to convince my parents that there is more to life than just working for someone else, but all of these posts help me to realize that it is never too late for them to change their mindset. I will no longer try to force them on the issue, but I know that once they see me accomplishing my real estate goals they will be more likely to open their minds and experience this freedom with me. 

    Thank you @Mary lou L. for this great post!

  • Investor · Lake Worth, FL · Member since 2015 · 23 posts · 11 votes
    10y

    Hello! I'm 47 going on 48 and have been investing in real estate for 22 years. I have 9 properties that are paid off ( free and clear ) and I am in the process of buying 5 -10 more in the next year or two. I have had as many as 22 properties, until the recession hit, so I kept the ones that were paid off. I love investing in real estate and have great rental income from them for the rest of my life and look to retire at 55. Just be smart in what you buy and how long you want to keep the properties, I'm a buy and hold investor. The one thing that I learned during my 22 years of investing is be PATIENT in buying and renting the properties that you get involved in and dealing with tenants. Good luck.

  • Investor · Katy, TX · Member since 2015 · 32 posts · 19 votes
    10y

    Turned the big 4.0 last year and started with a SFR. We now have a total of 3 duplexes and the SFR. Wish I had started sooner but I was so focused on my 9-5 that I didn't think about my own future.

    @Lenny Shwartzundefined - Patience is easy to say hard to do.  I'm an old sales guy and I'm trying to teach myself that deals for the sake of deals is not always a good deal!! Its very hard for me to be patient which is why we have 3 duplexes now!!

  • Investor · Houston, TX · Member since 2012 · 354 posts · 186 votes
    10y

    45 here and just bought my first BRRRR a couple weeks ago. Hope to have the rehab done in a couple months.

  • Gainesville, FL · Member since 2015 · 31 posts · 9 votes
    10y
    No prior real estate experience, good W2 but just decided as I approached 41 I was really getting nowhere. Tried to make up for lost time by jumping in and buying three quads. Just closed on a single unit and looking to add two more quads to the portfolio in the near future. It's a lot of work with a demanding job, wife, kids, etc. but overall I feel great building for the future. Plus I feel less stressed about my career as I am not entirely dependent upon it for my financial future. That to me is an unintended benefit. I definitely wish I started earlier but I was just too focused on a career.
  • Tommy HopkinsPro Member
    Rental Property Investor · Houston, TX · Member since 2014 · 54 posts · 14 votes
    10y

    Nice to see all the inputs from the "near my age" adults contribute here.  I just turned 50 and looking forward to a great 2016 for investing as well.

  • West Chester, PA · Member since 2016 · 1 post · 1 vote
    10y

    I am also 48 years old and just starting out in real estate. I have read and taken courses and been researching for a while. I am also new to Bigger Pockets and had have made some good initial contacts so far. My goal is to have a cash flow in 5 hers where I will not need a JOB and then scale up.

    Let me know if there is anyone else out there in the same boat as me. Would like to share and connect.

    Regards,

    John

  • Investor · Melbourne, Abu Dhabi · Member since 2016 · 6 posts · 1 vote
    10y

    This is a truly inspirational thread. I am 36 and was worried that I may be starting a little too late to get in to the game. This thread has proven otherwise and inspired me to get the ball rolling. Thanks everyone.

    Rob G

  • Jonna WeberPro Member
    Moderator
    Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
    10y

    @Mary lou L. - thanks for introducing yourself.  You are in the prime of your life, at least that is how I feel!  We bought our first investment property in 2003, but didn't get serious until 2011. Should have been much earlier, but timing has a way of working itself out.  Congratulations on taking action - the future is bright with a positive outlook like yours!  

  • Investor · Wichita Falls, TX · Member since 2014 · 382 posts · 123 votes
    10y

    I am happy to see the responses! I am glad I have helped in any way by sharing my story!

    I finally received the closing documents on my #2 property! Here is the link to that story.

    https://www.biggerpockets.com/forums/223/topics/28...

    I will continue to update on the progress.

    Keep on keeping on fellow BPers!!

  • Gino BarbaroPro Member
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @mary lou l

    Hi Mary lou,

    It is never too late.  What you do in your 40s will affect your 50s, and so on.  Most people use the excuse as age to procrastinate. The great thing about real estate is that you can continue to buy and own and manage well into retirement age.

    Congrats to your continued success.

  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

     we all start somewhere.its great to hear the testimonies with conclusions that real estate investing is the way to go

    Congrats and to continued success

  • Van Alstyne, TX · Member since 2016 · 7 posts · 0 votes
    10y

    This discussion thread is so inspiring to me!  Thank you Marylou (and everyone else) for posting! I'm 45 years old and I'm just now starting with educating myself, but all of these comments reassure me that I'm not crazy for wanting to do this at this time in my life as well as the fact that if I'm patient and take the time to do things one step at a time (without fear of course), then I too can be successful!  Love it!

  • Sebastopol, CA · Member since 2016 · 50 posts · 14 votes
    10y

    Great post! I'm just getting started at 51. Tonight is my first local REI meetup! I'm nervous and excited.

    I only have one rental, but I'm hoping to acquire others in the near future. My goal is to increase my net worth and generate passive income.

  • Lake Wylie, SC · Member since 2016 · 14 posts · 1 vote
    10y
    Originally posted by @Alex Franks:
    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

     Any advice for a 16 year old who is still learning and doesn't want his passion to learn die?

  • Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y

    Yes for sure great advice it to continue to educate yourself. Look for that intern position as a loal company. Along the way suck up as much information as possible. Work on a simple 1 year - 3 year - 5 year plan with a mentor.

    Success does not come easy , but there is a path to it we can all follow

    Alex

  • Rental Property Investor · St. Louis, MO · Member since 2014 · 741 posts · 424 votes
    10y

    May I participate? I am over 55 and just got started.  We never made plans or thought about what our later years would look, like until my own business slowly dried up (dressmaking and tailoring). My dental hygienist loved to talk about her 'mulit-unit building being their retirement plan' during every teeth cleaning for years;  I looked into it.  We had beautiful credit scores, steep equity in our California family home and a good sense of business. In two years we have created cash flow with 7 units in St. Louis. We are very strategic, as life is short.  I have given my daughters lots of financial education so that they are better prepared. Your future begins today.

  • Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y
    Originally posted by @David Dachtera:

    @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

    David we have disagreed on a few other post but you hit the nail on the head here.

    I am focused on being retired at 55 but hoping 50. More focusing on 500 apartment units, 30k  month passive income. No kids but incredible wife of 20 years. I have 14 nieces and nephews in my family. So I am setting up a family trust, learning about asset protection , and estate planning. I want to make sure my family is taken care and the properties stay with in the family for a long time.

    I been in this business for 16 plus years now. Lost it all twice , literally lost every thing. So for all the folks just starting patience , no rush. Real estate is a cycle, just learning to listen to the market.It will tell you what you can , and cant do.

    Actually these two words should never ever be used in real estate either

    Rush - Real Estate....Never rush anything in Real Estate

    Every one have a great weekend here

    Alex

  • Investor · Houston, TX · Member since 2014 · 128 posts · 87 votes
    10y

    This is a great discussion!  BP seems to have a lot of very young people trying to get started with no money or older folks with decades of experience.  I'd like to get some conversations going for those of us starting in mid-life who bring other experience and resources with us.  My husband and I are in out mid forties and have two rentals with another under contract.

  • Rockford, IL · Member since 2015 · 343 posts · 95 votes
    10y
    Mary lou L. Thank you for starting this post. My wife and I are 43 years old. We have had one rental for 10 years which we originally bought for my wife's grandmother. I grew up with the what ifs, what if this happens, what if that happens. We finally pulled the plug last year and bought our second SFR. Just had our second one appraised and have plenty of equity to get another. I have been addicted since then. I recently found this site and love all the positive influence this site brings. I want more so much but I do not want to buy just to buy. I have to remember to be patience. Good luck everyone.
  • Bryan DruryPro Member
    Investor · Owensboro, KY · Member since 2008 · 130 posts · 65 votes
    10y

    @Mary lou L.I'm 54 yrs old.My father passed away when I was 21 and my brother was 20.Parents had some properties that we had to tend to.We  1031 exchanged some into other properties.Bought personal homes and then rented them out after moving on.Didnt get real serious about building wealth until 2006.I was 45 yrs old then, realizing retirement yrs were right around the corner.We accelerated real estate investment to retire comfortably.Accumulated 8 more rentals,flipped some,and started private lending.Yes I wish we were more aggressive in our 20's and 30's.But we didn't have anyone or BP to to teach us what or how to do it and why it was important.Lord knows our educational system did not teach us about wealth building for retirement.We learned it ourselves and and a lot of times it was the hard costly way.So in order to keep history from repeating itself we are consciously trying to educate our children and other youngsters  on the importance of financial literacy and the implementation of that knowledge.Father time stops for no one and doesn't care how you spend your life.It's up to us to create our financial future no matter what age we start.Good luck to all us old farts and young farts.

  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    10y

    I'm more of a nuts and bolts stick to tax deferred tips kind of guy on this site.  But this chain resonates.

    No one should be discouraged with where they find themselves right at this moment. No matter what stage of life you are or what your dreams are, there's a way to use real estate investing to achieve what you want- from passive to active, real property to financing, and all the tools to enhance those activities in between.

    Real estate is a career for all ages and types.If you're just starting out now be patient.  Be a knowledge sponge and the knowledge base will come.  20 or 100 is a great time to start.  I've been blessed to get to start twice - at 25 and at 56 with a 12 year break in between to live on a sailboat and raise 4 boys.  

    Jump on, jump off the real estate train at will.  The ride will still be waiting for you.  It's all about getting the knowledge, surrounding yourself with good people and enjoying the ride.

    The 1031 Investor5137 Reviews
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