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Member since 2026 · 2 posts · 2 votes
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Arman AhmedPro Member
Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 904 votesQuote from @Jennifer Adams:
We are new to Bigger Pockets and are just getting into the real estate game in our mid 50's, so we are a little behind. We just bought our first house to rehab, and just got it rented. We ended up paying for the house in total, with the rehab, so while the rent coming in is nice, now we are a little strapped for cash to buy again. As old as we are, getting in now seems to benefit our kids more when we die than it does us now. We are trying to figure out how to make some money with this now, or at least before we die- should we just try get lots of rentals or flip houses, etc.? Any advice is much appreciated!
Congrats on getting that first one rented, Jennifer! I wouldn’t worry about being “behind”, you’ve already got the hardest part done. If the goal is to build income now, I’d look at a mix of rentals and strategic flips, and I’d also consider Midwest markets where lower entry costs can make it easier to stretch your capital and keep building. The Midwest markets are worth comparing if you’re open to investing out of state.
10 Replies
- Lender · Orlando, FL · Member since 2023 · 220 posts · 183 votes2w
Hey Jennifer. I definitely wouldn’t look at it as getting started too late. You already bought your first property, rehabbed it, and got it rented. That’s a pretty good start.
The first thing I'd look at before deciding between rentals and flips is how much equity you created in that property. Since you paid cash for the purchase and rehab, you may be able to refinance it now and pull some of that money back out. If the rent supports it, a DSCR loan could allow you to keep the property and use some of that equity toward your next deal.
From there, I don’t think you necessarily have to choose between rentals and flips. You could keep building the rental portfolio for long-term cash flow and equity, while mixing in some flips to generate income you can actually use now.
I work with investors on the lending side, and one thing I always recommend is figuring out the exit strategy before buying the next property. Sometimes a deal looks great as a flip but makes more sense as a rental, or vice versa. Running the purchase price, rehab, ARV, expected rent and financing costs beforehand can save you from finding that out after you've already bought it.
If you want, shoot me a message with what you paid for this one, how much you put into the rehab, what you think it’s worth now, and what it rents for. I’d be happy to run the numbers and see what options you have for getting some of that cash back out.
- Member since 2026 · 2 posts · 2 votes2w
Hi Travis, and thank you for your reply. We paid 105K, put 20k in it, and it is worth about 150K. It rents for 1350/month.
- 2wArman AhmedPro MemberReal Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 904 votes
Quote from @Jennifer Adams:
We are new to Bigger Pockets and are just getting into the real estate game in our mid 50's, so we are a little behind. We just bought our first house to rehab, and just got it rented. We ended up paying for the house in total, with the rehab, so while the rent coming in is nice, now we are a little strapped for cash to buy again. As old as we are, getting in now seems to benefit our kids more when we die than it does us now. We are trying to figure out how to make some money with this now, or at least before we die- should we just try get lots of rentals or flip houses, etc.? Any advice is much appreciated!
Congrats on getting that first one rented, Jennifer! I wouldn’t worry about being “behind”, you’ve already got the hardest part done. If the goal is to build income now, I’d look at a mix of rentals and strategic flips, and I’d also consider Midwest markets where lower entry costs can make it easier to stretch your capital and keep building. The Midwest markets are worth comparing if you’re open to investing out of state.
- Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 302 posts · 113 votes2w
Quote from @Jennifer Adams:
We are new to Bigger Pockets and are just getting into the real estate game in our mid 50's, so we are a little behind. We just bought our first house to rehab, and just got it rented. We ended up paying for the house in total, with the rehab, so while the rent coming in is nice, now we are a little strapped for cash to buy again. As old as we are, getting in now seems to benefit our kids more when we die than it does us now. We are trying to figure out how to make some money with this now, or at least before we die- should we just try get lots of rentals or flip houses, etc.? Any advice is much appreciated!
@Jennifer Adams, I would not look at this as starting too late at all. You already bought a property, rehabbed it, got a tenant in, and learned a lot from doing it.
One thing I’ve learned from working with property owners and families is that it helps to separate two goals: what do you want the real estate to do for you now, and what do you eventually want to leave to your children?
Those do not always require the same strategy. If your main goal right now is more income and flexibility, I would be careful about putting all of your cash into one property after another. You can end up owning a lot on paper but still feeling short on cash.
Before buying the next one, I would look at this first property and ask: How much cash is it really giving us? How much money is tied up in it? Do we want steady rental income, larger amounts of money from an occasional flip, or some mix of both?
I’ve seen people get focused on the number of properties they own when the better question is whether those properties are actually helping them live the life they want now. And since you mentioned your children, I would also start thinking about how you want these properties owned and eventually passed down. That planning is much easier to do while you are building the portfolio than years later.
You are not behind. I would just make sure the next deal supports your life too, not only the inheritance you may leave one day.
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes2w
Quote from @Jennifer Adams:
We are new to Bigger Pockets and are just getting into the real estate game in our mid 50's, so we are a little behind. We just bought our first house to rehab, and just got it rented. We ended up paying for the house in total, with the rehab, so while the rent coming in is nice, now we are a little strapped for cash to buy again. As old as we are, getting in now seems to benefit our kids more when we die than it does us now. We are trying to figure out how to make some money with this now, or at least before we die- should we just try get lots of rentals or flip houses, etc.? Any advice is much appreciated!
When people have decent income but can't buy a house because the bank won't lend them money for whatever reason, not enough liquidity, odd property, too many owned properties already, that's when creative financing become useful. Find someone who is willing to sell and you take over their loan, make the repair and rent it out. There is a specific way that it needs to be done, just as when you borrow from a bank, but industrious people have followed the advice for years and watch their portfolio grow,
- 2wMin ZhangBusiness MemberReal Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
Hey Jennifer! Congrats on getting your first rehab completed and rented! I’d probably focus on what gives you the best balance between cash flow and getting your capital working again. Rentals can build long-term wealth, while flipping can potentially create cash sooner, so it really depends on your goals and how involved you want to be. Either way, you’re already past the hardest part of getting started!
- 1wMatt HiltnerPro MemberLender · Denver, CO · Member since 2021 · 41 posts · 11 votes
@Jennifer Adams Welcome — and I wouldn't call mid-50s "behind." You already did the hardest part: you bought a rehab, executed it, and got it rented. A lot of people talk about doing that for years and never do. You're now in the "how do I make this scale" phase, which is a much better problem to have than the "how do I get started" phase.
Here's the thing though — you're sitting on the exact lever that solves your cash-strapped problem: you paid all-cash for a property that's now rented and (presumably) has equity in it. That's dead capital right now. A cash-out refinance lets you pull a chunk of that equity out — tax-free, since it's a loan, not income — while keeping the property and its rent. You use that cash as the down payment on the next deal, and the rent from property #1 now helps cover the new mortgage payment on property #1. That's the mechanism behind the "debt isn't inherently bad" idea Robert Kiyosaki discusses in the book Rich Dad Poor Dad — the distinction is debt tied to an asset that produces income to service it, versus debt tied to something that doesn't. A cash-out refi on a performing rental is squarely the first category.
A few practical notes as you think this through:
Get an appraisal or a few comps before you assume how much equity you actually have to pull — rehab costs don't always translate dollar-for-dollar into appraised value.
Most lenders want the property "seasoned" (owned) for 6-12 months before they'll do a cash-out refi at full value, so timing matters — worth checking now so you're not caught off guard.
On rentals vs. flips at this stage: flips generate cash now but come with self-employment tax and no long-term compounding. Rentals compound but are slower to show cash flow. Given you want money before you die, not just for your kids after — a mix probably serves you better than picking one: maybe a flip or two to generate capital and pay down/build a buffer, funneled into rentals for the cash flow and appreciation that actually change your day-to-day.
Refinancing again down the road (as each property seasons and gains equity) is how a lot of investors build a portfolio without needing a pile of outside cash for every deal — it's less "get rich quick" and more "recycle the same capital."
I've been on the investing side for 20 years and now spend a lot of my time on the lending/financing side of deals, so I think about this stuff — cash-out refis, DSCR loans, how lenders actually evaluate a rental for pulling equity — pretty regularly. Happy to be a sounding board if you want to talk through numbers on the refi option specifically. No agenda, just glad to help.
- 1wAlan FaitelPro MemberReal Estate Coach · estero FL · Member since 2015 · 289 posts · 45 votes
Congratulations on getting into the Land Lord paradox, Equity rich and cash poor. Maybe you should talk to many mortgage brokers that specialize in working with landlords to get equity out of a rental.
Ask them how many more rentals you can have where you pull cash out after they are rented. Some people call us the brrrr method.
I’ve done it over 200 times and you need to have short term and long-term financing in place that needs to be rock solid otherwise you will run out of cash.
Your other option is to flip 1 or 2 or 3 houses before you buy one to keep.
Let me know if you wanna talk about it. I give free coaching to new members.
- 1wBrad SeidBusiness MemberLender · Licensed in 28 States · Member since 2026 · 122 posts · 30 votes
@Jennifer Adams Congrats on getting your first rehab and rental completed! You may not necessarily need to wait years to build the next property. The right financing strategy could help you tap into the equity you’ve built and free up capital for another deal. If you’d like, feel free to reach out and I’d be happy to discuss some lending options that may fit your goals.
West Capital Lending5122 Reviews - Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes21h
Quote from @Jennifer Adams:
We are new to Bigger Pockets and are just getting into the real estate game in our mid 50's, so we are a little behind. We just bought our first house to rehab, and just got it rented. We ended up paying for the house in total, with the rehab, so while the rent coming in is nice, now we are a little strapped for cash to buy again. As old as we are, getting in now seems to benefit our kids more when we die than it does us now. We are trying to figure out how to make some money with this now, or at least before we die- should we just try get lots of rentals or flip houses, etc.? Any advice is much appreciated!
Yours is a very common question. "Now that we've completed our first flip how do we do the next one." I vote for Subject To, Wraps, Seller Financing, Leas Options. Each one get s you the next house with out having to involve a bank and opens the door to a whole new world.
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