All Forum Posts by: Sherri O'Neal

I'm 54 and husband is 57. We would like to start REI but worry we are too old. If we want properties to cash flow to help build some retirement and possibly find a retirement in 8 years ( meaning, quitting our 9-5 in 8 years), is it too late?

I have not invested before and brand new to this platform with a lot to learn. I watched the LU webinar this past week and have gotten phone calls daily since then about the membership fee. They claim to use the method of teaching that uses hard money loans to find your property, improve then rent. I’m not knowledgeable about how all of this works but I can’t make the math work. Someone please advise differently but here is the scenario they proposed; buy a house, renovate, put tenants in. Cash flow around $300 bucks a month. 

My questions are- what happens if tenant doesn’t pay and you have to evict or, when tenant moves out you discover $20k worth of damages that has to be done before you can rent to next tenant. Of course, that also eats up time between tenants where you not only aren’t earning cash flow but are in the hole. Between interest rates being day high, construction costs being through the roof and propert taxes and interest rates climbing by the minute, how is this profitable? I understand the long term investment profitability but, waiting for ten years and staying afloat if these scenarios became part of your situation, it looks like you need quite a bit of money sitting around to cover these types of predicaments. Please, someone, enlighten me.