questions about 2 deals

[Kay Winters]

I invested in real estate heavily - when I sold real estate in Colorado.   Ended up with a lot of negative cash flow properties and my husband got a once in a lifetime job offer in another state - so we sold everything at a loss.  Looking back, of course, (with the benefit of hindsight) - we had lots of other alternatives, it just didn't seem like it at the time.

Now, as a retiree (sort of), I've become interested in investing again. 

I wrote a couple of offers last week on foreclosures in my area:

1.  House built in 1960s - 4 BR/2 BA about 1750 sq. feet.  $82,000.  Will rent for about $1100/month.  I would finance this one 5/1 with 20% down.  Will need about 5-10,000 invested.

2.  House built in the 1920s - 2 BR/1 BA about 1300 sq. feet.  Needs about $10,000 invested.  I would pay cash for this one.  Would rent for about $800/month. 

I did not expect to get an accepted offer on the 2 BR.  It was listed in the high 50s and I threw the offer of $30,000 out there...assuming it would not be accepted but thinking I may come back later if it doesn't sell and make the same offer. 

I can go forward with one or both of these.  I'm feeling some serious buyer's remorse.  Primarily, because although I've lived here for some time - I have not bonded to the area.  I do not feel the same level of confidence in real estate as when I actually worked in real estate and had easy access to all stats.   House #1 is on well and septic and I've not had experience with that situation either. 

I had a friend ask me last night - why would I even want to do this?  I am comfortable and really am not in a situation in which I need to generate more money.  I think the answer to that is - I got out of real estate ownership in Colorado and Florida at the wrong times (due to husband's job movements); I think I'd like to show my daughters and son that real estate investments can work. 

Not sure what my question is!  Most of you are far younger than I - wondering if it is truly crazy for someone in their 60s to be doing this?  Opinions?