Getting Started Later in Life

[Mike Lattier]

My wife and I sort of stumbled into the world of REI recently. We are both in our late 50s and are looking to get involved with investing as a means of continuing our income after we retire and building wealth. We are reading through Brandon's book now.

We are gravitating toward small multi-family buy and hold as our niche utilizing the BRRRR strategy. However, since we initially got into this because we wanted a cabin in the mountains, we are looking to BRRRR a cabin, Airbnb it, and then proceed into long term, buy and hold rentals.

Here's my questions: although there is a ton of info. geared to younger people just getting started in life, there's not a lot of emphasis on people in our age group getting started for the first time. Given our initial thoughts, do you see any issues with that strategy? Are there unique challenges for people getting into REI later in life? Are there some strategies better suited for our situation? Thanks all.

[Pat L.]

@Mike Lattier you're in great company here...

For decades my BIL kept telling my wife & I that our 35 yrs of REI (strategies) was too risky.

According to him REI was not the way to go.

He sat down with us a couple of weeks ago & asked about investing in REI as he cannot afford retirement. So for my wife's sisters sake we put together their first deal that will NET him $36K/yr. 

He's finally into it at 66 & I think he's hooked. I'm going on 70 (retired in my 40's) & we're still accumulating properties & financing deals. 

Put this on your wall...

"The best time to invest in real estate was 30 years ago

the second best time is NOW".

Good luck !!!