I'm 51 and want to do real estate investing.

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I'm 51 and want to do real estate investing.

Retha Sparks
Member since 2017 · 3 posts · 0 votes

Hi everyone, I am 51 and I've always wanted to get into real estate, but I've been too busy making really bad financial decisions.

Now that I'm older, I'm thinking that I have no retirement, I'm in debt with student loans, and I now don't have a job because my skills aren't up to date.  I lost my home and everything I own in 2012 due to a tornado and ended up having to file for a chapter 13 to get my finances in a more manageable order.  I'm tired of being someone's administrative assistant.  I want something more out of life.  I've started taking a course to getting my real estate license and I'm hoping that will open the door to something bigger.  Since, no bank in their right mind would loan anyone money that is out of work, what can I do to get started?  

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    6y

    @Retha Sparks  Get a job and start working on reestablishing your credit.

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  • Terrell Garren
    Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    6y

    My heart goes out to you @Retha Sparks.  I usually don't view an RE license as a step towards building wealth but just another W2 job.  In your case, maybe this is the path to more money and your passion.  Maybe pursue your license and do what @Theresa Harris said.  Maybe have a goal of by 55, good credit, an emergency fund and a $10K down payment on your first property.  You probably need to follow Ramsey's advice - put your dog on eBay and your cat on Craigslist, eat rice and beans then switch it up to beans and rice, don't be caught in a restaurant unless you are working there. Best, Terrell

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  • Glidden Rivera
    Rental Property Investor · Orlando, FL · Member since 2019 · 105 posts · 71 votes
    6y

    @Retha Sparks

    Start your journey by learning the terminology, process, and market.

    Get educated, there are ways for you to start now. Commit to being proactive about your future. Your first investment property can be a lot closer than you think. Be aggressive, follow me here on bigger pockets, and ask a million questions. You can do this, if your mind is in this.

    Forget what is behind you, press on towards the mark!

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  • Retha Sparks
    OP
    Member since 2017 · 3 posts · 0 votes
    6y

    I have read that being an agent probably wasn't a great thing to do, but I was thinking of using it as a daily job while trying to pay off my bills and re-establish my credit, all while trying to start networking.   

    I have battled cancer, was given up for dead, have had several surgeries, lost my home, lost my job, but I'm still here and will keep on fighting.  By the way, I have an interview today.  Wish me luck :)   

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