Starting REI Late in Life in Texas

[Roger Dupler]

Hello Folks.

I just joined BP yesterday. The company I worked for became a victim of the COVID-19 economy on May 31. I am 62 years old and blessed to have never had a single day of unemployment until June 1. I spent half of my career as a Mechanical Engineer and the other half in various IT roles (all for major corporations). I live in Texas.

After looking unsuccessfully for another W2 job for the first month, it became apparent to me that I really didn't want to report to someone else as the "boss" again, so I started exploring REI as an option. If I were to be successful, then there's a fair chance that I could realize an income now and possibly a passive income in the future. To that end, I've watched YouTube videos and read a little on forums. I've attended "Free" webinars for various strategies including Wholesaling, Assigning Lease Options, Tax Foreclosure Overages, vacation rentals, and Buying Tax Deed/Tax Lien Auctions. So far I have not succumbed to any of the costly "Guru" education/mentoring programs, with the exception of attending the class on Investing in Tax Deed/Tax Liens for which I paid $499.00. I feel like I learned some good things in that class but the idea of purchasing a home without first being able to inspect it's condition sounded too risky. I have also quickly come to the realization that probably had no business investing in Real Estate until I could learn more about it. I don't even understand all the terminology yet so how could I ever expect to be believable and/or successful in any of the strategies I've mentioned. I do have funds available, however not knowing which path yet to follow, I don't know how much I'll need to get started. In addition, I'd rather not risk too much of my savings at this point in life.

Should I spend the time and $$  to get a real estate license first?  Perhaps that education would make me better able to understand at least the laws, finance, and banking aspects (and terminology) related to the industry?  Also, with the new federal rules against evicting tenants, perhaps rentals isn't the path to follow?

If you were able to picture yourself (knowing what ya'll do now) in my position, where would you start?  I'd appreciate any advice and/or encouragement you might be able to provide to get me headed in the right direction ... or at least some direction period.

Thanks very much in advance!

Regards, Roger

PS.  I just purchased the BP book "How to Invest in Real Estate" and am attending the BP seminar tonight on How to succeed in Real Estate Sales.

[Lucia Rushton]

@Roger Dupler. You have come to the right place! The Lord works in mysterious ways and you have had a healthy employment life! Now you get to retire and choose life on your own terms!

I encourage you to keep reading and to find networking groups in your area. There are some that are meeting in person again. Go talk to people - ask them questions about themselves, what they do, their journey to get there. Don’t say I don’t know what to do so I’m here. Soak up what they share, see what resonates with you. Ask lots of questions. You will get to a point where you can add value, offer to be a bird dog. Go to open houses in your area. Just go out and do it. It’s easy to spend time behind a computer but you will find so much more out there.

You will find what’s next for you. It depends on how hungry you are.

Keep us posted on your successes. Baby steps are successes!