Investors who started in late 30’s with multiple children

[Ciji Masser]

Hello All,

Josh and I are newbies to real estate. We are absorbing as much information as possible and setting goals. We are currently in our late 30’s and have 4 school age children. Over the past year we have been able to increase our savings and continue to work on our financial IQ. We have a general idea that we’d like to invest in North Carolina. Our issue is capital, we don’t have a lot of it.

Are there any investors that have a similar late start like we do, who’d be willing to share some tips or tricks?

Learning so much and so grateful for this community.

Thanks

The Masser’s

[Aaron W.]

@Ciji Masser Welcome to the community and look forward to hearing about your successes.

It is never too late to start investing and you are in the right place to do it. 

Before you get started, know why you want to get into real estate investing? Are you interested in cash flow or appreciation? Do you need immediate cash flow or can it wait? What is your appetite for rehab? This is going to be your guide throughout your roller coaster journey and will keep you looking forward through the good and bad days. After you know your why, work backwards to establish short-term and long-term goals to help you accomplish your why.

Understand what to you constitutes a great deal. This is typically a personal decision and can include specific returns you want to see from a deal. This will also help you stay focused and to not give in to a make a bad deal work.

One of the most important skills of an investor is deal analysis. You will want to practice analyzing deals everyday, even if you don't plan to buy yet. This skill is invaluable and a perishable skill.

Continue educating yourself everyday as there is too much information to learn in a short amount of time. Know that mistakes will be made, but the great thing about real estate is that over time and if purchased right, many mistakes can be mitigated or overcome. Don't be afraid to make the leap. Analysis paralysis can and does stop many from moving forward. Some of the best learning comes from jumping in and figuring it out.

Best of luck!