New to REI at age 60

[Troy W. Hudson]

Hi folks, my name is Troy and I'm a Christian. I'm married to a beautiful girl named Tammy and we have 4 grown kids and 6 grandkids. I just turned 60. We live in the Augusta, GA area. Our kids are spread out all over the country. We want to have the freedom to live centrally to them, work from anywhere/whenever and travel and enjoy life to the fullest and share the blessings that come our way. To leave a legacy that our kids can utilize and then pass on to the grandkids.

My day job and career for the last 40 years has been in professional media production and for the last 12 years I've been running my own professional voice over business under my name - Troy W. Hudson Professional Voice Overs, LLC. I still love what I do but I know that it is time for a change and am planning on a 7-10 year transition to not needing to work for a living. I believe from what I have learned about REI thus far, buy and hold real estate is the way to do that. Call it retirement or the next challenge!

In March 2022, my dad passed away and I became administrator of his estate which included his home which was purchased in 2003 and had a 30 year mortgage balance of around $70K. We already have a primary residence in the area with a mortgage, since we had moved to his part of the country because he was ill in 2021 when mortgage rates were 3%. We suddenly had 2 homes and began exploring what our options were and that is when we discovered the intriguing world of REI and tapped into Bigger Pockets and Better Life Tribe, etc. to begin our education.

In the time since his death and the probate process we have been paying his mortgage off and selling items from the home which we have been maintaining. Current mortgage is $59k because I have been paying the principal down while we slowly try and figure out what to do. 

We are having renovation/repair work done over the next month and making the decision to sell or buy. My wife and I are leaning toward renting because of the long term cash flow opportunities as opposed to the immediate cash profit. Estimated home price based on comps is $250-260k and rentals go for $1,700-1,800.

We both believe that small multifamily properties are the smartest way to start given our ages and desire to probably retire by the time I hit 70 - 10 years from now (if we want to). This inherited home is the impetus for us to get going and we are excited to learn and share with others along the way!

[Wale Lawal]

@Troy W. Hudson

It's great to hear about your journey and plans for the future. It sounds like you have a solid foundation with your professional background in media production and your voice-over business. The inherited property seems like a valuable opportunity for you to venture into real estate investing.

Considering your interest in small multifamily properties for long-term cash flow, that's a strategic approach. Rental properties can indeed provide a steady income stream, and it's fantastic that you're exploring this avenue.

Here are a few considerations and steps you might want to take as you move forward:

Market research: Keep looking at possible multifamily buildings in the Augusta, Georgia region. Investigate areas with strong growth potential and rental demand, and take into account regional real estate market trends.

Networking: Attend local real estate events, sign up for internet discussion groups, and establish relationships with seasoned investors. Networking can yield insightful information and possible business collaborations.

Financing Options: Examine several ways to finance your real estate venture. Considering that you want to retire in seven to ten years, it's critical to evaluate how various funding options fit into your long-term strategy.

Property Management: Think about how you'll take care of the property if you want to rent it out. It is important to know what is expected of you, whether you choose to manage it yourself or work with a property management firm.

Exit Strategy: Develop a clear exit strategy for your investments. Knowing when and how you plan to sell or transition out of the properties is vital for long-term planning.

It's wonderful that you and your wife are excited about this new venture. With careful planning and strategic decisions, real estate can indeed be a powerful vehicle for creating a legacy and achieving financial independence. Best of luck on your journey! If you have specific questions or need further guidance, feel free to ask.