Too old to start?

[Tom Schmoetzer]

I am 45 years old just getting started in REI. My goal is to be able to secure a true retirement. My current retirement plan contains 2 small 401k plans and my self-employment income. My gut tells me I can make this a success. I found this site a few months back and have been studying ever since. I have upgraded to a Pro account to hopefully accelerate making up for all those lost years. Am I on the right track or just getting started too late?

[Jeffery Griggs]

@Tom Schmoetzer it is definitely not too late. I am 45 also and just purchased my first rental in September. As the saying goes...better late than never.

[Colleen F.]

No,   you are not too old because if you are their are a bunch of us that never got the memo.  Just think of it as a second career people take all kinds of paths in life.  

Read ,  get familiar with the lingo and what  goes into a purchase and go from there.  Don't think your age means you should speed into investing. Get familiar then sort out what your deals might look like.  Try to know the field and learn from others mistakes. There are some universal truths but your deals will align with your own goals. 

[John Moore]

I would think that maturity would be an asset that has value.  Your decisions would be more calculating and possibly more rewarding.  The advise you have received is all excellent, attending local meetings is an excellent way to learn the local market as well as to pick the brains of those who are in the trenches.  You have many productive years ahead of you, all you have to do is make them count. As the old saying goes "make your plan and work your plan". Lot's of luck and nice to see you already have started on your way, by joining the BP family.

[Justin Escajeda]

Welcome to the community man!  I agree with @Walt Payne said about mindset of age.  I started in my 20's and made some irrational decisions, that had cost me financial and mental heart ache.  I feel that even now at 32, I am making better decisions not just from rei experience, but life experience as well. 

Its never too late to make money, things can progress as fast as you want them to.  In under 7 years Ive acquired 21 rentals, over 70 storage units, and 2 commercial bldgs.  Some of these didn't produce like they should at first for me.  I was kind of ego driven at first and wanted more or less to say I had income properties.  Ive corrected the mistakes and do not intend on making them again.  Id rather have one unit that producing well that 3 that are a pain and money traps.  You get into out of this what you put in, don't treat it like a hobby and something you do in your spare time.  Its your business.

[David Krulac]

never too late, have seen some beginning investors who are in their retirement years, looking to generate some income and have some time to devote to it also.

[Brooks Rembert]

@Tom Schmoetzer 

I'm 40 and just getting started in earnest as well. It is absolutely never too late to get started. I have really begun to see just how powerful of a wealth builder real estate can be. My goal is to have 10 rentals in the next seven years, which on top of a military retirement should leave my family and I fairly comfortable.

Keep up the hard work and best of luck.

[Jeff Darr]

@ Tom

Hi Tom, It sounds like you're getting a lot of encouragement and support which is great since I'm in the same boat as you, but even older. I figure anything REI adds is all good!

@ Geoff

Great advice! 

JD

[James Wise]

@Tom Schmoetzer 

welcome to the site.

[Lucas S.]

Personally, I never think it's too late to start something like this. Good luck!

[David Chwaszczewski]

Never to old to start.  The years ahead are coming regardless if you invest or not.  Starting now should help you enjoy those "GOLDEN YEARS" ahead!

[Dave Roberts]

Tom, I am 55 and just got my first rental property under contract this month. I was over 50 when I first was exposed to REI. Did research for a couple of years before starting to make offers. How I wish I had started in my 40's.

I'm at least glad to see others on here who started later in life and have had success.

[Chris S.]

Check this guy out.. He has a great book out too.. Good luck!

http://www.linkedin.com/groups/Buy-Rent-Foreclosures-3-Million-845877.S.200974428?_mSplash=1

[Bhekizwe M.]

It is not too late.Invest in brand YOU,reading the rei books, listening to the podcasts etc

"The door to the temple of wisdom is to admit one's own ignorance.."-Anon

[John R.]

@Tom Schmoetzer   I would love for you to post a follow up on what you are working on now, and if you have taken any action.

I'm about the same age as you and just got started a few years ago myself.  I figured my worst case scenario on my first property would cost me about as much as a semester at business school and might be just as educational.  When I thought of it that way after years of being interested but not taking serious action, I decided to buckle down and try it. It went much better than worst case and we have moved forward with more projects since then.

The team for me was key, as I am busy with my job.  My banker interestingly gave a good cross reference on the management team I had selected...she had other clients working with them.  Anyhow, it has been very educational, fun, and so far the numbers are working well.  

Best wishes as you dig in!

John

[David Krulac]

@Chris S.

@Tom Schmoetzer

that link doesn't work.

I know some other books that I recommend besides my own.

William Nickerson, "How I Turned $1,000 into $5 Million" I met him he was in in 80s at the time.

David Schumacher, "Buy and Hold" He was also in his 80s. 

[Carol Martin]

age cant be count in business .What matter is your dedication in any work .Take it like a suggestion never think what your age is just think you are still alive and you can enjoy yourself by doing anything

[Peter Grange]

Tom, I am curios as to how to last 4 years have gone for you. I am 47 and my wife is 44 and we are in the same spot you were. Do you jnow think you were too old?

Pete