How old was everybody when they started?

Question

Hi, I'm new to the site and found it an awesome resource! I just recently joined but have found the amount of people willing to share information on this site really refreshing.  I've been trying to find a resource like this for a while but usually ran into either the "buy this program from me for $1,000.00 and you'll learn everything", or the "I learned it the hard way and I'm not sharing anything" response.

I have a general question for everybody, how old were you when you first started investing in real estate?  My wife and I are in the process of saving up some cash to start, but realistically it's going to be a couple years before we start, which would put me right around 40 years old.  Primarily I'm looking to keep my day job and do this on the side and build it up as a source of retirement income.  I'm not to late am I?

Account Closed · Answer

@Brian Egr

No such thing as 'too late' as long as you take action!

Allan Glass · Answer

three things / my two cents...

1) If you must buy one of the "buy this program from me for $1,000.00 and you'll learn everything" programs, buy it from someone who failed using the system, at a discount, from Craigslist or Ebay.  This will be your first lesson in spotting opportunity where others failed and at buying assets at a discount.  Both essential traits of successful real estate investors...

2) Write this on a post it note and put it on your bathroom mirror and read it every day.  "It's never too late to start!"

3) stop asking how young others were when they started, it will only give you reason to ignore #2.

Best of luck!

Allan

Mike McKinzie · Answer

No such thing as too early either, I bought my first rental at age 19, WITH NO MONEY DOWN.  A  divorce cost me half my portfolio, oh well!  But any age is fine, just don't get in a hurry, build it slowly.  I held my first rental a year, sold it and then purchased a triplex.  Held that for a couple of years and then purchased 2 four plexes.  Then high interest rates hit, FHA was 18%, and things got tough.  I sold the 2 four plexes for LESS than I paid for them, those things happen!  But I retired at age 50 so I guess it is all good.  The first three or four rentals are always the toughest, it's a new field with many nuances.  You rent to the wrong tenants, you get screwed by a handyman, you have to do an eviction, your property gets vandalized, and so much MORE FUN!!!  It is not a get rich quick scheme, because if it was, EVERYONE would be doing it.  Somewhere between 90-95% of people who buy ONE rental, never buy another one and quit the business of being a Landlord.  So go into the REI world with open eyes and be ready for some hard work.  For those that love it, it can be very financially rewarding.

Carl Leonard · Answer

i don't think you ever too old.  My parents didn't really start investing in rentals until they were about 70 and its working for them.

I'm in my 50s and I'm just getting started.

I suggest that you do like I have been doing and spend some time reading here.  I have the BP app on my phone and get an hour or two every day reading the site.

Hil Hernandez · Answer

Hello Brian,

Welcome to BP.

While I've had interest in real estate investments since the age of 22, my brother and I started in 2012 at the age of 48 and 47 respectively. We live in Southern California and have acquired several properties out of state and established income by buying and selling distressed properties in the Los Angeles area along with the cash flow from rentals.

With my experience in the last 4 years, I believe that age is surely not a factor. While there are much equitable opportunities for younger investors, older investors can surely establish a comfortable nest egg as well. When you're young, you can afford to make riskier investments because there is time to recover. However, as you become older investments should be less risky to secure your retirement safely.

I have read many successful stories right here on BP, and I think you've come to the right place. When I first started, I also recall seminars offering to teach you the business if you attend a free 2 hour session, then the up-selling begins with promises that you'll make enough on your first deal to pay for the costs of their training and still pocket cash. Fortunately, I never bought into those offers, maybe they work for some people and I don't discredit what they provide and teach, it just wasn't for me.

I learned everything the old school way, and didn't know about BP at the time. BP would have been a great asset. However, I am now becoming more proactive here with anything I can teach and/or learn. I don't think you ever stop learning in this business.

I wish you success and and surely, you are not to late!

Brian Egr · Answer

@Hil HernandezAccount Closedthanks for the feedback from all of you.

Account Closed · Answer

@Brian Egr

Bought my first personal house around age 26. Turned it into a rental at age 32. You're not too late to get into real estate. The sooner the better though

Emily Lopez · Answer

I started working for couple who owns a lot of rental property my senior year of high school.  I knew I wanted to invest in property then.  Obviously I didn't have the money so I started saving at that point.  I bought my first rental in graduate school at 23 (it was seller financed, although I could easily make the payments I doubt a bank would've ever approved me for a mortgage at that point as a bartender and Teachers assistant).   After college I moved back into that home, saved every spare dime, worked extra jobs, sold on ebay and bought my next home at 25.  At the end of 2015 (still 25) bought our next property which was two houses but three units.

The first is the hardest. Once you start cash flowing, you can just save that to buy your next one.  It's never too late.  The couple I worked for started investing with siblings and their father after their dad had retired from being a miner for years.  Although old when he started, they built quite a portfolio of investments.

Nikki Grizzle · Answer

I am 25 and my husband is 29. We are just getting started.

How old was everybody when they started?

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