Laid off 60 Year Old in Michigan Starting Real Estate

[Jeffery Leon]

Hi All,

I'm just turned 60 last month, and worked for an automotive company for 20+ years, they laid me off the day after my birthday. I've been looking at rental properties before the layoff, now feel even more urgent to start my real estate journey. 

I have a little bit of savings for some investment properties but do not want to pay all cash for any houses from what I've learned about leverage. But at my age, I doubt I will be able to find a new job and get loans. I can get a home equity credit with my primary residence at 50% of its value, but the terms are not ideal- 15 years at 5.5%. Any suggestions on how I can get started? I'm hang up on the financial side of this without a conventional loan.

Cheers,

Jeff