Rental Property Investor · Albuquerque, NM · Member since 2020 · 50 posts · 102 votes
I'll start. I'm 38 and I own 0 properties. I am reading all I can on REI with the goal to buy my first property within the next year. I'd love to be inspired by some of you and your journey.
I’d like to know your age, how many rentals you own, and the type of properties you own? How did you get your start and at what age?
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
6y
Our first purchase of an investment property was at age 38. Twenty-five years later, we're holding 17 rental units (5 SFH, 2 duplexes, 1 eight-plex) that are all cash flowing. Real estate investing is not a full-time occupation for us, as both my husband and I have other careers. We're within 7 years of retirement and our portfolio will support that, in addition to our other investments and retirement funds.
Strategy.... Be a person of integrity, be kind to yourself and others, take care of your body (it's the only one you have), be a lifetime learner, set goals, stay the course, adjust to new circumstances, work smart, save more than you spend, don't hold consumer debt (pay off bills every month), build your credit worthiness, maintain a stellar credit score, nurture relationships with others, keep faith in God, believe in yourself, be a positive person, give back to the community with your time, talent, and treasure.
Rental Property Investor · Buffalo, NY · Member since 2020 · 29 posts · 30 votes
6y
I'm 38 and have 0 rentals. I just found BP a week ago but have always been intrigued by REI. Im just building a team now and plan to have purchased 1-2 properties within the next 6 months.
Investor · Warwick, RI · Member since 2015 · 137 posts · 100 votes
6y
im 53, bought my first SFH 5 years ago with $30k i have saved up as a down payment. I now have 5 SFH fully rented , did 1 flip, and 1 commercial bldg in my portfolio.
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
6y
Our first purchase of an investment property was at age 38. Twenty-five years later, we're holding 17 rental units (5 SFH, 2 duplexes, 1 eight-plex) that are all cash flowing. Real estate investing is not a full-time occupation for us, as both my husband and I have other careers. We're within 7 years of retirement and our portfolio will support that, in addition to our other investments and retirement funds.
Strategy.... Be a person of integrity, be kind to yourself and others, take care of your body (it's the only one you have), be a lifetime learner, set goals, stay the course, adjust to new circumstances, work smart, save more than you spend, don't hold consumer debt (pay off bills every month), build your credit worthiness, maintain a stellar credit score, nurture relationships with others, keep faith in God, believe in yourself, be a positive person, give back to the community with your time, talent, and treasure.
@Ryan Hazelwood The biggest thing is knowing what you want to do and being realistic. Everyone starts at different times due to many factors. Most of the rentals I have were bought when I was in my 40s and are long term rentals. One is a student rental due to its location, others are SFH. I bought most of them in a short period of time (2 years) as the timing and circumstances were right and included me selling one that I'd had for almost 20 years (allowed me to buy two others).
Rental Property Investor · Albuquerque, NM · Member since 2020 · 50 posts · 102 votes
6y
@Theresa Harris is the student rental harder to maintain? We have the University of New Mexico here and I’ve been thinking a lot about that area. I guess my fear is that I know how I was in college (parties, less responsible, etc) and I would expect more damage than a home rented out to a family with children.
Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
6y
@Ryan Hazelwood
No, I still have a full time job. Work prolly 60 hours a week. It's horrible, working and having 52 houses, massive inconveniences all the time. Only good thing is the money and appreciation I have in the all houses.
Investor · Austin, TX · Member since 2013 · 662 posts · 1k+ votes
6y
Hi, I'll play. I bought my first investment property 2003 (age 48), see profile. Initially bought to save dorm fees sending my first child to college. It was a duplex. After 3 years, I realized this is an outstanding investment and it could greatly enhance my ability to retire. So in 2005 I began buying duplexes in the Austin TX multiplex. I now own 19 rental units, all small multi-family type properties. Took profits of all units and paid down one note at a time. Now all paid off. I own properties in Austin and Bryan/College Station (Texas A&M University). Have not sold any of my properties as they are a significant piece to my retirement strategy. I love my student tenants, most are vet students or graduate students in my properties at Bryan/CS. Bought on 30 yr notes to give flexibility of cash flow but accelerated the payoffs averaging about 10 years or less. Long term buy and hold. Cash flow is king and usually the safest strategy to accumulate properties. I own out right 19 units and manage another 6 for my kids. Yes got my two kids interested in properties as I believe it to be an excellent strategy to build wealth. Cheers.
Investor · Saint Petersburg, FL · Member since 2019 · 14 posts · 32 votes
6y
Hi Ryan/All,
I'm 27 and just bought my first property earlier this year right before all the shut downs, etc. The property is a two-building "duplex" in Saint Petersburg, FL.
I first got my start by becoming interested in the FIRE (Financially Independent. Retire Early.) subreddit/movement and slowly was introduced to the RE Investing forums/BP world and was drawn to the opportunity it presents. It took my fiance and I about a year and a half to finally find a deal that worked out for us. We are house hacking by renting the bigger front unit, living in the back unit, and we love it.
Rental Property Investor · Lima, OH · Member since 2019 · 10 posts · 37 votes
6y
@Ryan Hazelwood
I’m 20 and have 2 rentals (single family) paid cash for both my plains are to flip a house this year. Then start scaling my flipping business and use the profits to buy more properties. I’m also working with a bank currently to pull equity out of both of my houses to buy another house. I’m very excited for my future!
@Theresa Harris is the student rental harder to maintain? We have the University of New Mexico here and I’ve been thinking a lot about that area. I guess my fear is that I know how I was in college (parties, less responsible, etc) and I would expect more damage than a home rented out to a family with children.
It is hard to say. That is the only one I have a PM taking care of. I work at the university and don't want a conflict of interest, so that was my solution. There are more repairs than at any of my other rentals along with more turn overs (usually every 1-2 years) and more problems due to the age of the tenants. Once they overloaded a circuit and didn't know how to reset the breaker, lost their keys, etc. It is an apartment, so less likely to have parties than if it was a house. It cash flows and works, but if I had to buy another place, I'd buy a SFH over a student rental.
Rental Property Investor · Albuquerque, NM · Member since 2020 · 50 posts · 102 votes
6y
@Joe Scaparra
How much in cash for an emergency fund did you initially have for your first property? Did you have separate emergency funds for each until the cash flow was enough to cover repairs?
Hi I’m 38 this year and started investing in 2013. I haven’t grown much in recent years, but I currently own 16 units apartments, and 1 single family home.
I hope to get back into it as the market starts to shrink in the next year or so.
Property Manager · Denver CO · Member since 2020 · 37 posts · 29 votes
6y
I’m currently 18 years old and going to be buying my first property when I’m 19. After that I plan on trying to get at least 1 property per year and expand my portfolio enough to retire in my 30s.