All Forum Posts by: Bradley R Stillabower

As others have said, it's not too late. Your goal of $50k-$100k in rental income in 5-8 years is a very lofty goal, but achievable if your are active in value-add deals.

The multifamily market is still quite competitive around here but maybe different in your sub-market.

I would start having conversations with local commercial real estate brokers who specialize in multi-family. Also meet with some credit unions to discuss financing these properties. And last meet with some property management companies. Lay out your goals with these people, and start to hone in on a region that you would like to target.

Great advice, thank you!

1 Vote

Richmond, Virginia

Quote from @Theresa Harris:

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You mention your daughter going to grad school. Is she already in college/university? If she is starting, buy a house or duplex in that town. She can live in one room and you can rent out the other rooms. That covers her living expenses which is one of the main costs and allows you to get into real estate. Keep that property and when she goes to grad school, repeat the process. You can get a property manager to look after house 1 after your daughter leaves.

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Thanks for the feedback, that's exactly what I've been considering to get started. She has one more year of undergrad, and then will probably work for a year or two before applying to grad school (Med School, so not cheap!). So until we decide on a school, I won't know where to look. So in the meantime, I may start looking for my first deal in my local market to get started.

0 Votes

Richmond, Virginia

I posted this as a new-member intro, so apologizing up front for the duplication.

I'm a 55yo retired military and soon-to-be-retired federal employee (14 more months!), considering one final encore career for 5-8 more years before fully retiring. Wondering if that is enough time to accumulate a portfolio of investment properties that will generate between $50k-$100k per year of income to (help) pay for may daughter's grad school (student loan debt is anathema to me), and then continue to augment our pension and stock portfolio throughout retirement and finally leave as inheritance. My only real estate experience is the four primary residences we've bought/sold for ourselves over the past 25+ years, one of which we tried to keep and rent, (but not a good experience). My research so far is leading me towards small multi-family properties as the most efficient path toward my goal.

If I do pursue this, what is the best use of my time over this next year to educate and prepare? A real estate license? A BP boot camp? Can I start with the Multi-family Boot Camp, or does it build on the Rookie Boot Camp?

Thank you!

Brad

0 Votes

The BP community seems to cater primarily to the "Young and the (financially) Restless" , but I'm a 55yo retired military and soon-to-be-retired federal employee (14 months), considering one final encore career for 5-8 more years before fully retiring. Wondering if that is enough time to accumulate a portfolio of investment properties that will generate between $50k-$100k per year of income to (help) pay for may daughter's grad school (student loan debt is anathema to me), and then continue to augment our pension and stock portfolio throughout retirement and finally leave as inheritance. My only real estate experience is the four primary residences we've bought/sold for ourselves over the past 25+ years, one of which we tried to keep and rent, (but not a good experience). My research so far is leading me towards small multi-family properties as the most efficient path toward my goal.

I think I've read most of the free BP content by now, and it's been a fantastic one-stop-shop of educational material. The Multi-family webinar was a very tempting intro to the analysis tools, which, as a numbers/data guy, are really enlightening, and comforting to know those tools are available.

Thank you,

Brad

4 Votes

Richmond, Virginia

All Forum Posts by: Bradley R Stillabower

Bradley R Stillabower has started 3 posts and replied 24 times.

Post: Old guy newbie: is it too late for me?

Post: Old guy newbie: is it too late for me?

Post: New Investors: Ask Me Anything

Post: Old guy newbie: is it too late for me?