Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: dsandlin on January 25, 2007, 04:07:50 pm

Title: investing and age
Post by: dsandlin on January 25, 2007, 04:07:50 pm
Im finding more and more that the only people looking to get into investing are those nearing retirement and needing more income than they currently have.  Ive spoken with many people claiming they want to begin investing or real estate but go on to their normal 9 to 5 job. Are there investors that have homes or are making deals unde rthe age of 55. It doesnt matter when you get started as long as you do get started.  Im 33 and have a tough time finding those around my age that i can discuss  real estate topics with. Most use the excuse they dont have the money to do so. My mother always makes the statement" i wish i was rich" i then ask well what are you doing to achieve your goals? Thats where the conversation ends usually. Whats is the general age of those on this website?
Title: Re:investing and age
Post by: Rich_in_CT on January 25, 2007, 04:50:10 pm
I'm 26 and getting started now, have tossed around the idea since I was 18 or so but just recently have actually done something about it.  Most people my age that I went to school with lead useless existences and will be working until their 85 in a job they hate.  I think they are afraid to try something else or just don't know there is better out there.
Title: Re:investing and age
Post by: dsandlin on January 25, 2007, 05:19:25 pm
great o hear and i agree with you 100%. My friends are married with kids and never going to get out of the rut their currently in. But at the same time i guess some people dont mind that. You get so programmed you dont know what else to do i guess. thanks for responding.
Title: Re:investing and age
Post by: hotshoes on January 25, 2007, 06:00:52 pm
21 here...agree with you guys.  Spent 3 years in college surrounded by cattle.  But hey the benefit of having your stuff together at a young age...can go out with friends and pick up ladies like no one else around.
Title: Re:investing and age
Post by: dsandlin on January 25, 2007, 06:21:07 pm
great to hear from you! Totally agree. Glad to hear you are 21 and getting started. Keep with it and dont give up. I wish i had started when i was 21. Everything i learned in college was essentially useless. Amazing what you learn on your own when you are actually interested in what you are trying to do. Like they say those that can, do and those that cant teach. I would say that is true for most colleges or schools but when it comes to real estate you can learn things you will be able to use for the rest of your life. Let me know if io can ever be of assistance ot you. I know what ive done so far has helped me tremendously and a few others. Keep up the good work and yes being young, doing what were doing, doesnt hurt with the opposite sex either.
Title: Re:investing and age
Post by: LRrenewvating on January 25, 2007, 07:17:20 pm
wife 40 and 45 here.  Began this to retire earlier.  Still starting a little late but as they say "better late than never!"

My goal is to be living a very comfortable life on passive income within 5 years.  Saying 5 because I have two kids to get through college first otherwise I would shoot for 3 years
Title: Re:investing and age
Post by: dsandlin on January 25, 2007, 07:33:58 pm
  thanks for responding. Its never too late to start. Its funny to me because doing this is so much fun its like being retired.  You have the benefit of being with those you love or friends. You can live a very comfortable life and have everything you ever wanted. Keep with it, it will only get better.
Title: Re:investing and age
Post by: spacevestor on January 25, 2007, 07:40:37 pm
I'm 39 and I've been mulling this over for the last four to five months.  I've negative net worth, few job prospects(I'm not really in love with work since I've had so many different jobs)but my strengths are I read and I have no qualms about living cheaply.  So how did I get this age without substantial financial knowledge?  I relied on jobs, or counted on my ability to find one.  Layoffs and finished temp assignments became the rule.  When I read a book called Rich Dad Poor Dad and basically had my mind changed overnight.

I figure wholesaling is a strong first choice for me because of cash and credit constraints.  
Title: Re:investing and age
Post by: dsandlin on January 25, 2007, 07:51:49 pm
rich dad poor dad is an excellent book. From your statement i feel like its easier for you than others to get started. First off you see how limited you are working for the man, second you see it will take some work and your not afraid to skimp to get things started.  Age has nothing to do with knowledge, i know a few people that could prove that statement. Keep seeking knowledge in real estate, but also in marketing, sales, management, investing etc. also why we want you to be rich by robert kiyosaki and donald trump is a great book. Actually donald trump has a few goods books even though their not written by him they still have excellent information.
Title: Re:investing and age
Post by: hanatal on January 25, 2007, 08:11:58 pm
41 and been investing for 3 years. We did it as a retirement plan, and also to be able to retire sooner. I would like to sell my business and have my husband sell his and just do the re thing together. We're not quite there yet.
Wendy
Title: Re:investing and age
Post by: dsandlin on January 25, 2007, 08:40:09 pm
you can do both at the same time till you see the real estate coming into the range where it can take over the income from your business. Its hard to believe talking about retiring at sucha young age but in reality we can do this till the day we die. Why cant you let a management team take over your portfolio and just send you a check each month while you do deals that can make you 10,20,30 grand each month. Sounds far fetched i know but can definitely be achieved within the next two years or so. possibly 1 year if you put your time into it.Thanks for posting, always nice to hear others stories and what they hope for
Title: Re:investing and age
Post by: butlersw3 on January 25, 2007, 10:14:19 pm
Im 36 and my wife is 42 and we have been investing for 3 years.  We started out slow, but have been steadily increasing our activity in the last year.  I still have my fulltime job and my wife is at home with the kids.  We each have our separate roles and work very well together.  The only thing holding us back is finding enough quality deals....
Title: Re:investing and age
Post by: mdrei on January 26, 2007, 02:19:14 am
I'm 35 and haven't put together my first deal, but I've been reading real estate books since I was a teenager. Getting serious lately though because I recently sold my internet business and I'm ready to start a new career. I want to start by wholesaling, but I'm still trying to wrap my head around how I'm going to find that first deal and what I'm going to do once I have it  ;)

Jim
Title: Re:investing and age
Post by: hanatal on January 26, 2007, 06:25:24 am
When I said retire, I didn't mean sell the re we've accumulated. And yep, thats our plan to accumulate more, as a means of income until it's the only income we need but we're aways from that yet.
I listen to Dave Ramsey alot and one thing is clear---I need to pay off all my credit cards, especially in this economy (mi.) in order to feel comfortable and secure.
We make a great income but the $ that goes out in debt is enough to make a baby gray!
Wendy
Title: Re:investing and age
Post by: rlack72 on January 26, 2007, 08:00:59 am
34 here. I have had rental properties ..... but I am just now venturing out into the investing world to diversify a little.
Title: Re:investing and age
Post by: Rich_in_CT on January 26, 2007, 08:05:26 am
For me I'd definitely like to be fully in REI in the next few years, just gotta get over the hurdle of getting the first few properties then set the speed to overdrive.
Title: Re:investing and age
Post by: benjiej on January 26, 2007, 09:22:54 am
35 here, I have been working on my first Deal for the last month. It is my hope to make REI my primary source of income and semi-retire by 45. I will be going with the passive income right from the start. Don't get me wrong I am one of those people that turned my hobby (computers) into my career but , as we all know, you can't get ahead working for the man.

Benjie
Title: Re:investing and age
Post by: Rich_in_CT on January 26, 2007, 09:25:38 am
Right now the computer market around here sucks.  I've seen jobs here that require a bachelors and like 10 yrs experience for around $12/hr.  Are you kidding me?  After 10 yrs I could make more than that at McDonalds!
Title: Re:investing and age
Post by: benjiej on January 26, 2007, 09:31:13 am
Man that does suck. Here the computer market has improved only slightly $16 an hour for about 3 years experience and a bach. I have been with my company for several years and luckily I got in before the bubble bust so my money is decent. Still I have always wanted to be a landlord since I saw my dad hand money over to a stranger so we could stay in our house. I remember asking my dad why he didn't do that and I remember his words very clearly "Son I am not smart enough". I will never utter those words to my daughter. A lesson learned but I have taken my sweet time to start my life long goal of property ownership and rental.

Benjie
Title: Re:investing and age
Post by: Rich_in_CT on January 26, 2007, 09:33:17 am
I'm definitely over that but I don't think I could easily go elsewhere for the same or more money.  I don't have a bachelors but do have over 5 yrs experience.
Title: Re:investing and age
Post by: dsandlin on January 26, 2007, 09:49:08 am
Sounds like a few people ae having a hard time with that first hurdle.  Find an investor! Whether it be a friend, family member or a complete stranger. Get out there and talk to people. I made two contacts standing in line for a Disney ride this past weekend. Carry business cards with you and pass them out every chance you get .  Find and pull all data available on a few houses " investors want more than  one to review" they will want to know how much are the taxes, possible rents, amount to rehab or not, possible section 8 rental" govt assisted", value when completed, insurance cost, area up and coming or stagnant. The main thing they will want to know is how much can they make. Its all about money, how much are you going to make them!!! Now the nice thing here is for the entire project from start to finish " purchasing of the home through completion" you never have to use your own money. When you find a house they like have them place the amount of purchase PLUS the amount you want for the deal into an escrow account  with the title company that will close the home. When closing comes they will  do a double close " you get your money and they get their house" where courthouses only put into the system one closing so your closing will not be seen on the records available to the public. So your investor will never know how much you paid compared to how much you charged them. Add a minimum pf 5k on deals where the purchase price is under 30K and the price goes up from there. Now thats if you are wholesaling a house, always make sure you give your clients a nice amount of equity, lets say 40%. That number will be very enticing to a potential client because they have alot of room to work with. Always search for new deals your clients are going to start coming and you will need enough homes to supply them. And the biggest thing is have fun if you're not having fun why do it
Title: Re:investing and age
Post by: klproperties on January 26, 2007, 09:49:13 am
I am 42 and the wife is 45 and we just moved from texas to ca. I had my own home inspection co. for 8 years now. I love real estate and want to keep being my own boss and want to being able to quit my home depot job that I had to get due to not being able to get many inspections here due to the slow market and be doing rei full time by the end of this year. Still looking for that first deal tho. Hopoefully my wife can qiut next year. Been at it for about 6 months since moving out here and about 3 more months in texas a little before moving. Focusing mostly on the dallas dfw area for now.

Kelly
Title: Re:investing and age
Post by: WaInvestor on January 26, 2007, 12:25:23 pm
No offence but us old folks talk the same language in REI that you do and some of the old folks have been doing it for a while so they have some good knowledge that the younger ones could learn from. Now for me I have only been into REI for a short while and have learned many things from young and older then me alike. Now 53 I know it matters not what the age of my teacher as long as it is good information. Us older folks may not understand all your slang but then again I would venture to say you would not understand all of ours from times gone by.
Title: Re:investing and age
Post by: dsandlin on January 26, 2007, 12:32:48 pm
i dont think anyone is trying to put others down here. When it comes to real estate it doesnt matter what age you are beginners are beginners and those that have seen alot and done even more are the ones we need to learn from. Age is irrelevant here" is irrelevant spelled right?" Whatever any of our ages are when you stop learning you lose your edge on the market, so whether were 18 or 80 we can learn from each other.  I started my father with an investment property this past year and he's 62.  Its nevere too late to start and never too young either
Title: Re:investing and age
Post by: Garfield27 on January 26, 2007, 02:47:05 pm
I am 28, I have been operating for 3 years.  I am still learning new things everyday.  REI in Los angeles is practicaly not possible these days, so I ventured into Arizona and Texas.  
Title: Re:investing and age
Post by: NHinvestor on January 26, 2007, 03:54:34 pm
    I'm 27 and just getting started.  I was always fascinated with people that made big money in real estate.
   I remember the first time it hit me. I was living in an apartment and I was about 20 and a rehabber flipped the house next door in less than an month and made $30k. I thought to myself I wish i new how to do that, but i convinced my self that I wouldn't be able to.  
   About a year ago my father started to hang out with a developer that owns over $50 million dollars in RE.  This developer started out in construction much like my self and then progressed into RE.  I did a job for him last spring and he discussed some of his transactions and about his cashflow.  
    At that very moment it hit me like a ton of bricks that this is what I wanted to do.  Once I had seen someone who started out like me and  become that much of a success I realized I could if I really wanted to.
     Now I know that I am going to be successful because every time in the past that I got his excited over something I acheived it.  It has to be an obsession.    
Title: Re:investing and age
Post by: dsandlin on January 26, 2007, 04:01:05 pm
glad to hear that you are excited. Keep learning and ask as many questions as you can with your friend.  
Title: Re:investing and age
Post by: TSH_Investor on January 26, 2007, 06:43:26 pm
23 here. We have been in investing for about 10 months now. We have bought 12 properties sub-2. Learning something new every day. Everything is going fine...we are just in survival mode until we have some cash outs. Best of luck to all.
Title: Re:investing and age
Post by: Jaffman on January 26, 2007, 10:18:38 pm
I'm 43 and bought my first house back in 1992. I bought programs from Carlton Sheets, Russ Whitney and books from Robert Allen the Seven Habits one. "Yes" this is it. This is what I want to do for the rest of my days. Well I didnt apply any of the good tips and knowledge. What a waste on my part. There was no cashflow, bought it at 98% market value and basically was a headache from the day I signed the contract. That experience put me off RE investing for years but I always had the bug. So here I am over 15 years later. The bug is no longer dormant and this time I've never been more determined in my life. I am SICK of my Just Over Broke and the fighting to get a seat on the train. I am Soooo ready.
Title: Re:investing and age
Post by: melizg on January 27, 2007, 09:47:22 pm
me i started when i was 22  it just happened so quick i always wanted to get into real estate  i prefer just rentals well i was working in afghanistan  making  pretty good money so i used that  money  to pay of this house i was buying  since  i was 20(with parents help and credit) well i paid it off cash and seen i had a 35 grand equity loan that i could get  its a cheap house well i took the equity loan out and started hunting for houses thank God  and  i really mean it thank God i found a house for 28grand i wrote everything i could think of that the house needed CHA ,getting it level , new roof , new exterior paint , etc..
well i told the realtor and to tell the owners i would give them 20 grand the house the neighbor told me was on the market for a long time well they accepted i put maybe close to 6grand into it  CHA  being the most expensive everything else is still the same  painted the inside and left the out side the same dont want taxes going up actually i got the taxes lowered cause i told them the house was not worth like around 45 grand they where taxing me for i just paid 20 so they lowered the taxes well that said im still working in afghanistan my wife and parents doing the footwork and  bought two more homes  3 rentals in total plus the one i live in  well i did all that in one year and all i could say is i could not have done it as fast as i did with out Gods help and me making good money in afghanistan i dont know about the no money down stuff i used my own money the 3 rentals are all paid for i just pay a low monthly payment for my  equity loan  one of my homes is not yet rented i  had to come back home  so fixing it up slowed down a bit dont want to get over my head well all im trying to say is dont think about it too much  if you dont risk you dont gain and i mean that for everything risk smartly and you will be all right i  know  alot of  people out their dont have the opportunity of making  the money i was making in afghanistan but like i say if you dont risk you dont gain and if you are intrested  in going  out their and make some money send me a message i cant promise you any thing but i will try to send you in the best direction  cause i know it help me out  alot
Title: Re:investing and age
Post by: jsstinson on January 28, 2007, 01:15:29 am
I am 21. The one deal I was really hot on got shot down by the gurus on the forum. I am hot after foreclosure stuff though. Trying to learn sub2 and short sale processes better so that I can work a few deals.

The AF is send me to Vance AFB in March to do pilot training, so REI goes on hold for a while, but I want to have 1 property under my belt before starting.

I spent 4 years going to school (systems eng manag) and the only thing that I learned there that helps me now is a firm grasp of TVM (time value of money) and I understand cash flows. I am so excited about REI I read all I can get my hands on and I can't sleep at night b/c I think about it so much.

My goal is to have enough residual income at 30 yrs old to support myself entirely and have my rentals in the hands of a trusted property manager so I don't have to deal with too much headache.

Doable? Ask me in 9 years...

I love this site, thanks so much to the seasoned REI vets for helping us new guys along.

~joshua
Title: Re:investing and age
Post by: ericmedem on January 29, 2007, 01:00:16 pm
I currently own 30 some propperties and I am 31 years old. Prior to investing myself I sold investment properties as a realtor and let me tell you if I had a dime for every 40,50.60 something that called me and said they have always thought of investing but never had I would already be retired.  Its really sad that a toilet kept all of these people from retiring early and retiring rich.

Eric Medemar
Title: Re:investing and age
Post by: JJ Andrews on January 29, 2007, 01:56:30 pm

I'm 33.   really sick of working 8-5.   My main motivation for REI is to be able to have time with the family.  I don't ever want a normal 40 hrs a week job once I get off and running in investing.  it's the most depressing feeling thinking about working that much until i'm 65!
Title: Re:investing and age
Post by: rookieNYC on January 30, 2007, 07:10:50 am
I'm 36 and after being in the same business for 18 years I'm just looking to get started and build a portfolio of homes for my retirement..I still love what I do for a living and don't plan on being a full time RE investor but at the same time I plan to have 100 units in the next 3-5 years..I already have a closing coming up on a 4 unit in the coming weeks..And as things come at me and the cashflow is over %25-%30 (after real world expenses) I will continue buying..I have an excellent team and have built great connections across upstate NY..I'm on my way..

This forum has been an incredible wealth of information for me and I love reading and asking questions..So many of the established posters here have helped me and I feel lucky to have found this place..
Title: Re:investing and age
Post by: antmar1851 on January 30, 2007, 07:34:35 am
41 and counting .I keep reminding myself that in 5 yrs Ill be 46 if i start or not so no more waiting, I just want the financial and time freedom that this business can bring, if i invest time let it be for me. Im totally  fed up with working to make someone else rich its my time. I also can live on the cheap when necessary, well as cheap as i can living in NY (nothing is cheap here) 10-20 rental units i can attain my goal of waking up everyday for myself!!! still looking for that first deal but Im actively looking not just talking thats the first step get off the couch and do it. I really appreciate all the advice and support this forum has given me thanks to all!!!
Title: Re:investing and age
Post by: IC0317 on January 30, 2007, 08:39:59 am
I am 21. When you look in the paper and see that most jobs want you to have a bach. degree with like 8-10years experience just to make like 10-12/hr(some with no benefits), you start thinking like "no way, its got to be another way", besides that I always new I was going to be in business for myself, that just made me start looking for a way sooner. It's nothing like working hard for yourself. I've gone to college(which you take a bunch of class that dont neccessarily benefit you, that YOU have to pay for) and it very rarely adds up to when you look at the time and money spent for college for the job you get you get.

      My current full time job-which I'm about to let go within about two weeks to go full time with RE ;D-as an admin assist I make about $13.50 with no benefits and sitting at a desk watching the heads joke around in thier warm offices everyday, can be really motivating.

      Me, my mother, my sister & her husband, and my brother started our business (ForeCee Investors) after about 1 and half to 2 years of just educating ourselves, we started doing hands on and of course the education never stops. I love it! and I am so excited about all the blessings  to come in the near future.

I was meant to be free, being a rapper, entertainer, actor, and/or playing sports are not the only ways to success in life at a young age or freedom. God is truly blessing us, He's wonderful.

God bless you all in your ventures and ALWAYS remember to put Him first.  ;D
Title: Re:investing and age
Post by: Rich_in_CT on January 30, 2007, 09:17:25 am
Definitley don't quit your job yet, how in the world are you going to get financing with no verifiable income?
Title: Re:investing and age
Post by: Jaffman on January 30, 2007, 09:37:07 am
I disagree with Rich_in_CT. I would guess that ICO317 lives at home with parents.
This website is chock-a-block full of creative ways to get financing with no credit or income check. Just depends on the strategy being used.
Title: Re:investing and age
Post by: Rich_in_CT on January 30, 2007, 09:51:37 am
Having no job and no cash makes it really damn hard to get started.  It limits you greatly as to the available options.  While there are many different equity based loan programs that don't check credit or income I sure as hell wouldn't start doing a rehab with no spare cash and no money coming in.  What exactly do you do when you go over budget or your hold time is longer than expected?  People that operate on a shoestring like that are great assets to the rest of us, I'm talking to a guy right now that needs out of his rehab in a bad way.  As far as I can tell this guy just simply ran out of money, time or both.  Good for me.....
Title: Re:investing and age
Post by: IC0317 on January 30, 2007, 10:29:13 am
No, I have a place of my own. But because of the 2 properties, 1 being rented and we just wholesaled the other which gave a very very good return and others in the workings (which are not really included because "dont count your chicks before they hatch") and I have more than enough saved up and I dont do the financing in the business, we have a financial partner. We (my partners and I ) laid out a business map and me personally also laid out a map, so I planned ahead before actually making this decision/move.

Oh no, I would never leave before having the actual means to do so. Also I have a friend that owns his business in IT and since I am certified technician, he allows to work with him occassionally, which brings extra income if need be.  8)
Title: Re:investing and age
Post by: Jaffman on January 30, 2007, 11:12:00 am
I wouldnt start a job with insufficient funds either.
Certain strategies come with certain risks which is why it is paramount to do the due dilligence. Did the guy do his due dilligence? Did he overspend unneccesarily? Or was he just plain down on his luck? Like you said, that's your gain right?
I suffered from "should I or shouldnt I paralysis" thinking about all the things that could go wrong and doing nothing about it. Education is important but I've had my fill of the books, courses and bootcamps. I heard of this couple that spent over $100k on bootcamps before buying a single property. I would have rather spent $10k on one boot camp and lose the other $90k to unforseen circumstances. At least I tried and hopefully learned from the mistakes.
Title: Re:investing and age
Post by: IC0317 on January 30, 2007, 11:14:06 am
Rich_in_ct your right. Theres not going to be a 8-5 income, but there are other sources of income (ex. military, school, etc.) available, so even though I dont do any of the financing, there's money when needed. Another thing in my situation is that I'm not an individual and we (my partners also) all have incomes and we have a financial partner. We're also looking to use creative financing techniques.

Our problem was more on leads (finding good leads and motivated sellers) and using different methods from forums(such as this one ;D), books, etc. They have picked up.    
Title: Re:investing and age
Post by: IC0317 on January 30, 2007, 11:39:04 am
Yeah thats a lot just for the education before even getting at least one property in between. Hopefully it pays or paid off because thats a lot of information to try and grasp, too much information at once can be very overwelming, confusing, and discouraging especially when your first starting out. But I can see that much+ throughout your investing
Title: Re:investing and age
Post by: Jaffman on January 30, 2007, 11:57:02 am
Oh they are successful now. Selling courses, radio show and no doubt very wealthy. But despite all the education, they STILL got stiffed by unscrupulous contractors and had to learn other things at the school of hard knocks.
Lose some sleep, lose some money, lose some dignity. Keep at it and it will pay off....eventually.
Title: Re:investing and age
Post by: IC0317 on January 30, 2007, 12:03:05 pm
Well thats great.  :) To each its own. Some things you cant avoid and you learn thru trial.