investing and age

[jsstinson]

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

[ericmedem]

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

[JJ Andrews]

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!

[rookieNYC]

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..

[antmar1851]

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!!!

[IC0317]

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 -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.  

[Rich_in_CT]

Definitley don't quit your job yet, how in the world are you going to get financing with no verifiable income?

[Jaffman]

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.

[Rich_in_CT]

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.....

[IC0317]

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)

[Jaffman]

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.

[IC0317]

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 ), books, etc. They have picked up.    

[IC0317]

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

[Jaffman]

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.

[IC0317]

Well thats great.   To each its own. Some things you cant avoid and you learn thru trial.