You are never too old or too young to start investing in rental properties.
Take it from William Nickerson, author of How I Turned $1,000 into Three Million in Real Estate – In My Spare Time, who said,
“It is never too late to start, although fortune favors early starters. Each day of delay loads the dice against maximum success. But I know of many successful owners who bought their first income property after retirement at sixty-five. You can always start later in life.”
Age is Relative
To put things into perspective:
Thomas Edison invented the telephone at age 84;
Benjamin Franklin helped in the writing of the United States Constitution when he was 81;
Frank Lloyd Wright designed the Marin County Civic Center in California at age 88, and;
I started buying rental properties as a mere child at age 47.
Too Much Work?
I have a friend who retired when he was 65, but he had to take a job at an Arby’s fast food restaurant to help make ends meet. I asked him, “Why didn’t you just buy a few rental properties before you retired?”
He replied, “It’s too much work.”
Too much work?
Which is more work, being trapped in a restaurant 8 hours a day doing menial labor, or having free time all day, and cashing rental checks once a month? Sure, there is some repair work every once in awhile, but you can hire a handyman to take care of that.
It’s Never Too Early Either
I’ve had young people ask me, “Is it too early to get started?” If you have the motivation and don’t mind learning as you go, there is no better time to build wealth and security than when you are in your 20’s. You don’t have to know everything to start.
I have a friend who got started at age 25. He bought a 4-plex apartment complex. He lived in one unit and rented out the others. He had a sharp learning curve in the beginning, starting off at an Elmer Fudd skill level, but after he had done it a year or so, he had his business operating like a Swiss watch.
Are you too young or too old?
It’s not about age. It’s about just getting started.
Calvin Coolidge said, “We cannot do everything at once, but we can do something at once. “
