50+ Rental Properties After a 'Late Start' to Real Estate Investing

Episode #1,006

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With her retirement dreams on the line, Jill Forsythe had a few choices: return to work, start a business, or get into real estate investing. After trying out more “active income” business ideas and realizing she didn’t want another job, rental properties became the obvious choice. But putting up her retirement nest egg to try her hand at investing would be a significant risk. Thankfully, it’s a risk that has paid off in a BIG way.

Are you getting into the investing game late? Do you feel like you don’t have the time, money, or energy to build a real estate portfolio like all the twenty-something-year-olds on social media? Jill is here to prove you wrong. Within a decade, she’s been able to build a rental portfolio of over fifty units, grow her retirement reserves, and have the financial freedom she always wanted.

In today’s episode, we’re talking to Jill about why she chose real estate and not stocks or small businesses, the biggest mistake she made early on when buying rentals, the advantages of being a “late starter” in the rental property game, and advice for anyone in their forties, fifties, sixties, or seventies who want to retire on their terms with real estate!

00:00 Intro
01:43 Got a Late Start?
07:19 How to Invest in Your 50s
13:56 Starting in Her Mid-50s!
16:48 Why Real Estate?
19:40 Buying "Risky" Rentals
23:21 Getting Through Challenges
25:05 Investing Later in Life
28:51 Jill's Current Portfolio
31:56 Creating Cash Flow
36:20 Advice for Late Starters

[jimb]

Just turned 53 yesterday and closing on our first rental tomorrow wish us luck.🤞

[PostalNerds]

I fully support Dave Meyer in his new hosting job. I like it because more of the new programming is geared towards beginning investors again. I also fully support David Green and all the other host such as Brandon Turner that are no longer on the show, they are doing quite well for themselves. Don’t feel sorry for them. They’re doing great. I like all of them, quit leaving crappy comments that are insensitive. You’re not gonna get anything out of it and roll with the punches.

[everlenesmith]

I'm 62 and just closed on my 1st property in July. I'm about to make an offer on my 2nd one!

[thekitchentable]

I just turned 60 and live in the Akron area. It was great to hear from someone who has experience in this area and is going great things here at a similar age that I am at. Although I don't own any property yet, I'm educating myself in the rental real estate industry so that I can be fully retired within the next ten years just like you mentioned.

[leoluv]

Any help or a hand money lender that will work with lower credit score? Any help in the right direction I will appreciate it 🙏🏾

[OwenFlex]

what about the risks? Market fluctuations, property damage, and tenant issues?

[talus]

What GUTS😳
They started with an eight banger??
53 units in 8 years😮

[barrymccaulkiner]

I have 0 Properties. I plan on putting a massive down payment on one in the near future and mortgage the rest. The mortgage spread out over 30 years will make the monthly payments very affordable. The current higher interest rates is one main reason for the massive down payment. I refuse to over leverage myself (was that term used correctly?) by only doing 20% down leading to a higher monthly.

A lower monthly payment would equate to easier monthly mortgage and higher cash flow.

A higher monthly payment would equate to harder monthly mortgage and lower cash flow.

I told my large down payment plan to an acquaintance and he immediately made me feel like it's the stupidest idea in the world. That i should ask someone who actually does real estate.

He told me if the cash flow was $1k a month then it would take me 15 years to get my initial investment back.

I don't think he understands equity. The large down payment is my equity. Once the property is paid off i now have 100% equity. Not sure why he immediately assumed my initial down payment was going to waste and went to pull out a calculator to tell me it'll take 15 years to recoup the 'loss'

Does he even know what he's talking about or do i?

[aaronmurphy]

Cool interview, Jill thanks for sharing your story good luck with the sale and trade up !

[lizbaroody]

What if you can’t do a conventional loan, retired and no W2 what options do you have?

[Sebastienleblanc]

It would be nice to have a sample of some normal people who want to start in later age and not a couple who has half million saved and buys 8 units as first investment and the husband is a carpenter and handyman and can fix everything himself!

[jimb]

137000 for an 8 unit ?!? Wow why not buy all cash?

[cherylsworld]

I was 50 when we purchased our first 4 plex and a 5 plex.

[rociolauener]

Hello, how would you know what type of neighborhood are you buying if you dont know the area ?

[marlow]

Everytime one of you gurus say, “just save your way to a down payment” or “just dial back your living level from $150k to $75k”, you totally lose me on the basis of reality points alone. $150 to $75…do I submit my divorce papers at the same time or wait until I get the property?

[jeannej]

So, did she double the rent and only upgraded 2 apartments?!

[zacharyfair]

It sounds like they just had a lot of cash to make mistakes and pull themselves out of it. BUT they also have grit. Not sure I fully understand the point of the interview. Basically retire and buy real estate.

[leoluv]

I keep hearing the credit have to be good at 640-680 credit score can I start with a low credit score? And the down payment has been holding me back.

[kenpowell]

terrible where is the real Dave Greene

[edgarvega]

The annoyed 😂face of Dave with this lady was hard to hide