Age Is Just A Number: What Age Should You Start Investing In The Real Estate Industry?
We tend to ask ourselves if there is a perfect age to invest in the real estate industry. We ponder whether or not it would be the perfect time to start the business as a real estate investor or as an individual willing to purchase their property, even families that plan to settle within a residential space. All these people have one thing in mind, at what age should they decide to invest in the real estate industry?
There is no fixed age to start your investment in the real estate market; there is, however, an ideal age to do so. Starting at a young age provides you with an avenue to do more. You are capable of handling expenses without drowning in debt. On the other hand, families who plan to make their first purchase have already secured an investment plan that involves utilizing their savings; therefore, this wouldn’t be an issue either.
Now some people have asked if it would be possible to invest after retirement. Honestly, as mentioned, there is no fixed age for investing in the real estate industry, so as long as you have the means to do so, then you should.
The underlying question you would ask yourself every day as a buyer or as a real estate investor is, am I ready for such an investment?
The truth is, if you are going to ask us what the ideal and right age is to start investing in the real estate industry is TODAY! There are so many advantages and benefits that can be enjoyed on your end, alongside the idea that you are investing in land that generations can enjoy after you. Real estate is one of the investments that appreciate and rises in value over time, so the ideal age is NOW, and here’s how:
There are many investment strategies at your fingertips, and these are just some of them.
Multifamily and Single-Family Rental Properties
Rental properties can be a smart move for individuals of the younger and older generation. It’s because the income in such investment is passive and would only be tedious throughout the beginning of the investment process. As a real estate investor, you would have to seek properties to purchase then look for tenants that are credible enough to afford your rental prices.
Once all the necessary hard work and investment is made on the plus side, all you have to do is manage the properties or units purchased. It serves as a steady form of cash flow because the contracts needed for such properties are agreed upon by the landlord (yourself) and the tenant renting out the said space. At the end of the day, you may be generating income for years and years to come.
The form of investment leans toward active income and is targeted for the younger generation would be wholesaling. Wholesaling is dependent on the connections and networks built, which will spearhead your success. You aren’t purchasing the property for yourself; however, you are purchasing a property that you plan to sell right after. It is also where the concept “Fix and Flip” comes in, wherein you would renovate a property and sell it at a higher value after the said renovation.
The income in wholesaling would vary on how hard you would work and build your portfolio. It is targeted for the younger generation because this form of investment would be time-consuming. However, it is also fulfilling after making every sale. It would be best to be young to start this form of investment, but do not close your doors yet. If you are of age and enjoy the concept of sales, then this may be up your alley as well. Again there are no limitations in the real estate industry.
Scaling and Networking
With an industry that is highly demanding on the people that would need to purchase their product, building your network and scaling your business will be more comfortable at a young age. Making your first sale or deal in the real estate industry would mean so much, and it is an exciting feat; however, does this mean that only the younger generation can invest in such an industry? No, it just allows them to sustain a longer future in the industry, yet it doesn’t mean that the older generation is no longer capable.
Developing both passive and active income can be of ease if you start early or start today. It doesn’t just focus on the real estate industry, yet it caters to all forms of businesses. Therefore it is ideal to start at a young age; however, it’s never too late. Building a network with the ongoing pandemic has never been easier, especially since the technological advancement we are currently experiencing opens so many doors for us in the virtual world. All we have to do is maximize and take advantage of it.
In conclusion, the best age to start investing is TODAY. Because we are filled with the concept of procrastination, we aren’t able to maximize what the industry and market have to offer. If you look back into your life choices, the root cause of your regret is when you have chosen to wait and start at a later date. If you are looking for that wake-up call to initiate your movement in the real estate industry, then utilize this opportunity and stop telling yourself that there will be something better as you wait.
The more you wait, you would tirelessly be wasting opportunities from left to right, so do your research NOW and shift your perspective towards a better life.
If you are just getting started in the real estate community, you may join our REIQ Community and learn from our team of experienced investors!
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.