I am 62 years old and starting from scratch! is it possible?
Over the last five years I have managed to burn through all my assets and now I have nothing. I have just read Steve's book and I
can see some great strategies there but I think that maybe I have missed the boat.I have bought and sold many properties (about 15) throughout my life and mostly made good profits but I lacked the consistency
needed to turn them into a decent portfolio. Mostly I was buying a place to live with the occasional investment idea.So. Is it possible? What would be the best strategy? How would I qualify for finance?
Any ideas would be appreciated.
Bob.
Hi Bob,
At 62, i would say dont risk it..it’s going to be very stressful and it wont be what you expect…
1. you will have a lot of barriers to overcome in term of finance – ie require a lot more paper work, . instead of 30 years it might be reduce to 15 + you be limited to a selective bunch of lenders.2. Like any investment it takes -time….
3. Once you hit 70- without any good security/ total asset backing; the bank will pretty much stop lending from this age onward… Unless it’s a reverse mortgage ( which you may not have enough time to build up equity)
If i was in your situation; i would spend a couple of hundred dollars and go and speak to a financial planner ( there are free one out there as well) especially given the age and lack of assets?
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
At 62 I hope that you can at least say you have enjoyed the quality of the journey to date.
Looking forward I would suggest you timeframe some goals e.g. next 5 / 10 years and set about putting realistic $$ figure next to them.
With that time frame you will need to leverage with others and consider a more aggressive strategy like subdivision and /or developments. Buy holding and hoping isn’t going to cut it.
Talk to family and friends you trust and start there.Looking down the barrel of a retirement on the pension to me would be more than enough motivation to step back up into the ring and take another shot at the title.
With hindsight and wisdom what have you got to lose??Hi Bob
Not sure what you call nothing, but you have experience, and in some areas,
grey hair beats youthful exuberance, and if you are time rich,
then you may be a joint venture candidate for those who have the rest of the pieces.
Naturally you need to stop whatever you were doing to burn through assets as well.
Good luck
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
What did you do with all the money you have made so far in your life?
First thing you have to learn is how to hold onto your money first, save.
Once you stop going backwards, then you can think about strategies to move forwards.Its never to late Bob,
It depends on how bad you want something and if your willing to go through the pain to get it. That pain is what separates the mediocre and the successful. It sounds like you had some heavy hits in the past but through all of these hard times there was something in them that you could have learned from and taken away. Use this knowledge to gain further ground towards what ever you desire.
I would set a goal. maybe an amount of money then work out strategies and ways you are going to get there. You can change your plans but never change your goal until you have achieved it. Make the decision to do something; then like the Nike slogan goes; Just do it!
Have faith in yourself that you can achieve what ever you desire and you will get their, No body knows your potential sometimes you don’t know yourself until you have been pushed outside the boundaries you though you had.
Its never to late, read the story about JC Penney and how these large stores became a success. He rebuilt these after loosing everything he had at the age of 55 due to the depression.
Good luck
Brian
I hope its not too late for us all
Look at rent to buy options as a way to get back into the game; this requires limited cash as youtake over someone elses mortgage then manage the final sale to a buyer afte rthen have added additional equity via completing a reno at their cost.
As long as you have at leat $20K (as an absolute min) so you can pay expenses and meet the initial mortgage payments and pick the right houses you should be OK and have no need to qualify for a bank loan ever again.
I STRONGLY advise you to work with somone on your first few deals who has a solid reputation in this area; get your knowledge and dip your toe in the water gradually.
Ask for contacts via this blog.Best of luck.
You have a couple of options – give up or have a crack.
Understand though that if you are going to have a crack you'll face a few issues:
Finance – will prove a hurdle but a conversation with a good broker with extensive contacts would be advisable.
Time – given you are 62 you'll need to understand the risks of are somewhat exacerbated and your risk tolerance profile will need to consider this.
Strategy (1)- as time is an issue I suspect any investments you make should be more cashflow focussed rather than growth focussed.
Strategy (2) – You are probably on a low taxable income at the moment. For this reason negative gearing is not really an option.
Other points – return to work may be required to help imporve initial borrowing potential.All I can say to the idea of being 62 and asking is it too late?
Colonel Sanders cashed his first retirement cheque of $105 and started visiting local stores in the area .. selling them a new sort of home grown chicken recipe. A Fried Chicken recipe. Kentucky Fried Chicken was born. He was 65.
There is never any too late unless you dont do whats possible.
The most likely strategy for someone in your position would be the siacci system, you don’t need to go to the banks for finance to do it.
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