I’m 53 years old and I am hoping to invest in real estate property. What do you think, is that too old to start? On the plus side, I do own my own house and have sufficient money for a deposit. I would like to hear from others who have started PI at a later stage in life.
Depends on your risk etc… support from family. I don’t think its too late. You do have another 10 years or so left before retirement!!!. Also time is another important factor (ie do you have enough personal time to invest in maintaining an IP)
I think you should go for it! (But keep a safety net).
Hi golf champ,
Have a crack… but make sure you put heaps of time into finding your own answers to due diligence queries that may arise… your own sleep at night factor (SANF) is the main thing to overcome.
Cheers
rHi everyone, i have a question;
I am looking to invest in ‘positive cash flow proprty’ using a princable and interest loan,how many years can i take the loan over, given that I am 50 yrs of age?I would think it wouldnt matter about your age, when you +ve gear, your tenants are paying out the loan for you, and you shouldnt need to add to the loan. So your not at risk of loosing the property, if things got out of control you still could sell the property to recover any costs or even Capital Gains…. but thats from a novice.
Regards,
Arty.
[
]I’m just about to call a client that has a very strong asset base ($2 million + in property alone). She has no debt but wants some so that she can continue investing. She is 70+ years old.
Bill Gates was about 16 when he started Microsoft. Colonel Sanders was 65 when he started KFC.
It’s never too early or too late!
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi all,
I am 50. Wanted a loan for 2nd IP – had 50% deposit. Bank told me loan could only be for 15 years as 65 is retirement age. A friend who is younger (30) came in on the deal and bank said “no worries” we’ll give u a loan for 30 years.brownwombat – you went to the wrong bank. Most lenders will do 30 year loan (Big 4 will).
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi Stu,
I did – CBA.Hi golfchamp,
From reading your post at ‘What is your profession’, you should have a good employement history and the fact that you have your own PPOR, plus you’ve saved a deposit for a IP, I’d say you were in great shape to do something.
My Grandfather (M.H.D.S.R.I.P) started in his 60’s. My father-in-law is in his 70’s and he’s still building, rezoning, etc etc
There’s always the reverse discrimination. Check out this link to a post made by a 12 year old [
][][]Some banks might give you trouble, but look elsewhere. You will find someone willing.
Remember the saying ‘You can’t keep a good man down!’
Good Luck
Sooshie [
]“small steps make the journey” (SAS)
Age is never a barrier,
‘just do it’ – Nike
I’m 52. Never had a prob. Loans IO, 30 years. I have a very good super scheme. Plan to retire at 55.
I have just secured a 25yr load with CBA. My age wasn’t a consideration. We were told to go shop. I’m hoping to secure a property applying Steve Mcknights system. (Positive cash flow)[
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A solid plan and a little luck is my strategy.Thanks for the positive comments and encouragement[
]Stu’s right, Big 4 banks will do 30 year terms on investment properties no matter what your age, as long as your principle place of residence is not at risk.
The truth is, lenders are not allowed to discriminate on age. However, the Unified Consumer Credit Code (which doesn’t apply for investment loans) does state that a lender must not lend if the ability to repay the proposed debt is not evident for the life of the loan. Many lenders forget that investment loans are not UCCC compliant, however, they treat them as compliant for conservative reasons.
So, if you are having trouble getting finance, there are at least three brokers in this forum (including myself) who will be happy to help.
Gary Young
Home Loan Connexion
Mobile 0407 64 66 32
Fax +61 7 4636 4841I’m 57 and just got an approval in principal for an investment loan (30 years) through echoice.com.au without any problem. Try them out, they’re very helpfull and will visit you at home.
Good luck!Hi golfchamp
My last client’s on Saturday morning as I left for the golf course have just wrapped their first 2 properties and they are in there late 50’s.
Don’t let age be a barrier to good investments.
You have the advantage of having an unencumbered property and separate cash for a deposit so go for it and good luck.Cheers Richard
[email protected]There is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Hey Golfchamp
I secured a IP loan 6 months ago at 53 with no trouble at all . Loan over 25 years. Go for it.
Neddy1Hey Golfchamp,
This time last year I set a goal to have 10 IPs by the end of 2003. At that stage we had 2. The 10th is settling in a couple of weeks, all cfp, houses & units. No problem with finance. We both work part time and retirement is a year or so off.
Set a goal, work out your strategies and go for it. Anna
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