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    820: The Late Starter’s Guide to Retirement with Real Estate (40s, 50s, or 60s!) w/Kim Woolf Bosler and Kyle Mast

    enSeptember 19, 2023

    Podcast Summary

    • Investing in Real Estate is for All AgesIt's never too late to start investing in real estate, learn from successful late starters and be a role model for loved ones

      It's never too late to start investing in real estate, regardless of your age. David Green and Henry Washington, hosts of the Bigger Pockets Real Estate podcast, encourage listeners to consider why they're transitioning to real estate and how it can serve as a great example for loved ones. They debunk the myth that it's too late to invest and share stories of successful late starters like Kyle Mast and Kim Bossler. The episode assumes listeners are financially ready to invest and provides insights on advantages for late starters and inspiring stories of those who built strong portfolios later in life. Listeners who aren't financially ready are encouraged to check out the Bigger Pockets Money Show for guidance.

    • Real Estate Investing for Passive Income and Financial IndependenceSeasoned real estate investors like PPR Capital Management provide opportunities for passive income and financial independence. Late starters can leverage their careers, savings, and equity for real estate investing with options like Rent to Retirement.

      Investing in real estate, whether through notes or commercial properties, offers individuals, especially those later in their careers, the opportunity for steady passive income and financial independence. PPR Capital Management, led by a seasoned real estate investor and author, provides a proven track record of success with over $500 million in assets under management since 2007. Additionally, Rent to Retirement offers no or low money down options for investing in new construction rental properties or buying rental properties at a discount. Late starters have advantages such as established careers, savings, and equity that can be leveraged in real estate investing.

    • Using a 401k for Real Estate Investment: Rules and Risks401k loans, rollovers, and self-directed IRAs are ways to use a 401k for real estate investment, but understanding rules, risks, and tax implications is crucial. Consult a financial professional for personalized advice.

      A 401k can be a valuable resource for real estate investment, but it's important to understand the rules and potential risks involved. One common way to leverage a 401k for real estate is by taking out a loan, as speaker Henry did with his wife's 401k to fund the down payment for a rental property. Another option is to roll over funds from a 401k to an IRA or another 401k, which can provide some flexibility for short-term real estate projects. However, it's crucial to be aware of the timeframes and potential penalties for repayment. Additionally, some people choose to put real estate inside a self-directed IRA, but it's generally best to keep retirement accounts and real estate investing separate to maximize tax benefits. Remember, everyone's financial situation is unique, so it's essential to consult with a financial professional before making any major investment decisions.

    • Access home equity for real estate investing with a HELOCOlder individuals can leverage home equity for real estate investing using a HELOC, a flexible financing option with variable interest rates that doesn't add risk until funds are used.

      For older individuals who aren't interested in house hacking but still want to get started in real estate investing, they can leverage their home equity through a Home Equity Line of Credit (HELOC). A HELOC allows individuals to access the equity they've built up in their primary residence without having to move. It's a flexible financing option that can serve as a backup plan or an investment tool. Contrary to popular belief, having a HELOC doesn't add risk until you actually draw on the line of credit. It's important to note that HELOCs usually have variable interest rates, but you don't pay for any of it until you use the funds. Additionally, some HELOCs offer the option to convert the variable rate to a fixed rate at a later date. While there are risks associated with using a HELOC in the current market, such as potential interest rate increases, it can be a valuable tool for those looking to get started in real estate investing. Ultimately, it's essential to weigh the potential risks and benefits and consider your individual financial situation before making a decision.

    • Financial reserves are crucial for late starters in real estate investingHaving good credit, stable income, savings, and investments can serve as valuable resources. Be aware of tax implications and penalties when using HELOCs or retirement accounts. Consider adding rental income with an ADU, but run it like a business for profitability.

      When it comes to real estate investing as a late starter, having financial reserves is crucial. This includes having a good credit score, a stable income, and savings or investments that can be used as collateral or accessed in case of financial hardship. HELOCs and retirement accounts like 401ks and IRAs can serve as valuable resources for investors, but it's important to be aware of the potential tax implications and penalties. For those considering adding rental income to their primary residence, building or converting an Accessory Dwelling Unit (ADU) can be a good idea, but it's essential to run it like a business and ensure profitability. Overall, having a solid financial foundation and a long-term plan are key to success in real estate investing as a late starter.

    • It's never too late to start investing in real estateStarting late in real estate doesn't mean missing out on opportunities. Strong financial position, life experience, and a solid strategy can lead to significant returns.

      While starting early in real estate can have its advantages, such as building equity and gaining experience, it's never too late to get started. Late starters may have a stronger financial position, more life experience, and a more developed decision-making algorithm. However, it's essential to assess one's personality and motivation before diving into real estate investment. Buying the right investment property with a solid strategy can lead to significant returns, even during challenging market conditions. So, don't let fear of missing out on the past hold you back from making a positive change in your future. Remember, it's never too late to start learning and growing in real estate.

    • Find and connect with quality talent or simplify vacation home ownership using specialized platformsIndeed saves time and provides high-quality matches for hiring, while Vacasa simplifies vacation home ownership and increases revenue. Redfin offers personalized recommendations and a top-rated app for real estate, and SimpliSafe provides peace of mind with high-tech home security.

      For hiring the best talent, using a platform like Indeed can save time and provide high-quality matches. With over 350 million monthly visitors and a matching engine that learns from your preferences, Indeed can help businesses find and connect with quality candidates faster. Meanwhile, for vacation homeowners, partnering with a full-service management company like Vacasa can simplify the process of owning a vacation home and increase revenue. And for those in the real estate market, whether buying, selling, or just browsing, Redfin offers personalized recommendations and a top-rated app to help navigate the process. Lastly, for peace of mind while traveling, investing in a home security system like SimpliSafe can provide peace of mind with high-tech sensors, professional monitoring, and a user-friendly installation process.

    • Late Starter's Journey to Real Estate SuccessStarting late doesn't mean giving up on real estate investing. Learn, network, and take action to build a successful portfolio, even with past setbacks.

      It's never too late to start investing in real estate, even if you're a late starter like Kim Bosler was when she began at the age of 56. Kim shares how she was inspired by a friend who had inherited several rental properties from her late husband, which gave her the idea to do the same. Despite having a negative experience with real estate earlier in her marriage, Kim was determined to give it another try. She attended events and learned from experts like Kathy Fetke through the Real Wealth Network. With her husband's support, they bought their first six rental properties using a HELOC and later did 1031 exchanges to build up their real estate portfolio. Kim's story is a reminder that there are always opportunities to invest in real estate and create a source of passive income, regardless of your age or past experiences.

    • Leveraging Real Estate through 1031 Exchanges and Building a Strong Team1031 exchanges enable selling multiple properties, buying a dream home, and investing in more real estate. A strong team of professionals is vital in real estate investing, and choosing promising markets with job growth increases potential returns.

      Real estate investing, particularly using a 1031 exchange, can lead to significant growth in your portfolio. This strategy allowed Kim to sell multiple properties, buy her dream home, and invest in a duplex all at once. However, it's important to note that 1031 exchange funds cannot be used for personal homes. Instead, they should be rented out for a certain period before becoming personal property. Starting out in real estate investing can be intimidating, but having a trustworthy team is crucial. This includes a great lender, property manager, turnkey provider, accountant, and bookkeeper. Building a network of trusted professionals can help investors avoid potential scams and make informed decisions. When choosing a market to invest in, look for areas with strong job growth and desirable locations. This increases the likelihood of rental income and property value appreciation. Kim's success in real estate came from investing in markets with promising job growth, such as North Texas and Florida. Investment strategies can vary from buy-and-hold to leveraging with short-term rentals or Build to Rent properties. Understanding your comfort level with risk and financial resources is essential when deciding which strategy to pursue. Regardless of the approach, real estate investing offers potential for long-term wealth growth.

    • Exploring Real Estate Investment StrategiesFind strategies that align with comfort levels, market analysis, and personal goals. Consider buying and holding or leveraging for more properties. Being a real estate professional can help manage properties without self-managing. Determine retirement income needs to decide portfolio size.

      Real estate investment strategies vary greatly depending on individual comfort levels, market analysis, and personal goals. The speaker shared her experience of buying, renting, and selling properties through a 1031 exchange to eventually afford her dream home. She emphasized the importance of looking at the market and choosing a strategy that aligns with one's comfort zone. Some prefer buying and holding, while others leverage as much as possible to acquire more properties. The speaker also discussed the benefits of being a real estate professional to manage properties without self-managing and emphasized the importance of determining how much income is needed in retirement to decide how large a portfolio should be. Ultimately, real estate investing offers numerous possibilities, and the key is to find what resonates with each investor's preferences and goals.

    • Investing in Real Estate for RetirementStart late, focus on simpler properties, balance portfolio, trust and work with reliable people, and never give up on your dreams.

      It's never too late to start investing in real estate for retirement. Kim shares her experience of building a portfolio over ten years, focusing on simpler properties that fit her preferences. She advises having a balance between real estate and stocks, and emphasizes the importance of trust and working with reliable people. Kim also shares inspiring stories of late-starters in business and encourages starting later in life when one may have better credit, savings, and wisdom. Overall, the key takeaway is to have a balanced approach, enjoy the journey, and never give up on your dreams.

    • Starting Late but Still Finding Success in Real EstateIt's never too late to pursue financial freedom through real estate investing. Connect with an investor-friendly agent and start your journey today.

      No matter where you are in life or what opportunities you may have missed in the past, it's never too late to pursue financial freedom through real estate investing. Kim, David, and Henry shared their personal stories of starting late but still finding success. If you're ready to take the next step, consider finding an investor-friendly agent to help guide you through the process. You can easily connect with Kim on Facebook, David at davidgreen24.com or on social media, and Henry on Instagram or his website. Remember, the best investors understand that it's not about timing the market, but rather time in the market. Use BiggerPockets Agent Finder to connect with a local expert and start your real estate investing journey today. And as always, be sure to consult with qualified advisors before making any investment decisions.

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