That is one of the most common questions asked by those who start getting interested in real estate investment. To answer the question, there is no ideal age of what to start this career. When you feel like you have finance that can support you, well-prepared plan, as well as motivation then you are good to go.
Real estate investing is of course not an easy feat to do. There are competition and challenge that will either motivate you or stop you. People say early 20s is not ideal to start a career in real estate investing. Or, people also say that those who are 40s are too late to start. However, age is not ultimate key to achieve success in this career.
When you should start your career in real estate investing?
As mentioned before that age is not ultimate key which can lead you to successful career in real estate investing. It is more on your readiness both mentally and financially. If you are already armed with proper knowledge, steady finance, and thorough plan then you are ready to start your career. Here is consideration to support the statement that starting career in real estate investing doesn’t depend on how many birthday candles you have:
- If you start your career in your 20s, you don’t need to think it is too early. Instead, you can take this opportunity to learn better since you have much time. You have time to gain experience as well in the process. You don’t have to rush and slowly build your career instead. However, you may also face challenges from being a your investor early. One of them is your credit score. This is due to your limited saving and experience. Thus, you can start with wholesaling since it comes with limited capital requirement but plenty opportunities. You can use your energy and time in this path to start your career.
- People say ideal age for real estate investing is 30s and 40s. This is where most people are in their peak of earning power and large network to work with. Those seem to give more benefits to start a career. However, it is also the age of when people have more responsibility in their life as well as bills to pay. To balance all the responsibility and starting promising career in real estate, it is best to take advantage of the ability to secure credit, work experience, and large network. Those will lead to successful career. This is a great way to build strong foundation for financial future.
- It is not wrong to start a career in real estate investing on age 50s and beyond. Remember that there many types of investment in real estate business. The most recommended investment is rental property. This is great for those who are in 5-s and beyond to buy and hold passive income. Rental property asset is promising investment to earn passive income without being too active or aggressive in managing them.