Every older person wishes they could go back to a time when they were young and driven. Every young person wishes they could jump forward in time to when they will have money and be taken seriously. What connects these different generations? Each of these types of people (whether 20 or 65) wishes for something they “don’t” have. The secret, though, is that every mature person can be young and driven, and every young person can be taken seriously and have a decent amount of money. How is this possible? Investing.
There’s a stereotype that says that young people can’t invest; they don’t have the capital to acquire property, they don’t have any experience, and they don’t have the drive to invest and maintain property. However, real estate can cross all generations. Really, all that is stopping you is yourself. If you can work hard to get your starter home and fix that up, you can rent that out as soon as you move out. Of course, you’ll have to do your homework and look into which property would benefit you the most in the area as well. Nothing is impossible with hard work and perseverance.
However, while saving for retirement and 401ks does start to happen at an early age (and is extremely encouraged), we often don’t see many 20-year-olds that have multiple rental properties under their belt. As part of the mature generation with (hopefully) more money at their disposal, getting into real estate is a great opportunity. Knowing you will be getting on a fixed income in the coming years, throwing your expertise in the real estate world now could actually help you earn enough to have a better money situation as you get into those Social Security years. The drive to get into real estate is based solely on you – not anyone else.
The old adage “you can’t teach an old dog new tricks” is completely false with real estate. You can never be too young or too old to learn about marketing properties and managing (or delegating management) tenants. Earning a passive income as someone above 50 can be a great help as retirement is looming. Building credit, responsibility, and knowledge of the real estate world can also help younger people make better future financial decisions. Knowing where you stand at each stage of your life will tell you more than anything what you can and can’t do as far as real estate goes – just remember that ultimately, it’s up to you (and not your age) whether you jump into investing or not. CAB Group offers property management services perfect for investors of any age. For investment property owners, CAB takes the hassles out of being a landlord while working to protect and enhance your investment – so you don’t have to worry about it.