#197 Is It Too Late To Get Started in Real Estate?

Hey everyone. Today I'm going to address a question that I get all the time. Is it too late to get started in real estate? I'm going to talk about what's behind that question. The advantages, the disadvantages, and what I think my answer is. I think you know what it is, but stick around and enjoy.

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Hope you're doing well. I talk to a lot of people about real estate, whether it's at conferences, meetups, online, whatever it is. We talk about real estate, both physicians and non physicians. Somehow they know I'm in this world so they like talking about it. And I love just kind of hearing people's stories and what you're up to. And when it comes to real estate, it seems like everybody can relate in some way. You probably bought your own house, you rented a house, you have some investment properties. You know somebody who has some investment properties that. So it's a fun thing to talk about at parties. And of course people like to ask me about real estate. My opinions now I just tell people, I make sure they know that it's an opinion. I don't know exactly what's right. I don't know what exactly what's wrong. I have my predictions and ways that I invest. Hint. Just so you know, I like to continually invest. I like to kind of dollar cost average. I think that every point in the market has an opportunity and I look for that. I try to be opportunistic. So I get asked a lot of questions. And these days I get asked this question a ton. Is it too late for me to get started in real estate? And the funny thing is it doesn't just come from people who are at the end of their careers. There are some people, honestly that are at the beginning of their careers. They're wondering if they miss the boat when it comes to the market. The people later in their careers are wondering whether it's even worth it at this time. They've already figured out one way to live life, their career, and done things a certain way. And they're wondering whether it's too late, is it going to be too much hassle, too much time. We're going to talk about all of these things now. I've also had the fortune to talk to a ton of real estate investors out there. And they come in all shapes and sizes. There are People that started in their teens, they're people who started later in life. You just have to know that there are potentially different strategies that you might take at different periods in your life. And really, it comes down to your goals. What do you want? How much cash flow do you want, how much time do you want to spend on it, and how quickly do you want it? I personally think it's never a bad idea to start learning about something new, whether it's real estate, entrepreneurship, stocks, whatever it is, just get out there and learn. Just figure out if it can add some value to your life, no matter what age you're at and what stage you're in. But did you know that investing a little later in life, later part of the cycle, there's some advantages there. There's probably a lot more stability that you have in your life and career at this point. Maybe your kids are a little bit older, maybe you've paid off some debt, you're in a financially good position and have a good foundation so that you can go out there and actually get out there and invest. You probably heard some wisdom from learning from other people. You've got connections, you've got a network, whether you believe it or not. Other people, other docs who are investing in real estate that you could learn from. And you probably know yourself pretty well. You know your strengths, you. You know your weaknesses, you know where to find help. These are all crucial things in making smart investment decisions. I found that physicians who start a little later in life and have this firm foundation already built, that they know how to see risk in the right way and then be aggressive when necessary. They also tend to have the capital to actually go out there and make things happen. From a deal perspective, the challenge, again, is that initial hurdle. But once they pass over that initial hurdle, then the sky's the limit. So how do you get over that initial hurdle? Number one, it's by educating yourself. We talk about it all the time. Take courses, read books, attend conferences, surround yourself with community of people learning how to do this. Hear as many stories as you can from people who have invested their successes, their failures, Learn from all of it. People who are part of our platinum investor club and have taken Passive Real Estate Academy, they just share everything about their deals, whether it's gone well, whether they've done a little bit poorly. But we share to learn and help each other out. All of that is to help you get over the fear of making that first step. The other part of it is trying to understand what happens if you don't there's probably a reason that you've been thinking about investing in real estate at this point. Maybe you see where medicine is going, maybe you see where your career is going, maybe you see where your health is going, and you realize there's only so much time that you can keep doing what you're doing, or if the market changes, or if medicine changes, you're not going to be in a good position. You probably see older colleagues who are in those positions now. Private equity's coming in, regulations are coming in, things are changing, scope, creep, whatever it is, things are changing. And you realize that you've got your set yourself up for retirement or whatever that is in the future in the right way, Whether you decide to leave medicine sooner, whether you want to gradually retire and practice as long as you can, or whether you want to keep working hard till the end. Whatever it is, you want to have the choice and the control to make it happen. So part of it is a decision to think, what if I don't do this? Maybe even thinking about this? What is my life going to look like in five, 10 years if I don't even try, if I don't make that decision to learn more about it, explore different options, what position will I be in? If you think you're going to be in the same position, then maybe you're not going to take any action. If you think you're going to be in a worse position, I promise you, that should instill some fear in you to get going and get started. I've also noticed that people who are closer to that retirement age have a few years under their belt, have a little bit of gray hair, are a little bit better at seeing the numbers in the future. It's a lot more real to them. I remember early on in my career, I started thinking about retirement 30 years ahead. It's hard to visualize, it's hard to even get excited about it. It's hard to know what it's even going to look like. But I had the fortune, or misfortune, whatever you want to say, to help my dad when he got to retirement. I got to see what it looks like from a finance perspective. He had to retire a little bit earlier than he expected because of a health issue. I got to see what Social Security is like, what a stock portfolio, what real estate can do for you, and how to put it all together. So it made me rethink my strategy, how to put things together. But people that are closer to it, they see it, they get it right away.

Hey, everyone have A question for you. What if there was a way to make your money work for you instead.

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And now to just the people that think maybe it's too late for them to get in the game because they missed this huge run up during the 2000 teens and we're talking about the Great Recession of 2008. All the way up to now, at least to 2020, 2021, there was a huge run up of asset prices from stocks to real estate. Maybe they feel like they missed the boat. The truth is probably they did miss that part of that cycle. But like everything else that happens, and I use the word cycle, it comes back around what's happening in the market, especially when it comes to commercial real estate. I'm talking about multifamily office space, all of these things. In the commercial space, prices are getting reset, meaning that prices are coming down. Some have come down significantly. A lot of optimism in that space has been wiped out. There's a lot more fear and when this happens and you start hearing of some defaults, some foreclosures, prices getting slashed, they call it blood in the streets. That's when you know as an investor, that is the time to start thinking about getting in. It's scary because all you hear about in the media or the news are of deals going bad. But that means there's somebody on the flip side ready to pick those up in distress and do well. For those of you who've been waiting on the sidelines thinking you missed it, you've got another great opportunity in front of you. I can't tell you where the exact bottom is, but we're close to it. I'm already seeing deals right now where prices are outrageous compared to where they were only a year and a half, two years ago. When I mean outrageous, I'm talking about a great deal. They say in times of downturns, that's when the greatest transfer of wealth happens. The I want to talk about that. There are people who lose some of their wealth because of poor deals and poor decisions. Then there are other people whose wealth increase as a result of that. I'd rather be on that side. If you're not starting to educate yourself, if you're not starting to put your foot, at least start to cram it within the door, if you're not putting out feelers, networking, connecting with people, then you're not setting yourself up to take advantage of this next opportunity. I'm not saying you have to take action and necessarily invest today, but you want to set yourself up so that when the time comes, you're ready to strike. Both from a financial perspective, but also from a mental and knowledge standpoint. Learn how to do the proper due diligence. Learn how to talk to sponsors, learn how to vet opportunities. It's not too late, no matter what stage of the game you're at. In fact, I feel like this is the perfect time to start getting ready. Figure out your goals, what you're trying to achieve, figure out your timeline, how quickly you want to get there, and see how these investments are just fit into that plan like little pieces, like Tetris pieces, to get you the desired result. When I talk to people who've been in this game for a long time, I'm talking about the real estate game. They tell me that you can make money at every part of the cycle. The really good ones have done well in good times and in bad, and you can tell they're excited about what's to come. I hope you are, too. Thanks for being part of our communities. Whatever we can do to continue to support you in this, please let us know. Please continue to share this podcast with others. Give us a review that really helps us out and I see each one. I I really appreciate it. Thank you for listening. Have a great week. Let's talk again soon.

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