Are we to old - Posted by Bonnie Sell


#1

Posted by Barbara (ME) on October 31, 1998 at 10:16:05:

Hi Mike:
For some reason I cannot access the e-mail address on the board but if you send me yours I would be glad to contact you.
I deal in mobile homes (have a success story too!)
Barbara (ME)


#2

Are we to old - Posted by Bonnie Sell

Posted by Bonnie Sell on October 30, 1998 at 08:49:49:

We are in the process of selling property. I bought Charlton Sheets realestate package. Our banker said we are to old to bother with getting into Realestate. My husband is 61 and I am 55 I feel it would be a good investment and if we have the money I would like to get rental properties.
Thanks.
Bonnie


#3

Re: Are we to old - Posted by Roy

Posted by Roy on October 31, 1998 at 04:09:35:

I started studying June 1997, I have bought several properties.

Sept, 29 this year I bought a fixer-upper for $7,500

sold 4 days later for $19,000 closed and got 11k Sept 28 I’m 55yrs now.

I read this board and how to articles daily and have for the past 16 mos, I have bought several courses and studyed them.

Age may be to your benefit, it is for me, today I thank a little more before I take action, BUT I take ACTION.

KNOWLEDGE AND ACTION is what it takes.


#4

Re: Are we to old - Posted by Rob FL

Posted by Rob FL on October 30, 1998 at 20:00:40:

My grandfather managed 4 rental properties and worked 5 days a week as a doctor until he was 85 years old. Now he is 88 and about ready to retire.


#5

Re: Are we to old - Posted by Cathryn

Posted by Cathryn on October 30, 1998 at 17:17:06:

I don’t think anyone is too old, with one caution…if something disastrous happens (and you can learn how to minimize such risks) can you afford to lose part or even all of the money you are investing? If so, go for it!


#6

Re: Absolutely not! - Posted by Lonnie

Posted by Lonnie on October 30, 1998 at 13:16:06:

Hi Bonnie,

The mentality of your banker is a good example of why I made a vow many years ago to never again do business with banks. Bankers live in another world from investors.

Age has nothing to do with doing business and making deals. I think JC Penny was in his 60?s when he made his come-back. The rest is history.

Col. Sanders was in his 60?s when he finally found someone to buy his fried chicken recipe, after being turned down 1,009 times. I once bought an apartment house from a 80 year old man that took back a 30 year note on the property.

I think advice should be measured by the success of the person giving the advice. Ask your banker what he does besides sit behind a desk that he doesn?t own, and handle money that belongs to somebody else. What qualifies him to give you advice? You might also ask him what kind of a retirement he expects to have when he reaches 65.

You?re at the right age to do most anything you really want to do. The only suggestion I might add is to study and learn as much as you can about whatever you want to do, before taking a big leap. Then do it!

Best wishes,

Lonnie

P.S. Friends don?t let friends do business with banks.


#7

Ask John Glenn - Posted by David(Ca)

Posted by David(Ca) on October 30, 1998 at 12:30:06:

Doesn’t matter what your banker thinks, only matters what you think.


#8

Re: Are we to old - Posted by Karen McCall

Posted by Karen McCall on October 30, 1998 at 11:07:57:

Sounds to me as if that banker would like to buy your first investment house AGE discrimination is a FEDERAL HOUSING OFFENSE you could own the bank. Contact HUD immediately and proceed with your claim.


#9

Listen to your banker - Posted by Bud Branstetter

Posted by Bud Branstetter on October 30, 1998 at 10:40:01:

NOT !!

The banker is probably only familiar with the Nickerson appraoch of buying a house, putting in sweat equity to fix it up, renting it out and paying off the mortgage. In 30 years you would have a free and clear property to provide income in your old age. The only problem is that you may not be physically able at that point to handle the maintenance. No problem just sell owner financed and collect the payments.

There are other ways to make cash flow on a shorter term. Things like L/O’s, flips, or notes.

If you are too old to learn then your banker is correct.


#10

True Story - Posted by Mark R in KCMO

Posted by Mark R in KCMO on October 30, 1998 at 10:19:48:

When my grandfather was 80. He wanted to buy a new house and went to his banker for the money, His banker said that he was too old for a 20 year mortgage, the banker was in his 40’s.

My grandfather didn’t let that get in the way and went to the bank across the street from his old one, they said no problem.

2 weeks later the banker that turned my grandfather down for the loan died of a heart attack.

My grandfather lived to 103

This is true it was one of his favorite stories!!

Mark R in KCMO


#11

Re: Are we to old - Posted by John(NH)

Posted by John(NH) on October 30, 1998 at 09:30:27:

I would complain to that banker’s supervisor. What a jerk. Think positive - you have many years ahead of you.


#12

Re: Are we to old - Posted by zeke

Posted by zeke on October 30, 1998 at 09:14:47:

Get a New Banker, Because you never to old to do anything as long as you have your “HEALTH” real estate has no age limit as long you can get knowledge and the no how to get started in the business. Always remember never listen to a negative person and always follow your dreams because only you can make it come true.


#13

Re: Absolutely not! - Posted by Bud Branstetter

Posted by Bud Branstetter on October 30, 1998 at 21:25:04:

Lonnie, I like your P.S.

If we include mortgage companies, our friend Ed Garcia may only make one million this year.

Bud Branstetter


#14

Re: Ask John Glenn - Posted by Redline

Posted by Redline on October 30, 1998 at 12:33:04:

But it helps to be a senator! :wink:


#15

Re: True Story - Posted by Barbara (ME)

Posted by Barbara (ME) on October 30, 1998 at 12:44:40:

This story made my day! You are only as old as you feel… seniors…go get 'em! (from one who knows!)
Barbara (ME)


#16

Re: Are we to old - Posted by LAURE

Posted by LAURE on October 31, 1998 at 03:30:49:

I have had the same banker for several years. He is EXTREMELY Conservative. I basically had to beg him for money. During my last purchase with him, he told me we were maxxed out at 150,000 worth of collateralized debt. NO MORE MONEY HERE>

I went to another bank the next week. I just closed on another 150k collateralized loan… and he THANKED ME for my business and offered as much money to me as I had collateral to pledge !!! He called my husband later that day, and thanked him again !

It’s amazing to me the difference !


#17

Re: True Story - Posted by Michael W Lane

Posted by Michael W Lane on October 31, 1998 at 07:47:06:

Hi
I am just writing a response to you becasue I see that you are from Maine. I too am from Maine. I live in Levant which is about 5 minutes from Bangor. I posted a message called success story waiting to happen, check it out. Well one of the respondants to my article was familiar with you and said I sould get in touch with you. Well here I am. It would be great to hear back from you, and it would make me feel better having somone with the same goals and dreams to talk to about this stuff. I am a real go getter and you never know maybe we could end up working on some deals together. Never the less in my opinion it can’t hurt to make acquaintances and have more contacts. I look forward to hearing back from you.
Mike