Are you considering a late-in-life career change, or looking to re-enter the workforce after retirement? Then you may want to consider a career in real estate. I know it sounds crazy—when I left my cushy office job two years before retirement to become a full-time real estate investor, my colleagues thought I’d lost my mind. But now, I have the freedom to travel and visit my grandkids whenever I want, I’m more physically and mentally active than ever before, and I’ve saved even more money for my eventual retirement. Those same colleagues are now asking me how they can start their own real estate career after 60.
The first thing my former colleagues wanted to know is why I chose real estate investing over becoming a real estate agent. It’s true that starting as a real estate agent may seem a little safer—you can enroll in classes and earn your license with minimum up-front investment—but your earnings can also be more limited. As an agent, you’ll only earn a small percentage (on average 5-6%) of the price of the home you sell.
Real estate investors, on the other hand, buy properties and renovate or rehabilitate them, then turn around and sell them for a profit. Many investors deal directly with buyers and sellers, so they save the cost of a real estate agent’s commission. Real estate investing is riskier because it’s your own money on the line, not a client’s, but your earning potential is also much higher. You can also get started much quicker—you don’t need a license or any formal training, just the funding to purchase an investment property. For me, becoming a real estate investor was the better option.
The Benefits of a Real Estate Career After 60
Starting a career in real estate after the age of 60 comes with many benefits, including:
- Low Barrier to Entry: Theoretically, all you need to get started as a real estate investor is access to enough funds to purchase a property. Many of the skills required to successfully flip a house are ones you’ll have picked up from years of home ownership and working with people. You can fill in any gaps in your knowledge through a real estate mentorship program or training class.
- High Potential Income: Switching careers to another field often requires starting at an entry level salary, but that’s not the case with real estate investing. Even first-timers can make a healthy income if they’re smart with their investments.
- Flexible Hours: As an independent real estate investor, you can set your own schedule. Aside from meetings and open houses, you can work on your property whenever it is convenient for you. This flexible schedule easily accommodates travel and allows you to spend more time with your family.
- Keeps You Active: As a real estate investor, you’ll likely want to perform many repairs and renovations yourself to save money, which can keep you active and physically fit. Plus, managing the logistics of your burgeoning real estate investing business will keep your mind sharp, as well.
- Networking: As we age, it gets harder to meet new people and maintain connections. As a real estate investor, though, you’ll constantly be meeting new contractors, real estate agents, and other industry professionals, as well as the current and prospective homeowners.
The Easiest Way to Get Started with a Real Estate Career After 60
Getting started with a real estate career after 60 is easier than you might think, but I still have a couple of tips for maximizing your potential success. First, don’t underestimate the power of a good real estate investing mentor. Even if you’ve renovated or flipped houses before, you could always benefit from the expert guidance of a veteran investor who knows the industry. Second, you should network with industry professionals as much as possible, even before you’ve made your first deal. Your network can help you get started by recommending reliable contractors, giving advice on neighborhoods to avoid, or even sending a lead your way.
The easiest way to find a mentor and build a network is to become an independently owned and operated HomeVestors® franchisee. When I joined HomeVestors®, I was matched with a Development Agent, an experienced real estate investor who provided one-on-one mentorship and guidance as I bought and sold my first properties. Through HomeVestors, I also joined a local and national network of real estate investors who have helped me in the field and, perhaps more importantly, become trusted friends. Becoming a HomeVestors franchisee made it easier to start my successful real estate career after 60.
Ready to start your real estate career after 60 with the HomeVestors® network of independent franchises? Contact us today to learn more!
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