I really appreciate this video and I can absolutely relate to starting later in life.. I’m 50, and I will be closing on my first investment property tomorrow! After going through a very difficult divorce 10 years ago at 40, and having to start out from scratch in the job market after being a stay at home for 17 years with 2 teenagers. I hadn’t worked since college. After my divorce, I went back to teaching, and just 3 years ago, during the pandemic, I obtained my real estate license. Getting my real estate license has changed my life. It has allowed me to supplement my teaching income substantially. Every commission I make from real estate, I put most of it in my savings to build up my capital so I can invest. So tomorrow is the big day, and I pan to buy another property by the summer or next fall. So thankful to God, and for your inspirational videos, Chad! It’s never too late to invest!
Beyond inspiring, you three! This is one of the very first interviews I’ve heard from people starting in their 50’s. Thank you both for your transparency and all the wonderful ideas and strategies. Keep enjoining your life and Porto!!
I’m beginning my journey of building to 10 properties. I’ve owned rentals for the past 30 years very passively. Meaning I keep the house when I by a new one. It’s been a great strategy. Now trying to build up a nice portfolio of 10 properties to support early retirement. I have 3 currently. I’m a big believer in peace of mind verses debt. I like the strategy of converting the 401k into Roth IRA when the income is low. Loved the buy lots and then put houses on them strategy too. I’m always managed the properties myself so probably need to think about doing that differently to get to the 10 property mark.
thanks for sharing your story! Sounds like you have a great base of knowledge and properties in order to grow to 10. It can definitely make you more flexible to have a property manager. But nothing wrong with doing it yourself for a while to save some cash and make sure everything is working well. That's what I did. Then later outsourced a lot of the management (and kept a few properties). Best of luck!
Karen & Bob you guys rocked the show. So inspiring!! I’m 51 started real estate journey 1 year back. Have 4 SFR in portfolio all rented. Goal is to get to 10 in next 4-5 years. I live in Dallas TX. Your story gave so much hope and belief. Thank you Coach Carson for showcasing them. I’m looking forward to read them in your new book. ❤
What a lovely couple !!! 🥰 We are in Our early 50’s and sometimes think we’re too late ! We own one rental and 9 city lots in a small town . Going to check out the modular homes route for those lots . Did I miss the home manufacturer they like? So many out there . May differ for each state . Thanks you ! 🥰
Bravo to Karen and Bob! They are such an inspiration to just get started. I've visited and contemplated living in Portugal - such an amazing place! I am curious with the process of doing such a thing while maintaining properties in the US. Great content as always and thank you, Coach!
After a long time watching excellent content from Coach Carson, this is my very 1st comment. This is a very inspiring and highly educational interview. There are several nuggets to explore, from how to better leverage retirement funds, the use of manufactured homes and in general the progression line. Thank you.
Hey coach. I am a long time listener-first time commentor. I live in Italy, and will be traveling to spain for sight seeing in the near future. Maybe our paths can cross or you can recommend sights. I am a "Small and Mighty Investor." I love it. I own the business, but the business does not own me. I live all over the world, and my rentals perform super well. Thanks for making the small time investor cool again. I think the real estate hype of the past 15 years have made real estate super cool and those with larger portfolios are the class king and queens. Well done.
As an aspiring real estate investor also starting in my 50s, so this was very inspirational and informative. Thanks Karen and Bob for sharing your story! And of course thanks to Coach Carson for the amazing book…I just finished reading today. Lots to digest and process, but I’m excited to get started on my journey!
@@CoachChadCarson too many real estate videos/podcasts tout strategies without cautioning to take into account one's unique set of circumstances. There are no silver bullets, no one size fits all strategy to employ. Armed with the kind of knowledge I find in your videos and books, et al, I'm in a better position to make informed decisions.
Outstanding piece. 60 years old, just laid off from my 12 year Silicon Valley job with zero pension. The SF Bay Area richly deserves the hate they get, and Chad's material gives me great hope for all of our futures.
I feel like these two are like my husband and I. We want to learn Chad. Where do we start? I’m watching tons of UA-cam videos from you Coach. I’ve ordered the book,Small and Mighty Investors, And am wondering what to do next?
Thanks so much for being here! For beginners I'd recommend my course: 30 Days To A Better Rental Investor. Do some research, and then don't be afraid to dive in!
And how does the currency exchange and USA taxes plus Portugal taxes calculate into the equation? How much extra income do you need to cover those costs?
Hi! Covering your costs depends on the lifestyle you want to lead. We know people here in Porto who live very frugally on a few thousand ($3-4) per month, while others spend quite a bit more. US taxes are for life as long as you are a US citizen. Portugal and the US have a tax treaty, so you won't be doubly taxed on the same income. Portugal has a tax incentive program for new residents, which caps your Portuguese taxes to 10% for your first 10 years in the country. And since you're already paying 10% in the US, we don't anticipate additional taxes during that time. After 10 years, Portuguese tax brackets apply.
Step 1 for us was to work 60 hour weeks for 40 years to build up our savings. We started with nothing and with student debt. Step 2 was to diversify into real estate. It's really possible. Best of luck.
this couple paid cash for properties. No debt. Cashed out part of their retirement savings. That could still work today for someone in that situation. If you don't have that cash, you could partner with someone who does. There are people at real estate meetups with "lazy money" who are looking for deals. You can bring it to them.
Higher interest rates also bring opportunity to enter into market and buy properties on much lower prices than it was when interest rates were lower but it was a bidding war in some cases. We can always refi once rates go down but lower prices may not return. That’s why I bought 3 SFRs as investment with 20% down in last 6 months. On the long term it would be appreciation and overall gain. Buy and hold strategy.
I really appreciate this video and I can absolutely relate to starting later in life.. I’m 50, and I will be closing on my first investment property tomorrow! After going through a very difficult divorce 10 years ago at 40, and having to start out from scratch in the job market after being a stay at home for 17 years with 2 teenagers. I hadn’t worked since college. After my divorce, I went back to teaching, and just 3 years ago, during the pandemic, I obtained my real estate license. Getting my real estate license has changed my life. It has allowed me to supplement my teaching income substantially. Every commission I make from real estate, I put most of it in my savings to build up my capital so I can invest. So tomorrow is the big day, and I pan to buy another property by the summer or next fall. So thankful to God, and for your inspirational videos, Chad! It’s never too late to invest!
@fitwill73 that’s an amazing story. Good luck on your REI journey.
Beyond inspiring, you three! This is one of the very first interviews I’ve heard from people starting in their 50’s. Thank you both for your transparency and all the wonderful ideas and strategies. Keep enjoining your life and Porto!!
I’m beginning my journey of building to 10 properties. I’ve owned rentals for the past 30 years very passively. Meaning I keep the house when I by a new one. It’s been a great strategy. Now trying to build up a nice portfolio of 10 properties to support early retirement. I have 3 currently. I’m a big believer in peace of mind verses debt. I like the strategy of converting the 401k into Roth IRA when the income is low. Loved the buy lots and then put houses on them strategy too. I’m always managed the properties myself so probably need to think about doing that differently to get to the 10 property mark.
thanks for sharing your story! Sounds like you have a great base of knowledge and properties in order to grow to 10.
It can definitely make you more flexible to have a property manager. But nothing wrong with doing it yourself for a while to save some cash and make sure everything is working well. That's what I did. Then later outsourced a lot of the management (and kept a few properties).
Best of luck!
Karen & Bob you guys rocked the show. So inspiring!! I’m 51 started real estate journey 1 year back. Have 4 SFR in portfolio all rented. Goal is to get to 10 in next 4-5 years. I live in Dallas TX. Your story gave so much hope and belief. Thank you Coach Carson for showcasing them. I’m looking forward to read them in your new book. ❤
Karen and Bob are definitely amazing. Thank you for watching! You seem to have a great start! Good luck with those next steps
Loved this episode. I am starting in my 50’s. It is so inspiring to know I am not the only one starting late. Thank you Coach!
What a lovely couple !!! 🥰
We are in Our early 50’s and sometimes think we’re too late ! We own one rental and 9 city lots in a small town . Going to check out the modular homes route for those lots . Did I miss the home manufacturer they like? So many out there . May differ for each state . Thanks you ! 🥰
Hi! Thanks so much for the compliment! We bought Clayton manufactured homes. Try to find a builder program to reduce the per house cost. Best of luck!
Bravo to Karen and Bob! They are such an inspiration to just get started. I've visited and contemplated living in Portugal - such an amazing place! I am curious with the process of doing such a thing while maintaining properties in the US. Great content as always and thank you, Coach!
Thank you! Amazing content! Just ordered the book!
Bob and Karen I am in the same boat, starting at 53
After a long time watching excellent content from Coach Carson, this is my very 1st comment. This is a very inspiring and highly educational interview. There are several nuggets to explore, from how to better leverage retirement funds, the use of manufactured homes and in general the progression line.
Thank you.
Thank you so much for watching and now for commenting. Karen and Bob are two of my favorite people.
Great information. Karen and Bob thanks so much for sharing your story and yours strategy to retire early. Carl, thanks for a great interview.
Glad it was helpful!
Hey coach. I am a long time listener-first time commentor. I live in Italy, and will be traveling to spain for sight seeing in the near future. Maybe our paths can cross or you can recommend sights.
I am a "Small and Mighty Investor." I love it. I own the business, but the business does not own me. I live all over the world, and my rentals perform super well. Thanks for making the small time investor cool again. I think the real estate hype of the past 15 years have made real estate super cool and those with larger portfolios are the class king and queens. Well done.
Wow, this is awesome! New listener and slowly learning how this works.
welcome to the channel! Little by little you can get it!
Smart to test the product they sell.
As an aspiring real estate investor also starting in my 50s, so this was very inspirational and informative. Thanks Karen and Bob for sharing your story!
And of course thanks to Coach Carson for the amazing book…I just finished reading today. Lots to digest and process, but I’m excited to get started on my journey!
Thanks for the feedback and for reading the book, Dave! Good luck on your next steps.
Very helpful Thank you for sharing
Loved it. Thanks!
Love it.
thanks for watching!🙌
I'm in the same age range and not having debt is smart in terms of risk.
Agree!
@@CoachChadCarson too many real estate videos/podcasts tout strategies without cautioning to take into account one's unique set of circumstances. There are no silver bullets, no one size fits all strategy to employ. Armed with the kind of knowledge I find in your videos and books, et al, I'm in a better position to make informed decisions.
Outstanding piece. 60 years old, just laid off from my 12 year Silicon Valley job with zero pension. The SF Bay Area richly deserves the hate they get, and Chad's material gives me great hope for all of our futures.
I feel like these two are like my husband and I. We want to learn Chad. Where do we start? I’m watching tons of UA-cam videos from you Coach. I’ve ordered the book,Small and Mighty Investors,
And am wondering what to do next?
Thanks so much for being here! For beginners I'd recommend my course: 30 Days To A Better Rental Investor. Do some research, and then don't be afraid to dive in!
The only thing which is forcing me to think again on buying first rental is market. What you suggest should I buy now? Or I should I wait?
And how does the currency exchange and USA taxes plus Portugal taxes calculate into the equation? How much extra income do you need to cover those costs?
Hi! Covering your costs depends on the lifestyle you want to lead. We know people here in Porto who live very frugally on a few thousand ($3-4) per month, while others spend quite a bit more.
US taxes are for life as long as you are a US citizen. Portugal and the US have a tax treaty, so you won't be doubly taxed on the same income. Portugal has a tax incentive program for new residents, which caps your Portuguese taxes to 10% for your first 10 years in the country. And since you're already paying 10% in the US, we don't anticipate additional taxes during that time. After 10 years, Portuguese tax brackets apply.
I didn't know this tax angle Karen! Interesting.
dude, I love yr content man. But the common person can't do this right now in this housing market. No way
Thanks for watching and for the feedback.
Talk to me. What do you see as the biggest challenge holding the common person back?
Step 1: have money to buy houses.. ok
Step 1 for us was to work 60 hour weeks for 40 years to build up our savings. We started with nothing and with student debt.
Step 2 was to diversify into real estate.
It's really possible. Best of luck.
Converting 401ks when there is no income to reduce taxes and then buying real estate.
Smart move
why always showing what worked in the past.with todays high interest you can't buy houses with debt which pay off itself
People buying houses everyday for investment , rates are higher but deals are there
this couple paid cash for properties. No debt. Cashed out part of their retirement savings. That could still work today for someone in that situation.
If you don't have that cash, you could partner with someone who does. There are people at real estate meetups with "lazy money" who are looking for deals. You can bring it to them.
Higher interest rates also bring opportunity to enter into market and buy properties on much lower prices than it was when interest rates were lower but it was a bidding war in some cases. We can always refi once rates go down but lower prices may not return. That’s why I bought 3 SFRs as investment with 20% down in last 6 months. On the long term it would be appreciation and overall gain. Buy and hold strategy.
@@pbdmd3688which market have you invested in most recently?