With her retirement dreams on the line, Jill Forsythe had a few choices: return to work, start a business, or get into real estate investing. After trying out more “active income” business ideas and realizing she didn’t want another job, rental properties became the obvious choice. But putting up her retirement nest egg to try her hand at investing would be a significant risk. Thankfully, it’s a risk that has paid off in a BIG way.
Are you getting into the investing game late? Do you feel like you don’t have the time, money, or energy to build a real estate portfolio like all the twenty-something-year-olds on social media? Jill is here to prove you wrong. Within a decade, she’s been able to build a rental portfolio of over fifty units, grow her retirement reserves, and have the financial freedom she always wanted.
In today’s episode, we’re talking to Jill about why she chose real estate and not stocks or small businesses, the biggest mistake she made early on when buying rentals, the advantages of being a “late starter” in the rental property game, and advice for anyone in their forties, fifties, sixties, or seventies who want to retire on their terms with real estate!
Dave: Have you ever thought that it’s too late to start investing and grow your wealth or that the market is too challenging or risky for someone who’s a little bit later in life? Today we’re going to talk to an investor who started investing at 54 who will leave you believing that you can do it too.
Dave: Happy Monday everyone. It’s Dave. Welcome to the BiggerPockets podcast. Today we have a very inspiring story for you, or at least I was inspired. We’re talking to Jill Forsyth who started investing at 54 years old when she decided that she needed to come out of retirement when her retirement was not going as she had planned. Today with Jill, we’re going to talk about why it’s never too late to start investing, how you can grow your wealth in really strategic ways and how you can still buy properties today to scale your business. But before we hear from Jill, I’m actually going to invite on another guest we’re bringing on Kyle Mast, who’s a guest co-host of the BiggerPockets Money podcast. He’s also a CPA, and Kyle has really good advice and a good understanding of the fundamentals that underpin this idea that you still can invest even if you’re getting started a bit later.
Dave: And he’s going to join us to talk about some of the tips he gives his clients and people that he teaches. So this is going to be a very fun episode if you’re getting started a bit later, or even if you’re starting pretty young, the same principles apply for pretty much everyone before we bring on Kyle and then bring on Jill, don’t forget to hit the follow button on your favorite podcast app so you never miss an episode of the New BiggerPockets 2.0. Alright, let’s bring on Kyle. Kyle, thanks for joining us today to lay some foundations. Before I talk with Jill, I could use some help.
Kyle: Yeah. Oh man, it’s so good to be back here. This is one of my favorite topics. Sometimes people just think that they can’t start this game later and it’s just so not true. So this is going to be a fun one. I’m really looking forward to it.
Dave: Well, that was sort of my first question. Why do you think people believe that?
Kyle: Yeah, I think it’s probably our fault in some sense, and I’m going to throw myself into the younger category now only just in comparison because I’m really not, I’m pushing the 40 age now, but I think it’s kind of this world of the media that we put out. We focus on the early retirement, retire young. We always talk about people starting ….
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