Late to the game, but still made it!

[tomsang]

40 year underwater, got his act together and was able to retire by 60.  Interesting story, not hardcore but shows you that anyone can get their finances back on track.
http://finance.yahoo.com/news/first-person-had-no-savings-40-retired-60-180400536--finance.html

[DebtDerp]

At 40, I was able to purchase my first rental property in Pennsylvania for $8,000.

I'm guessing this was a typo and the author meant to say $80,000. Still, it is a nice turnaround story.

[arebelspy]

Good for him.  The number one thing that's needed is a take-charge attitude.

[kelly1mm]

At 40, I was able to purchase my first rental property in Pennsylvania for $8,000.

I'm guessing this was a typo and the author meant to say $80,000. Still, it is a nice turnaround story.

Maybe not.  There are actually liveable houses in PA (tink coal mining areas, not Phiildelphia) that can be bought today for less than $15,000.  Taxes will be about 1500-2000 a year though!

[Jack]

At 40, I was able to purchase my first rental property in Pennsylvania for $8,000.

I'm guessing this was a typo and the author meant to say $80,000. Still, it is a nice turnaround story.

Maybe not.  There are actually liveable houses in PA (tink coal mining areas, not Phiildelphia) that can be bought today for less than $15,000.  Taxes will be about 1500-2000 a year though!

Zillow has 327 listings for single-family homes for less than $10,000 in Pennsylvania, including some in Philadelphia and Pittsburgh (which I can only assume are generally higher COL areas).

[DebtDerp]

At 40, I was able to purchase my first rental property in Pennsylvania for $8,000.

I'm guessing this was a typo and the author meant to say $80,000. Still, it is a nice turnaround story.

Maybe not.  There are actually liveable houses in PA (tink coal mining areas, not Phiildelphia) that can be bought today for less than $15,000.  Taxes will be about 1500-2000 a year though!

Zillow has 327 listings for single-family homes for less than $10,000 in Pennsylvania, including some in Philadelphia and Pittsburgh (which I can only assume are generally higher COL areas).

Hmmmm, I'm still not convinced. I doubt a house large enough to be split into three apartments and generate $1,500 per month could be had for $8k. Even if this guy did it what are the chances of that ever happening again? Also, I'm guess a large majority of the zillow listings for houses under $10k are scams. The site has a notorious problem with this.

[CNM]

About the $8000 property, the guy who wrote the article bought it 20 years ago.  I lived in Pittsburgh in the mid '00s - before the housing market crash- and you could easily find properties in the $20,000 range.  They were shitty, abandoned, and probably had a tax lien on them but nevertheless available.  I bet 20 years go, before Pittsburgh had any sort of urban renewal, it'd be possible to get an $8000 property. 

Edited to add- What I find most shocking about this article are all the negative comments!  Sounds like the Internet Retirement Police (tm) are all over this guy!