Young professional wanting a life change

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Young professional wanting a life change

Troy Scottaline
Member since 2021 · 10 posts · 20 votes

Hello! I'm excited to be posting this morning. I am a husband and father of 2 young kids (soon to be 3). I am also a doctor which brings in a nice income. What I am finding however, is that even though we make "good money", I am not very happy with my current lifestyle. My dream is to be able to not have to go to work on a schedule. I want to be able to work WHEN I want WHERE I want. So, I am starting to consider transitioning out of practice. To do this, other streams of income are required (obviously) before I make any leaps which is how I found Bigger Pockets. I have ZERO experience with real estate but believe it can help us build the life we want. I am wondering if there are any young professionals like me on here that have transitioned from their lucrative business to real estate with the intention of freeing up their time. I guess I am looking for some advice (and maybe some solace) that this can be done and how to get started. Thank you for taking time to read my post. Looking forward to this journey!  

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Austin Johnson
Investor · Jefferson City, MO · Member since 2020 · 190 posts · 178 votes
4y

not that I've "made it" or anything. However, read some books! they're gold mines.
Set for Life is AMAZING. it's a step by step guide for what you're looking for. transitioning out of a full time job you're stuck at 'during the best part of your day during the best days of the week during the best years of your life' into a life of freedom. the book lit a fire under my belly.

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  • Cody Lewis
    Investor · Charleston, SC · Member since 2021 · 263 posts · 122 votes
    4y

    Congrats on the upcoming addition to the family! If you're looking for others that have come from the medical field I would recommend connecting with any of these folks. Their stories are very similar!

    Vikram Raya

    Savannah Arroyo

    Dr. Jeff Anzalone


    4Reply
  • Austin Johnson
    Investor · Jefferson City, MO · Member since 2020 · 190 posts · 178 votes
    4y

    not that I've "made it" or anything. However, read some books! they're gold mines.
    Set for Life is AMAZING. it's a step by step guide for what you're looking for. transitioning out of a full time job you're stuck at 'during the best part of your day during the best days of the week during the best years of your life' into a life of freedom. the book lit a fire under my belly.

    6Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y
    Originally posted by @Cody Lewis:

    Congrats on the upcoming addition to the family! If you're looking for others that have come from the medical field I would recommend connecting with any of these folks. Their stories are very similar!

    Vikram Raya

    Savannah Arroyo

    Dr. Jeff Anzalone


    Thanks so much for the reply! Appreciate the contacts!

    1Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y
    Originally posted by @Austin Johnson:

    not that I've "made it" or anything. However, read some books! they're gold mines.
    Set for Life is AMAZING. it's a step by step guide for what you're looking for. transitioning out of a full time job you're stuck at 'during the best part of your day during the best days of the week during the best years of your life' into a life of freedom. the book lit a fire under my belly.

    2Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y

    Ahhh books! I have so many. So many have inspired me as well! I haven’t read Set For Life yet. Next on the list!

    2Reply
  • Long Dang
    Boston, MA · Member since 2021 · 31 posts · 37 votes
    4y

    Being able to work when you want and where you want is the type of goal that gives meaning to life. I applaud you for taking the first step and realizing. 

    A few things I suggest to everyone that want to make drastic life changes: 

    1) What is your risk tolerance? and how fast do you want to run at this goal? 

    2) What is the time horizon in which you want to achieve absolute financial freedom (being able to live off your passive income)?

    3) Are there external factors that compel you to stay in medicine? How can you go about reducing/mitigating those factors? 

    4) Who are the 2-3 people that you can talk to help guide you through this transition? 

    Good luck on the transition! 

    4Reply
  • Tyler McDonald
    Suffolk, VA · Member since 2021 · 54 posts · 33 votes
    4y

    Welcome!  Good luck in the journey.  

    2Reply
  • Simon Prado
    Member since 2021 · 4 posts · 2 votes
    4y

    Hello all, 

    I'm pretty much in the same spot with Troy. Except I'm single without children. I'm a registered nurse and looking to transition to full time real estate investing. I'm in Orange County, CA. Anyone close to me? I have little real estate experience. No experience with flipping or wholesaling.

    2Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    4y

    @Troy Scottaline first and foremost. This CAN be done. Financial freedom and all the time you could ever imagine is within reach for you. What is your current living situation? The more units you can stockpile the better. Buy a 4 family, and another, and another, and keep going. Cash flow and work from your inground pool.

    3Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y
    Originally posted by @Bud Gaffney:

    @Troy Scottaline first and foremost. This CAN be done. Financial freedom and all the time you could ever imagine is within reach for you. What is your current living situation? The more units you can stockpile the better. Buy a 4 family, and another, and another, and keep going. Cash flow and work from your inground pool.

    Hi Bud. 

    Thanks for the reply. Current living situation is living in a single family home (mortgaged) with 2 young kids (3 and 1) with another one on the way. I work about 40 hours a week and have been able to save up about $150k over the past 4 years of practice. We don't currently have any investments but want to start using my saved capital to get us to financial freedom. I have no real estate experience! Thanks for the input!

    1Reply
  • Craig Janet
    Member since 2019 · 223 posts · 261 votes
    4y

    A quick jump start would be to buy another house and rent your old house. I'm sure you could use the extra space with a baby on the way. Just don't get too crazy with the upgrade. 

    2Reply
  • Stephen Lewellis
    Member since 2018 · 6 posts · 8 votes
    4y

    Congrats on taking the first step, Troy. Fellow doctor and rookie here. I relate to the way you're feeling and love talking to other docs about their real estate investing aspirations/journey.

    I agree with others that this is indeed possible. As I've heard many in the physician real estate investing community say, this isn't med school hard. Keep your WHY in mind in order to keep you on track and motivated. Just like the road to becoming a physician, this ain't a get rich quick scheme, but I know it works if you pay attention to the numbers, do your due diligence, and continuously invest in yourself and your business. And the reward on the other end is financial freedom and flexibility that allows you to support your family and your dreams without running on that RVU treadmill and feeling like taking a vacation means losing money. I still laugh when my employer called it "PTO".

    I've been educating myself about real estate investing for a couple years and just now feel like I'm on the cusp of taking the plunge. I tell myself over and over again that my first deal doesn't have to be a home run and that I just need to get on base, but it's still tough to get over that hump. Remember to think about all the great things that committing to this can bring to your life at least as often as you think about the things that could go wrong. The upside potential far outweighs the downside, assuming you approach it in a responsible and educated way.

    It seems like we're in a similar stage. I'm also a father, am about 2.5 years out of residency, and recently moved to central Wisconsin. I'm focusing on starting my portfolio with 2-4 unit multifamily buy and hold rentals in the local market where I live with the goal of generating substantial cash flow independent of my W2 job. I'm happy to keep in touch along the way if you want.

    Good luck -- we're all here for you.

    4Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y
    Originally posted by @Stephen Lewellis:

    Congrats on taking the first step, Troy. Fellow doctor and rookie here. I relate to the way you're feeling and love talking to other docs about their real estate investing aspirations/journey.

    I agree with others that this is indeed possible. As I've heard many in the physician real estate investing community say, this isn't med school hard. Keep your WHY in mind in order to keep you on track and motivated. Just like the road to becoming a physician, this ain't a get rich quick scheme, but I know it works if you pay attention to the numbers, do your due diligence, and continuously invest in yourself and your business. And the reward on the other end is financial freedom and flexibility that allows you to support your family and your dreams without running on that RVU treadmill and feeling like taking a vacation means losing money. I still laugh when my employer called it "PTO".

    I've been educating myself about real estate investing for a couple years and just now feel like I'm on the cusp of taking the plunge. I tell myself over and over again that my first deal doesn't have to be a home run and that I just need to get on base, but it's still tough to get over that hump. Remember to think about all the great things that committing to this can bring to your life at least as often as you think about the things that could go wrong. The upside potential far outweighs the downside, assuming you approach it in a responsible and educated way.

    It seems like we're in a similar stage. I'm also a father, am about 2.5 years out of residency, and recently moved to central Wisconsin. I'm focusing on starting my portfolio with 2-4 unit multifamily buy and hold rentals in the local market where I live with the goal of generating substantial cash flow independent of my W2 job. I'm happy to keep in touch along the way if you want.

    Good luck -- we're all here for you.

    Hey Stephen! 

    Thanks a lot for sharing. Seems like we have a lot in common that way. I’ve been in practice for 4 years and I’ve really started to realize how much time away from my family I’ve been spending. I really want to shift that. My goal is to accumulate income generating assets producing me $20k per month in income. I never want to  have to miss my daughters school plays and soccer practices because I’m too busy at work. That’s my motivation.

    I’ve been able to save some decent capital now I need to find out how to put it to work. 

    Thanks for the inspiration. Look forward to keeping in touch with you along the way. 

    -Troy 

    1Reply
  • Michael Plante
    Deland, FL · Member since 2017 · 2k+ posts · 1k+ votes
    4y
    Originally posted by @Troy Scottaline:

    Hello! I'm excited to be posting this morning. I am a husband and father of 2 young kids (soon to be 3). I am also a doctor which brings in a nice income. What I am finding however, is that even though we make "good money", I am not very happy with my current lifestyle. My dream is to be able to not have to go to work on a schedule. I want to be able to work WHEN I want WHERE I want. So, I am starting to consider transitioning out of practice. To do this, other streams of income are required (obviously) before I make any leaps which is how I found Bigger Pockets. I have ZERO experience with real estate but believe it can help us build the life we want. I am wondering if there are any young professionals like me on here that have transitioned from their lucrative business to real estate with the intention of freeing up their time. I guess I am looking for some advice (and maybe some solace) that this can be done and how to get started. Thank you for taking time to read my post. Looking forward to this journey!  

     Good news bad news 

    good news you make good money 

    Bad news.  If you are like most people you spend just about all that you earn.  Replacing what you earn/your lifestyle will take more time and effort

    For me it was easy to replace minimum wage with rental income and flipping   My sister on the other hand, making probably around how much you make, proved impossible for her and she had to wait to retire until she was in her 60s    

    I, on the other hand was able to retire in my 40s because of a more modest lifestyle 


    for you and most people the rental route is a long route.   Flipping will replace your income faster but is more time intensive.

    4Reply
  • Steve Armstrong
    Investor · Prospect, KY · Member since 2017 · 62 posts · 34 votes
    4y

    @Troy Scottaline. Try the Doctors Investing Group podcast.

    2Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y
    Originally posted by @Michael Plante:
    Originally posted by @Troy Scottaline:

    Hello! I'm excited to be posting this morning. I am a husband and father of 2 young kids (soon to be 3). I am also a doctor which brings in a nice income. What I am finding however, is that even though we make "good money", I am not very happy with my current lifestyle. My dream is to be able to not have to go to work on a schedule. I want to be able to work WHEN I want WHERE I want. So, I am starting to consider transitioning out of practice. To do this, other streams of income are required (obviously) before I make any leaps which is how I found Bigger Pockets. I have ZERO experience with real estate but believe it can help us build the life we want. I am wondering if there are any young professionals like me on here that have transitioned from their lucrative business to real estate with the intention of freeing up their time. I guess I am looking for some advice (and maybe some solace) that this can be done and how to get started. Thank you for taking time to read my post. Looking forward to this journey!  

     Good news bad news 

    good news you make good money 

    Bad news.  If you are like most people you spend just about all that you earn.  Replacing what you earn/your lifestyle will take more time and effort

    For me it was easy to replace minimum wage with rental income and flipping   My sister on the other hand, making probably around how much you make, proved impossible for her and she had to wait to retire until she was in her 60s    

    I, on the other hand was able to retire in my 40s because of a more modest lifestyle 


    for you and most people the rental route is a long route.   Flipping will replace your income faster but is more time intensive.

    Hi Michael.


    Thanks for the reply. Actually, we’ve been pretty conscious with our spending. We have a surplus of about $15k a month on average which we’ve just been saving in a regular checking account. It’s been hard to watch that money sit there and not do anything though! I’m hoping to take what we’ve been able to save thus far and turn it into assets that produce us income. 

    0Reply
  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    4y
    Originally posted by @Troy Scottaline:

    Hello! I'm excited to be posting this morning. I am a husband and father of 2 young kids (soon to be 3). I am also a doctor which brings in a nice income. What I am finding however, is that even though we make "good money", I am not very happy with my current lifestyle. My dream is to be able to not have to go to work on a schedule. I want to be able to work WHEN I want WHERE I want. So, I am starting to consider transitioning out of practice. To do this, other streams of income are required (obviously) before I make any leaps which is how I found Bigger Pockets. I have ZERO experience with real estate but believe it can help us build the life we want. I am wondering if there are any young professionals like me on here that have transitioned from their lucrative business to real estate with the intention of freeing up their time. I guess I am looking for some advice (and maybe some solace) that this can be done and how to get started. Thank you for taking time to read my post. Looking forward to this journey!  

     Hi Troy,

    I'm going to expound just a bit on this with some pop culture references, you can take what you want out if it.

    [1] Interesting you have come this far in "Doctern' "-- (a Granny Clampet reference), all of this money, all this time and all this stress over the years and now find it "less than you want".

    [2] "Man hears what he wants to hear and disregards the rest"-- (a Simon and Garfunkel reference). Get rich quick, No Money Down, No Hard Work<--(No (material amount of) Truth in that).

    [3] Multi-Level Marketing Team Member Hiring Pitch-->Don't want to work hard--selling El-Soap-oh is the job for you-->Leads to a poverty lifestyle for most. It's the not wanting to work part that sabotages things...

    [4] Ole' Jed Clampit got his money for nothing (shootin' at some food) and his Chicks for free (they hatched out of eggs) (a Dire Straights and Beverly Hillbillies reference combined). But that's TV, and to make (big money like you refer to) in Real Estate it takes specialized knowledge, TIME, and Money as well a the ability to handle Risk without breaking down mentally or emotionally....

    I'm not saying you can't do it--you certainly can...but it will most likely take time (in addition to your practice) and sometimes stress and TIME combined working at it.

    How long will it take...unknown. You are not talking about buying a SFH and renting it out to replace your income (and families insurance) because that probably won't be enough.

    But its not plug and play, pay it and forget it and cash the checks as they roll in. There is work involved in it, and the bigger you're holdings the more time you may have to spend Doctern' them.

    And if you take all of your time and spend it on business, your marriage may suffer and that means being liquidated in Divorce court with an MD Degree...(aka taken to the cleaners).

    Just a heads up from my perspective before you (go for the gold).

    Good Luck!

    5Reply
  • Joseph Schweizer
    Investor · Member since 2020 · 291 posts · 592 votes
    4y

    Hi @Troy Scottaline!

    I have similar goals to you of eventually having freedom from a strict work requirement and having the ability/flexibility to do things on my own schedule. I am not a medical professional, but I am an engineer so I have a decent source of income. I recently started my real estate investing (about a year ago) with my first property (see post below). I recommend making sure you have a solid foundation of knowledge about real estate, but do not get stuck in what most people call "analysis paralysis" and actually make that first investment. You will learn so much by taking this step. You are going to want to identify the various different RE investing strategies and determine what strategy will best fit your skillset/goals. 

    https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

    Best Wishes!

    2Reply
  • Ryan Johnson
    Real Estate Agent · Southern Oregon · Member since 2021 · 16 posts · 7 votes
    4y

    @Troy Scottaline

    Hey Troy, I'm excited for you. One question I always hear on BiggerPockets when people ask about leaving their W-2 job is: "If a property cash flows at X how many of those properties do I need to buy before I can reasonably expect to pay my bills with that income?" Personally, I'm a big fan of the short-term rental strategy because of the huge cash flow potential. I say start there and look for markets with high cash flow potential. I'm working toward the same goal in Oregon now. Good luck

    2Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y
    Originally posted by @Scott Mac:
    Originally posted by @Troy Scottaline:

    Hello! I'm excited to be posting this morning. I am a husband and father of 2 young kids (soon to be 3). I am also a doctor which brings in a nice income. What I am finding however, is that even though we make "good money", I am not very happy with my current lifestyle. My dream is to be able to not have to go to work on a schedule. I want to be able to work WHEN I want WHERE I want. So, I am starting to consider transitioning out of practice. To do this, other streams of income are required (obviously) before I make any leaps which is how I found Bigger Pockets. I have ZERO experience with real estate but believe it can help us build the life we want. I am wondering if there are any young professionals like me on here that have transitioned from their lucrative business to real estate with the intention of freeing up their time. I guess I am looking for some advice (and maybe some solace) that this can be done and how to get started. Thank you for taking time to read my post. Looking forward to this journey!  

     Hi Troy,

    I'm going to expound just a bit on this with some pop culture references, you can take what you want out if it.

    [1] Interesting you have come this far in "Doctern' "-- (a Granny Clampet reference), all of this money, all this time and all this stress over the years and now find it "less than you want".

    [2] "Man hears what he wants to hear and disregards the rest"-- (a Simon and Garfunkel reference). Get rich quick, No Money Down, No Hard Work<--(No (material amount of) Truth in that).

    [3] Multi-Level Marketing Team Member Hiring Pitch-->Don't want to work hard--selling El-Soap-oh is the job for you-->Leads to a poverty lifestyle for most. It's the not wanting to work part that sabotages things...

    [4] Ole' Jed Clampit got his money for nothing (shootin' at some food) and his Chicks for free (they hatched out of eggs) (a Dire Straights and Beverly Hillbillies reference combined). But that's TV, and to make (big money like you refer to) in Real Estate it takes specialized knowledge, TIME, and Money as well a the ability to handle Risk without breaking down mentally or emotionally....

    I'm not saying you can't do it--you certainly can...but it will most likely take time (in addition to your practice) and sometimes stress and TIME combined working at it.

    How long will it take...unknown. You are not talking about buying a SFH and renting it out to replace your income (and families insurance) because that probably won't be enough.

    But its not plug and play, pay it and forget it and cash the checks as they roll in. There is work involved in it, and the bigger you're holdings the more time you may have to spend Doctern' them.

    And if you take all of your time and spend it on business, your marriage may suffer and that means being liquidated in Divorce court with an MD Degree...(aka taken to the cleaners).

    Just a heads up from my perspective before you (go for the gold).

    Good Luck!

    Hi Scott.

    Thank you for your perspective. It’s nice to look at it from different angles so I appreciate your input. My idea is not to stop working and get rich quick, but rather understanding full time practice isn’t what I want long term. It’s about starting to lay the foundation for my ultimate dream. Freedom of time and being able to count on my assets to provide me and my family adequate income to live comfortably. 

    1Reply
  • Troy Scottaline
    OP
    Member since 2021 · 10 posts · 20 votes
    4y
    Originally posted by @Joseph Schweizer:

    Hi @Troy Scottaline!

    I have similar goals to you of eventually having freedom from a strict work requirement and having the ability/flexibility to do things on my own schedule. I am not a medical professional, but I am an engineer so I have a decent source of income. I recently started my real estate investing (about a year ago) with my first property (see post below). I recommend making sure you have a solid foundation of knowledge about real estate, but do not get stuck in what most people call "analysis paralysis" and actually make that first investment. You will learn so much by taking this step. You are going to want to identify the various different RE investing strategies and determine what strategy will best fit your skillset/goals. 

    https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

    Best Wishes!

    Hi Joseph!


    Awesome! Thanks for sharing. It looks like it’s been about a year since your first purchase. How’s it going so far?? Is there anything you learned that you could share? Appreciated!

    0Reply
  • Joseph Schweizer
    Investor · Member since 2020 · 291 posts · 592 votes
    4y

    @Troy Scottaline

    My property is doing well! So far, nothing unexpected has come up and I have been receiving rent payments. Numbers are turning out to be what was expected when I went into it. 

    I learned that I know how to analyze a property and now I have the actuals to back it up. I learned that each county/city has different rules for rental properties and when you are running your numbers you may have to factor in registering the rental with the county each year. If there is a tenant in place prior to purchase, you want to ask for a current owner ledger to verify rent payments and expenses. You also want to understand how the tenant was selected and what criteria was used in the selection. Among other things. 

    1Reply
  • Sean Starkey
    Rental Property Investor · Huntington Beach · Member since 2021 · 116 posts · 40 votes
    4y

    @Simon Prado

    Im in OC as well just starting out and looking to get into multifamily

    1Reply
  • Deanna O.
    Rental Property Investor · San Diego, CA · Member since 2010 · 366 posts · 314 votes
    4y

    Very few real estate investors make $100/hour. That said, investing $ in RE is pretty good way to make sure that your money works for you (long term), and an even better way of keeping more of what you earn (depreciation is tax magic). The caveat about investing right now is that that current prices really, really high compared to historic values (look at the inflation-adjusted Case-Schiller index).  What you are actually talking about seems to be more of a life/work balance issue.  Out of curiosity, are there other options for you that have different/fewer hours but still let you keep making the higher per hour wages of medicine? Maybe investigate those sooner rather than later? Even if you do decide to transition from medicine to RE, you probably won't do it all at once, and it's possible if you get a schedule that fits you better you may find that you start enjoying medicine more.

    1Reply
  • Gary Heuston
    Winston-Salem, NC · Member since 2018 · 29 posts · 25 votes
    4y

    So yes, you can replace your income with passive income, it just takes a bit longer when you have more income to replace.  If your willing to work for it, this is all possible.

    If you average say $250/door/month in rental income after expenses, to replace your $20k/month you need to have 80 doors making this.  You're not starting out with no money and trying to make that work, so this makes it a bit easier of course.  At this point you should spend most of your time reading, learning, understanding everything you can about this business.

    Start here:  https://www.biggerpockets.com/... and read everything you can.  Listen to the Biggerpockets podcasts, you can learn a lot about how other people have taken this journey.  Your goal here is to learn, learn, learn just like anything else in life!  Once you have a bit of knowledge under your belt, start looking at your local area and just watch the real estate market and see whats happening...see how houses are being sold, how quickly, what price ranges, what you are getting for that price range, etc.

    The more time you can spend analyzing properties, reading, understanding the less time it will end up taking to move forward into your first deal.  Decide what your goal is to get out of your current situation (5 years?  10 years?  20 years?) and make a strategy based on that.  Write your goals down DAILY to keep them fresh in your mind, and always be working towards those goals.  Try to impregnate this mindset in your everyday life...the more obsessed you are the better you will do with this.

    As for the comment about getting a divorce...have a serious sit down talk with your significant other and let them know exactly what you are thinking, what your goals are, why you are doing this, and that they may have to put up with you being a little more absent for a little while so you can be a lot more available later.  Any spouse in it for the long haul should understand and be willing to support this venture as long as you are willing to keep them in the loop of what you are doing...who knows, they may want to go in with you which would be awesome!  Open communication is the key to happy relationships...

    2Reply
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