Newbie Working towards building financial freedom through REI

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Newbie Working towards building financial freedom through REI

Mike Loew
Member since 2019 路 5 posts 路 0 votes
Hey everyone. I discovered BP a few weeks ago and since have started reading a few of Brandon's books on REI. I just wanted to take the time to introduce myself and let everyone know my desires and hopefully get some advice on where to start. I'm a practicing dentist looking to start building my financial freedom through cash flowing investments such as rentals, lending and syndications. I have pretty much ruled out wholesaling and flipping as I would not likely have the time involved in being successful in these fields while still working full time. I have looked into some turnkey sites such as Memphis Invest and RP Capital. Both seem like good companies but was hoping someone could give some more info on them for me. I have also came across a group called Freedom Founders which is all about trying to reach financial freedom for professionals through real estate but is very costly in my opinion. I know many say avoid these guru type clubs as most of the info can be obtained right here on BP. Has anybody used them or have any advice on these types of programs? I think it has an annual fee of $25k which seems to me to be better used in REI (even turnkey properties) instead of just losing it. I truly believe REI is the best path to financial freedom and I don't trust the stock market and like to have tangible assets. I realize the road ahead will have challenges but nothing that I will not be able to overcome thanks to the support of all of you. Thanks in advance for any input/thoughts. I'm excited to begin my RE journey.
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Jonathan BombaciBusiness Member
Real Estate Agent 路 Lowell, MA 路 Member since 2019 路 1k+ posts 路 1k+ votes
6y

Hi Mike, it ultimately depends on your goals. If your goal is passive real estate investing then investing with shared platforms or syndication are a great way to go but the returns will be limited and you won't learn as much as if you bought the property yourself and figured out how best to manage it. The hardest part in real estate is finding the deals. When you invest with a shared platform or syndication that is done for you but you'll miss out on the knowledge you'd gain by trying to find it yourself. In addition you may invest $100k and get a very small minority stake in a small syndication or use that same $100k to buy 100% of a $400-$500k investment property where the returns should easily outpace the 8-10% preferred returns on as a Limited Partner of a syndication. 

In my opinion, and this is just an opinion, syndication's are great, I may be setting one up myself in the not to distant future. But you should cut your teeth on an easy investment property yourself first. Use that as your tuition fee to learn more about real estate than you could ever retain from the books or from the monthly/quarterly reporting that comes from the syndication. Then you can use that first hand knowledge to decide if you want to invest in a passive platform or syndication or go at it yourself. 

I hope this helps and best of luck! Real estate is the path I used to reach FI, its very attainable and happens in less time than you think!

[email protected]978-710-8611
Candor Realty4.760 Reviews
WebsiteView Page
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  • Angela Thomas
    Residential Real Estate Broker 路 Draper, UT 路 Member since 2017 路 3 posts 路 1 vote
    6y

    Hey Mike,


    I think you鈥檙e on the right track, but I am biased as I am part of RPCapital that you mentioned. Please let me know if you ever have any questions. Thanks  馃槉 

    0Reply
  • Jonathan BombaciBusiness Member
    Real Estate Agent 路 Lowell, MA 路 Member since 2019 路 1k+ posts 路 1k+ votes
    6y

    Hi Mike, it ultimately depends on your goals. If your goal is passive real estate investing then investing with shared platforms or syndication are a great way to go but the returns will be limited and you won't learn as much as if you bought the property yourself and figured out how best to manage it. The hardest part in real estate is finding the deals. When you invest with a shared platform or syndication that is done for you but you'll miss out on the knowledge you'd gain by trying to find it yourself. In addition you may invest $100k and get a very small minority stake in a small syndication or use that same $100k to buy 100% of a $400-$500k investment property where the returns should easily outpace the 8-10% preferred returns on as a Limited Partner of a syndication. 

    In my opinion, and this is just an opinion, syndication's are great, I may be setting one up myself in the not to distant future. But you should cut your teeth on an easy investment property yourself first. Use that as your tuition fee to learn more about real estate than you could ever retain from the books or from the monthly/quarterly reporting that comes from the syndication. Then you can use that first hand knowledge to decide if you want to invest in a passive platform or syndication or go at it yourself. 

    I hope this helps and best of luck! Real estate is the path I used to reach FI, its very attainable and happens in less time than you think!

    [email protected]978-710-8611
    Candor Realty4.760 Reviews
    WebsiteView Page
    1Reply
  • Merle Brubacker
    Investor 路 Medford Wisconsin 路 Member since 2019 路 57 posts 路 18 votes
    6y

    @Mike Loew welcome to learning! I don't have any experience with those clubs but you're off on the right track. Plenty to eat if you've a hungry mind. Great investing!

    0Reply
  • Axel MeierhoeferPro Member
    Rental Property Investor 路 Escondido, CA 路 Member since 2017 路 679 posts 路 550 votes
    6y

    @Mike Loew I am with turnkey providers for the same goals as you do. I am soon going to have 12 doors in my portfolio. The TK's I am working with include Memphis Invest, Freedom, and Easy Street.

    If you like to learn more details, feel free to PM me and we can have a call where you can ask me any questions.

    I can relate a little as my uncle is a dentist. My doctorate is not in the medical field

    0Reply
  • Maureen McCann
    Specialist 路 Birmingham, AL 路 Member since 2014 路 81 posts 路 68 votes
    6y

    Hi @Mike Loew, welcome to the BiggerPockets community!! I will start by saying that I am a bit biased when it comes to the turnkey method, but if you are looking at a passive income it may be a great option for you. The next step is to figure out what market you want to invest in. Do you have an idea of the market you would like to invest in?

    0Reply
  • Mike Loew
    OP
    Member since 2019 路 5 posts 路 0 votes
    6y

    @AngelaThomas Thanks. I've been in contact with Susan but if I have any additional questions I won't hesitate to reach out.

    0Reply
  • Mike Loew
    OP
    Member since 2019 路 5 posts 路 0 votes
    6y

    @Jonathan Bombaci Thank you for your response. I agree I may learn more doing it myself but what I worry about is not having enough time to find the great or good deals. I haven't completely wrote the idea off and plan on talking to a couple local real estate agents that may be able to point me in the right direction. Maybe I have an unfounded expectation that Turnkeys will allow me to ease into REI and start to learn some of the concepts slowly before going all in but maybe I need to make the jump. Not sure hence the start of this thread. I also don't know a ton about syndications but the Freedom Founders seems to have good connections/relationships and seem to promote them as good investments. I'm still concerned with their costs to be apart of their club however and think my money may best be used investing in myself instead of them.

    0Reply
  • Mike Loew
    OP
    Member since 2019 路 5 posts 路 0 votes
    6y

    @Maureen McCann I am still researching which markets to invest. I live in the midwest so that may be the easiest place to start and it seems the Midwest does have ample opportunities for those looking for them. Seems like they would also be easier to visit if needed but not sure how often that is required with TurnKey investments. I definitely don't want to just blindly let some management company lead my investment as I'd want to check in to make sure my tenants and properties are taken care of appropriately.

    0Reply
  • Maureen McCann
    Specialist 路 Birmingham, AL 路 Member since 2014 路 81 posts 路 68 votes
    6y

    @Mike Loew, that makes sense, the Midwest does have ample opportunity for REI. You look like you're on the right track. Start researching the turnkey companies on your list and compile a few questions you may want to ask them.

    Best of luck!!

    0Reply
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