Newbie: What? Diabetes? Me? Time for some changes.
Hello all, and thank you for taking the time to read my very first post.
I am 51 years old living in Seal Beach California. I am an interventional radiologist, and work way too much. I recently got some blood work done, and it revealed that I am a prediabetic, though I am thin and fit. I attributed some of it to work related stress. It was a real eye opener for me and I have decided it is time for some changes in my life. I would like to somehow be able to replace a large portion of my income with some other sources gradually over the next ten to twelve years so that I can get out of the rat race. What better way than through real estate.
Don't get me wrong. I love my job, perhaps one of the best jobs in the world. But the stress of treating critically ill patients takes a toll.
I work 60 hours a week, like most doctors. I don't have the time to do flips, nor drive for dollars, nor manage properties. I love the idea of depreciation on properties to help offset some W2 income, but my wife hardly seems interested in becoming a "real estate professional."
I have done participated as a passive investor in the past on some syndication deals. Some went well. Some not so well. Some are still in play. I had my butt kicked in 2008 through a few passive investments and have had a sour taste for real estate since then.
But it is time to get back in the game....I am convinced of it.
I have started to contact some people that I know to be RE investors. I have listened to almost all of the BP podcasts, and read a bunch of books. I payed the fee to become a pro here, to have some skin in the game.
I think I will become a buy and hold investor, as I do not need cash flow to live. Though I am not opposed to Single Family homes, I am intrigued with Multi- Family and Commercial. I would love to invest in my own back yard, but.....pretty pricey around here. Yet I am fearful of investing out of state due to lack of control.
I plan to attend a few of the local REI meetings, and perhaps will bump into a few of you.
The big WHY: Every year I travel to different third world countries doing medical mission work, serving some of the most needy people in the world with my church friends and with my favorite charity organization, promise child. I want to become their biggest donor some day and spend more and more time in the field serving the Lord!