almost time to invest! Just a few questions first...

almost time to invest! Just a few questions first...

Member since 2018 · 10 posts · 6 votes
Hey all, I’m super excited to start on this journey. I’ve spent the last couple of months soaking in as much as I can from the forums and the podcasts. I just graduated from fellowship and will start working as a vascular surgeon in August in Louisiana. This is a pretty significant increase in salary for my family. I think that in order to feel confident about investing I need to spend about 4 months paying off debts (credit cards, cars) before I can reasonably allocate money to investing. I have a few questions though: 1. My husband hasn’t been bitten by the real estate bug but is ok with investing. How do I get him as excited as I am? 2. I’m really interested in multi family units (4-8 units?), but should I start with single family homes before I jump to those? I intend to use a property manager for all of my real estate when I get there. 3. Being that I plan to use a property manager, how do I keep myself involved in the process adequately without stepping on toes? 4. Omg I’m so excited for this. How do I keep myself super excited while waiting the next few months to pay things down and gather Capital? Thank you so much, I’m really excited to be part of the community in any way that I can! Steven
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New Iberia, LA · Member since 2017 · 133 posts · 89 votes
8y

@Steven Pike Welcome aboard and Welcome to Acadiana! Always good to have more Health Care Professionals in the area. There is a local BP meeting which will be great for you to attend. Here is the link https://www.meetup.com/BPACADIANA/

I would say it would be well worth it to take your agent to lunch and pick her brain. She makes her living on making connections and if she can't help you she will know someone who can. Just let her know you are interested in investing in real estate and you value her input on who would be the best to work with. If she is the one then she will tell you, and if not she should be more then willing to connect you with someone. 

I'm finding in my research (I'm new at this as well) that Real Estate is a Relationship business and building relationships seem to be one of the key tenents outside of the actual numbers that you have to focus on. 

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  • Tucson, AZ · Member since 2017 · 118 posts · 40 votes
    8y

    Congrats on being so close to getting into your first deal.  I’ve been working on finding my first deal and educating myself for about a year and a half.  I’ve had a few deals get started and unfortunately for one reason or another things just haven’t worked out.  I keep going by knowing that now matter how long it takes for that first deal to go through, I’m one day closer to it.  It’s been a long winding road but stay on it.  Soon enough that deal will reveal itself and your life will surely change.  

    Best of luck and happy hunting.

  • Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    8y

    @Steven Pike  If your husband is like my girlfriend then you have to prove to them you're committed to investing. She's more of a "show me you can do this and I'll support you" kind of person. If you want to do MFH then start with one. You'll have the same headaches with a multifamily as you would with a single family, you'll just be making more money. (that was suppose to be funny, ha ha)  You and your property manager should have a great working relationship. It's okay to always check up on your property, just make sure you do it in a way you and your manager both agree upon. For instance, you both might agree to a weekly or bi weekly phone call. It's all about the relationship and the property. Finally, do yourself a solid and find your team of people to help you with your Real Estate transactions. I'm not too familiar if Louisiana is an attorney state or title state so find that out then find a title company or an attorney. Get an agent, a lender, and a general contractor (if you don't plan to do the work yourself). 

    P.S Get prequalified. Unless you're buying all cash.  Good luck!

  • Member since 2018 · 10 posts · 6 votes
    8y

    Sweet thanks guys.  @Alex Verdugo, I went to med school in Tucson!  That's actually one of the markets I'm interested in investing in, though I think I should do something local to where I live first?  I'm REALLY at the beginning here.  I'm actually still trying to figure out how to analyze a deal.  I saw a great video on BP detailing how to run the numbers, but with so many videos I havn't been able to find it again.  I want to be able to do it manually before I start relying on the calculators so I can really understanding what is happening with the money.  

    @Nick Rutkowski, we just moved to Lafayette, and literally the only people we know in town are my boss and our real estate agent who was amazing.  Would it be reasonable to ask our agent to coffee and pick her brain about this or is she probably too busy for that?  Is this a situation where I buy an hour of her time?  How to people initiate this kind of relationship instead of being a standard residential buyer?

  • Broussard, LA · Member since 2016 · 34 posts · 47 votes
    8y

    Hi Steven. I find & wholesale discounted real estate investment deals in Lafayette. I'd be happy to sit down with you, talk about your investment desires & answer any questions I can for you.

  • New Iberia, LA · Member since 2017 · 133 posts · 89 votes
    8y

    @Steven Pike Welcome aboard and Welcome to Acadiana! Always good to have more Health Care Professionals in the area. There is a local BP meeting which will be great for you to attend. Here is the link https://www.meetup.com/BPACADIANA/

    I would say it would be well worth it to take your agent to lunch and pick her brain. She makes her living on making connections and if she can't help you she will know someone who can. Just let her know you are interested in investing in real estate and you value her input on who would be the best to work with. If she is the one then she will tell you, and if not she should be more then willing to connect you with someone. 

    I'm finding in my research (I'm new at this as well) that Real Estate is a Relationship business and building relationships seem to be one of the key tenents outside of the actual numbers that you have to focus on. 

  • Member since 2018 · 10 posts · 6 votes
    8y

    @Craig Boutte that would really great.  I'm not quite ready to invest (but close!) but anything I can learn would be wonderful.  I'll figure out how to connect with you here on BP.

    @James Dickens Thanks I was actually trying to figure out if there was a planned meetup!  Hopefully I can drag my husband out to get him excited.  He's pretty good with this kind of thing when he's into it.  

  • Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @Steven Pike Congrats on deciding to start investing in RE and on becoming a vascular surgeon! Since you're going to work in a pretty demanding profession, you may have to work some prolong hours. So that prompts for a question: have you decided how involved do you want to be in your RE investing? If you cannot give up the control, then you have to be pretty active. Alternatively, if you still want to have some rest and be able to spent time with your husband, then you may want to consider some more passive investing strategies like investing in notes or syndications. Just a food for thought. 

  • Member since 2018 · 10 posts · 6 votes
    8y

    lots of suggestions on syndications.  I think I like the idea, but honestly don't know anything about it.  I clearly have a lot more research to do!  My other option is to figure out how to get Paul (my husband) excited enough to want to be involved.  I'm definitely not there yet with him.

  • Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    8y

    @Steven Pike I think if you buy your agent coffee and go over your plan, she wouldn't mind spending the time with you. As agents, we want to make sure our clients are well taken care of. So think of that coffee meeting like a business meeting and your agent as your potential business partner.

  • Tucson, AZ · Member since 2017 · 118 posts · 40 votes
    8y

    It’s always great to fine another investor in or from the Tucson area. I’m sure that having lived here for a while you know exactly the appeal that Tucson draws.  I’ve done quite a few “running the numbers” profiles on various properties that realtors send me so I can become familiar with the process.  I want to know that I can get a certain amount of rent for the unit and make sure that my family will be taken care of in the future.  But I digress.  I’d be happy to share what limited knowledge I have with you to help you along your way and at the same time helping me to reach my goal.  Feel free to message me whenever. 

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