I've been rapidly consuming content for a while now but figure it is time to make a proper introduction!
I'm originally from Rhode Island but until recently had been living and working in finance in NYC for the past 4 years. I made the move out of NYC to the town of Babylon on the South Shore of Long Island to be closer to my wife's hospital where she recently started her residency program (with crazy hours!). I've been commuting into NYC for work now, so I've had 2+ hours a day to entertain myself on the Long Island Rail Road.
I started reading, and like many others, Rich Dad Poor Dad was the book that sparked a new obsession....since then financial freedom through real estate has pretty much become all I think about. I've been cruising through countless Bigger Pockets Podcast episodes and webinars, and have been reading books such as Set for Life, Think and Grow Rich, 4-Hour Workweek (the usual).
All of these made me realize what would happen if my wife and I continued on our current path. We would be reasonably well-off with our doctor and financial professional salaries, but we would still be trading our time for money. I see way too many people on the train commuting an hour and half each way well into their fifties/sixties, and hear too many horror stories about doctor's work hours to allow myself to fall into this same trap.
My plan is to begin looking for a house-hack of a multi-family unit in the area to get started. The BRRRR strategy, and multi-family home investing right now seem the most interesting to me after the house-hack. I plan to read @Brandon Turner 's books next to get more into the specifics of real estate investing. I am also going to keep my eye open for meetups in the area.
My next step is to reach out to local real estate agents and ask to be added to automated updates for multi-family properties to get started. Any comments, advice, or connections would be greatly appreciated!
It's a plan however keep in mind in addition to your regular job you will also be working renovating, managing tenants and doing book keeping. Financial independence requires that you work twice as hard and much longer hours than you are presently working. It could take 10 years or more depending on how much time and money you invest.
Real estate investing is far from passive. You will quickly discover the easiest money you will ever earn is working a 9 to 5 trading your time for money.
As long as you are prepared to considerably increase your work time and make investing in real estate your priority in life it is definatly possible.
Eyes wide open, it's damb hard work and most do not succeed.
If you haven't already found it, I would recommend checking out the White Coat Investor (book, blog, and podcast). A lot of the info may be "below" you because it is geared toward teaching high income earners who do not have much financial knowledge (ie doctors) how to better manage their money. And given your profession you probably already have most of that knowledge in your back pocket.
But some of the benefit of reading through that stuff is in the mindset. And there is also great advice and strategies on dealing with mountains of student loans (which you and your wife may be having to deal with now).
What is your wife's specialty?
@Dan Tisser I know exactly what you are going through as I am in a similar boat. Even with a good education and nice salary/income you are still trading your time for money. It’s great when your young and wanting to conquer the world but speaking to wiser/older friends I know working like a dog gets old after a while. Even flipping, developing, wholesaling, and the other very popular avenues on this site are nothing but day jobs trading time for money. Yes you can make a lot of money with these avenues but what happens the music stops? A lot of people use these avenues to get quick cash with the intention of buying into something long term/passive but you can do the same thing with a good salary and some savings to skip the line, proceed directly to GO, and collect your $200.
@Dan Tisser Welcome to the BP community, as a fellow Long Islander I’m in the same boat. I’ve been looking to buy out of state though, mainly buy and hold in RI or MD let me know if you ever want to grab a coffee to talk RE and kick around ideas.
Welcome to Bigger Pockets.
Be careful of the lifestyle creep. You will get to time freedom much faster...
Welcome, Dan! If you have a "financial freedom fixation" I think you've found your tribe here at Bigger Pockets ;)
Sounds like you're doing all the right things with your preparation. I love the idea of house hacking a multi-family and if I started over, I would do that early and often.
One note of encouragement....investing in real estate (buy and hold rentals) does require some level of time investment, as the earlier poster warned, but you and your wife can dictate how much time and at what stress level you want to operate.
As an example...recognizing we weren't handy people, my husband and I chose early investments that were turn-key buy and holds, and easily cash flowed (with margin) from day 1. Since then, as we've built a team, we have taken on more complex renovations, including a total gut job. We've learned a lot along the way, but never tackled anything we weren't prepared to manage at that point of our journey, which helped control the time and stress. We both worked professional jobs and didn't have a lot of margin in our days, and I would say we average 2-3 hours per week of total time to self-manage 8 rental units. Obviously, if we were dong a live-in flip or house hack, that would require more time.
I say all of this to make the point that you can create the journey that works for you. Since you're already plugged into the podcasts, you know that there are many paths to financial independence....you just have to find the one that works best for you and your family.
Best of luck to you! Look forward to following your journey.
@Dan Tisser Welcome Dan! I'm in a similar situation but on the NJ side of things, taking NJ Transit to work every day, reading the same books and having the same thoughts lol. Its amazing how real "sitting on the commuter train and daydreaming about financial freedom" habit is! Good luck!
@Kent Hall Great advice, I scanned through the book a while back but should definitely take another look. I also just checked out the podcasts and am going to start incorporating some of those into my rotation. She is an OB/GYN.
@Matt B. Awesome! Are you mainly around the island or do you work in NYC?
@Thomas DiMeo Thanks, to you as well!
@Christina J. Thank you, great to see success stories like yours!
Thank you all!
Ahhhh, I do not miss the commute to the city.
Good luck to you on your jorney.
Welcome to BP @Dan Tisser ! I would recommend listening through the Biggerpockets Money Show podcasts with @Scott Trench and @Mindy Jensen . Although real estate is a great and vast industry, if your fixation is on financial independence then it's a great show to show you ways that people were able to do so and not necessarily through real estate (especially since investing in NY can be expensive). It can also help you to discover ways to save more money to give yourself a better starting platform for investing. Best of luck!
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