First Posts Have that New Car Smell....
Hello Bigger Pockets!
I'm a long time podcast-listener and longer time dentist located in Cincy, OH. This coronavirus thing confirms my more recent suspicions that my career isn't perhaps as robust as I initially thought. I've seen a lot in my profession who work too long and too hard because they never invested properly. They lose their hearing, hurt their backs, get carpel tunnel - and still need to work long after that to keep the income flowing in. Well that's not going to be me. I love dentistry, but I want to wake up everyday choosing to do it instead of being absolutely dependent on it, so that's why I'm here.
I recently inherited some properties in Wisconsin where I'm from, one with a tenant and one that needs some TLC in order to get rented out, but I would like to acquire some properties in and around Cincy as that is where my practice is and where I will be for the long term.
What I would like to do is replace my income with cash-flowing assets. My plan is to start out in single family and small multifamily properties and eventually larger multifamily once I get a handle on what I'm doing. I'm interested in creative financing and working without the use of banks. My plan is to find off-market deals and see if they can be creatively financed with little of my own funds. If they can, I would like to rehab and rent them as cash flowing properties, and if not, I plan to wholesale them.
I have a thrilling life and enjoy many exhilarating hobbies, such as reading books and drinking entirely too much coffee. Since dentists can't work from home, I now have lots of time on my hands to look around the forums and get working on diversifying my income. Excited to be here and excited to meet ya'll!
Most Popular Reply
@Alexandra Wenzel real estate is a fantastic tool to create wealth, when I first started buying rental properties over a decade ago I thought it was too good to be true. I was looking for the catch and I could not find it. Why is not everybody doing this, I was thinking.
Many deals later I retired from my corporate job in 2016 and I have a little better perspective. It takes sustained effort over a long period of time. And it takes many doors before you can retire. Brandon Turner says somehwere on average 7 to 8 years - that's what I am seeing as well.
Creative financing and off market deals sounds great on paper. The low interest rate environment has pretty much killed creative financing, as it has taken the incentive for both buyers and sellers. It was different in the 80s when interets rates were in the 15% range and a 10% seller financed deal made good sense to both parties. Today no seller wants to make a deal with you at 2% and why would you pay someone 8% when you can do it for half with a bank?
Off market deals is also one of those things. Sounds great until you try it. A lot of sellers will be wasting your time, are not really interested to sell, have absurd ideas about price etc. The time it takes you to look at 10 off market deals you can look at 1000 MLS deals that are ready to sign. I think you can be succesful at both, you wil find deals where you look enough!