All Forum Posts by: Troy Scottaline

@Troy Scottaline Because I am in real estate I have helped numerous people get out of their jobs and into RE. The phenomenon I’ve seen is most of them do this when they hit 50 - so 20-25 years in their careers and they are burned out.

I don’t think you are 50 lol but maybe you are more of a forward thinker.

My biggest advice is “do not quit your day job until you have the new cash flow”.

Only way to make enough will be multiple units (apartments). It can be done!

Also, there are other business that compliment real estate but offer more freedom than a 9-5. I can tell you about this.

Hi @Troy Scottaline!

I have similar goals to you of eventually having freedom from a strict work requirement and having the ability/flexibility to do things on my own schedule. I am not a medical professional, but I am an engineer so I have a decent source of income. I recently started my real estate investing (about a year ago) with my first property (see post below). I recommend making sure you have a solid foundation of knowledge about real estate, but do not get stuck in what most people call "analysis paralysis" and actually make that first investment. You will learn so much by taking this step. You are going to want to identify the various different RE investing strategies and determine what strategy will best fit your skillset/goals. 

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!

Hi Joseph!

Awesome! Thanks for sharing. It looks like it’s been about a year since your first purchase. How’s it going so far?? Is there anything you learned that you could share? Appreciated!

 Hi Troy,

I'm going to expound just a bit on this with some pop culture references, you can take what you want out if it.

[1] Interesting you have come this far in "Doctern' "-- (a Granny Clampet reference), all of this money, all this time and all this stress over the years and now find it "less than you want".

[2] "Man hears what he wants to hear and disregards the rest"-- (a Simon and Garfunkel reference). Get rich quick, No Money Down, No Hard Work<--(No (material amount of) Truth in that).

[3] Multi-Level Marketing Team Member Hiring Pitch-->Don't want to work hard--selling El-Soap-oh is the job for you-->Leads to a poverty lifestyle for most. It's the not wanting to work part that sabotages things...

[4] Ole' Jed Clampit got his money for nothing (shootin' at some food) and his Chicks for free (they hatched out of eggs) (a Dire Straights and Beverly Hillbillies reference combined). But that's TV, and to make (big money like you refer to) in Real Estate it takes specialized knowledge, TIME, and Money as well a the ability to handle Risk without breaking down mentally or emotionally....

I'm not saying you can't do it--you certainly can...but it will most likely take time (in addition to your practice) and sometimes stress and TIME combined working at it.

How long will it take...unknown. You are not talking about buying a SFH and renting it out to replace your income (and families insurance) because that probably won't be enough.

But its not plug and play, pay it and forget it and cash the checks as they roll in. There is work involved in it, and the bigger you're holdings the more time you may have to spend Doctern' them.

And if you take all of your time and spend it on business, your marriage may suffer and that means being liquidated in Divorce court with an MD Degree...(aka taken to the cleaners).

Just a heads up from my perspective before you (go for the gold).

Good Luck!

Hi Scott.

Thank you for your perspective. It’s nice to look at it from different angles so I appreciate your input. My idea is not to stop working and get rich quick, but rather understanding full time practice isn’t what I want long term. It’s about starting to lay the foundation for my ultimate dream. Freedom of time and being able to count on my assets to provide me and my family adequate income to live comfortably. 

 Good news bad news 

good news you make good money 

Bad news.  If you are like most people you spend just about all that you earn.  Replacing what you earn/your lifestyle will take more time and effort

For me it was easy to replace minimum wage with rental income and flipping   My sister on the other hand, making probably around how much you make, proved impossible for her and she had to wait to retire until she was in her 60s    

I, on the other hand was able to retire in my 40s because of a more modest lifestyle 

for you and most people the rental route is a long route.   Flipping will replace your income faster but is more time intensive.

Congrats on taking the first step, Troy. Fellow doctor and rookie here. I relate to the way you're feeling and love talking to other docs about their real estate investing aspirations/journey.

I agree with others that this is indeed possible. As I've heard many in the physician real estate investing community say, this isn't med school hard. Keep your WHY in mind in order to keep you on track and motivated. Just like the road to becoming a physician, this ain't a get rich quick scheme, but I know it works if you pay attention to the numbers, do your due diligence, and continuously invest in yourself and your business. And the reward on the other end is financial freedom and flexibility that allows you to support your family and your dreams without running on that RVU treadmill and feeling like taking a vacation means losing money. I still laugh when my employer called it "PTO".

I've been educating myself about real estate investing for a couple years and just now feel like I'm on the cusp of taking the plunge. I tell myself over and over again that my first deal doesn't have to be a home run and that I just need to get on base, but it's still tough to get over that hump. Remember to think about all the great things that committing to this can bring to your life at least as often as you think about the things that could go wrong. The upside potential far outweighs the downside, assuming you approach it in a responsible and educated way.

It seems like we're in a similar stage. I'm also a father, am about 2.5 years out of residency, and recently moved to central Wisconsin. I'm focusing on starting my portfolio with 2-4 unit multifamily buy and hold rentals in the local market where I live with the goal of generating substantial cash flow independent of my W2 job. I'm happy to keep in touch along the way if you want.

Good luck -- we're all here for you.

@Troy Scottaline first and foremost. This CAN be done. Financial freedom and all the time you could ever imagine is within reach for you. What is your current living situation? The more units you can stockpile the better. Buy a 4 family, and another, and another, and keep going. Cash flow and work from your inground pool.

not that I've "made it" or anything. However, read some books! they're gold mines.
Set for Life is AMAZING. it's a step by step guide for what you're looking for. transitioning out of a full time job you're stuck at 'during the best part of your day during the best days of the week during the best years of your life' into a life of freedom. the book lit a fire under my belly.

Congrats on the upcoming addition to the family! If you're looking for others that have come from the medical field I would recommend connecting with any of these folks. Their stories are very similar!

Vikram Raya

Savannah Arroyo

Dr. Jeff Anzalone

Thanks so much for the reply! Appreciate the contacts!