Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

Account Closed
0
Votes |
2
Posts

Soon To Be Dentist: Help Me Find My Niche

Account Closed
Posted

Hello everyone,

I recently have joined BiggerPockets as a recommendation from some colleagues that are pretty active on the site. I am writing this post to get some insight on where individuals might believe I find the most success with my specific background. From my understanding, a good strategy to becoming successful in real estate is focusing on a specific niche, and becoming an 'expert' in it; this will avoid spending too much time on the vast amount of different avenues of wealth building in this industry. I would be extremely appreciative if I could have some help with that. Here's a little bit about me without going into too much detail:

-Soon to be dentist with low living expenses and decent excess income to work with

-Large amount of side time outside of work (no kids, etc.)

-Most likely moving to the Denver area but possibly other major metros (Seattle/Raleigh)

My overall goal throughout my career is to build a decent size real estate portfolio to build some passive income for myself and my family early on. I figured it's good to start early so that's why I'm here. I've recently purchased BRRR by David Greene, The Book on Rental Property Investing and The Book on Managing Rental Properties by Brandon Turner. Let me know where you think I would excel in this industry. I would appreciate any input.

Most Popular Reply

User Stats

46
Posts
48
Votes
Collin Placke
  • Rental Property Investor
  • Denver, CO
48
Votes |
46
Posts
Collin Placke
  • Rental Property Investor
  • Denver, CO
Replied

I think it boils down to two major questions: 

1) How much control you want to have in your real estate investments? Many Drs, Dentists, Lawyers, and other higher net worth busy professionals chose to passively invest in multifamily properties. They get all the benefits of real estate investments but it doesn't require a further investment of their limited free time. Obviously, this wouldn't work well for anyone looking to have complete control, but these people are too busy to learn about real estate investing on their own and they are happy trusting their investments to experienced professional multifamily management teams. 

2) What are your cashflow goals? In my opinion, anyone looking to earn $10k per month or more from rental cashflow should skip single family and go straight to multifamily investing because of the scalability. Plenty of people on here will argue with me on this, but here is my reasoning... $10k per month at $250 cashflow per door is 40 houses. That's 40 roofs, tons of sinks, 40+ fridges, and 40x anything that can break. Expenses will kill your cashflow. Now consider one of the 100+ unit complexes I'm invested in... 10-20 units share one roof. If a sink breaks, they are all the same and we have 3 spare sinks on a shelf and a full time maintenance man on location to fix it. The scale and efficiency of multifamily is lightyears ahead of single family. 

But large multifamily deals are a team sport, so again it comes back to control... If you want to lone wolf it and do everything yourself, stick to single family. 

Loading replies...