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Updated about 4 years ago,
Physician looking to get started in REI
Hey, and thank you in advance for reading my post. I have been reading these forums, listening to podcasts and reading books for the last two years on REI. I just recently finished my residency and started earning a much higher income. I think I am finally ready to pull the trigger on REI. I believe at this point in time, I am looking for very hands-off, passive sources of income. 4 strategies I have been thinking about are listed below. I can probably afford $5,000-7,500 a month towards these investments. I am really trying to get the ball rolling right now, as I do not have a wife or kids and my income is pretty liquid right now.
The ultimate goal is to move in to commercial real estate (not syndicated), but realize that may be 5-10 years down the road.
Syndication - I have been looking at therealestatephysician.com. The work with physicians and I like the idea of mobile home parks as well as apartment complexes. Does anyone have any experience with this company?
Turn-key houses - I have been looking at REI nation and like what I have been hearing about them. Getting $200-300 cash flow properties in decent areas, while having them completely managed for me sounds pretty appealing.
REIT's - Personally I am not super excited about this idea. I'd likely pursue turn-key or syndication before this.
Hard Money lending - I wouldn't even know where to start with this. The more I hear about it though, the more it interests me.
Before anyone starts hating on turn-key properties (a lot of the posts I have read seem to hate on them), I am very career focused at the moment and do not want to do the work necessary to have a successful BRRRR business. Also, I live in New Orleans, LA and have a lot of family ties in Charleston, SC. Both of these markets, from what I can tell are pretty competitive. So I feel like I might have to manage properties in out of state which seems like way more work if you go BRRRR.
Thank you, Will