New Investor With Dreams to Shoot For!

[Gabriel Lovatt-Sutton]

Hey!

My Name is Gabriel. I just graduated with a degree in Cell & Molecular Biology and my plan has been to go to Medical School to become a doctor. A few years ago I got very interested in Real Estate Investing and connecting with anyone and everyone I could through local groups or individuals. My fervor and desire to jump into the game and become financially free was quickly deterred by people telling me I needed to get through school and start making money before I should get into REI. Therefore, now that I have my bachelors, I have come around again.

I have read a lot of books on this topic and they all say to state your goals. My goal is to make 75K annually within a year through the acquisition of multi-family properties. Ideally, I want to get properties that are 10+ units and will get me closer to my goal.

I will admit that there is a certain degree of fear that I have in regards to starting this adventure. 

So here are my difficulties. I have read a lot of books on starting, but I am having trouble learning how to find that good deal I can bring to someone. Ideally, I would like to get in contact with someone that I can put my dedication, intelligence, research capability, and more in so we can be mutually benefitted. Therefore, if anyone can put me in contact with someone, that would be much appreciated. 

I know that there is a lot more to be said, and I am willing to answer any questions that people want to ask.

Thank you!

[Alacia Mahnken]

Quote from @Gabriel Lovatt-Sutton:

Hey!

My Name is Gabriel. I just graduated with a degree in Cell & Molecular Biology and my plan has been to go to Medical School to become a doctor. A few years ago I got very interested in Real Estate Investing and connecting with anyone and everyone I could through local groups or individuals. My fervor and desire to jump into the game and become financially free was quickly deterred by people telling me I needed to get through school and start making money before I should get into REI. Therefore, now that I have my bachelors, I have come around again.

I have read a lot of books on this topic and they all say to state your goals. My goal is to make 75K annually within a year through the acquisition of multi-family properties. Ideally, I want to get properties that are 10+ units and will get me closer to my goal.

I will admit that there is a certain degree of fear that I have in regards to starting this adventure. 

So here are my difficulties. I have read a lot of books on starting, but I am having trouble learning how to find that good deal I can bring to someone. Ideally, I would like to get in contact with someone that I can put my dedication, intelligence, research capability, and more in so we can be mutually benefitted. Therefore, if anyone can put me in contact with someone, that would be much appreciated. 

I know that there is a lot more to be said, and I am willing to answer any questions that people want to ask.

Thank you!

First off, congratulations on the recent graduation! I know that degree is no joke and it shows you are both intelligent and disciplined.  Other than your interest in getting into REI, is there another reason why you have strayed away from med school? I ask, because you can have both.
If it’s that you no longer have an interest in the profession, then it’s time to go to work! You need capital! It’s time to work and save, work and save!  Have you looked at the job market for your career and the expected salary?  It may be that you have zero interest in that field and only obtained that degree because you were pre-med. Regardless, you will need to find how you can best put it to use now. 

A goal of making 75k annually from large multifamily is great, but that sounds like a goal that is several goals ahead of where you are.  Just a side note- Be cautious of all the “gurus” out there who will try to sell you pipe dreams on getting into REI with zero cash.  Take the money you’d put into those programs and put it in your savings for your first property.  You can learn everything you need to know by searching BP forums, listening to the podcast, YouTube, and your local REIA meetups. I think you mentioned you’ve already started this. I speak this from experience and would love to save you all the $ I have wasted in the past!

A current goal, would look more like “Save x amount for DP and closing costs for first property.” Likely a house hack. Start small and work your way up. As you acquire more, you can run the numbers and see at what point it would make sense to transition into a larger MF property by 1031 exchange. 

While you are working and saving, figure out how much you need monthly to quit your job (assuming FIRE is your goal). Then you work backwards to figure out how many properties that equals for your buy box. Keep your cost of living low so you can reinvest it all into acquisitions, until you hit your number. 

 I know you said you are looking for someone that can help you find a good deal- that’s what everyone is looking for. Good deals and capital. You have to bring at least one of those to the table in a partnership. Figure out what market you want to buy in and narrow down an area to start. Get familiar with the prices in that area so that you can recognize when there is an outlier. Look at properties and plug them in the calculator. Run calculations on everything. You’ll see, most of the time the numbers don’t work and you will quickly be able to recognize when something has potential. Coach Carson on YouTube was helpful for me in the beginning. He has a ton of free content and excel/Google sheets. 

You got this!