Medical Student + 2 Partners Taking the First Step

[Jono Tom]

I just wanted to take an initiative and post on this BiggerPockets Forum before I start investing in real estate. I've heard countless people stating how life changing it is to start a conversation on the forum, so here is my first step. I don't have a specific question that needs to be answered, I just wanted to describe my situation and gain insight from other people. Here is a little bit about my situation. 

Starting in a month I will be starting Medical School. I have started reading about real estate investing about 3 weeks ago and have formed a partnership (LLC) with two of my friends since (we're fresh off the inspiration from reading Rich Dad Poor Dad). Here is a breakdown of our roles in the business. I am in charge of developing systems that will allow us our business to be efficient and eventually self running. Partner 1 works as a CFP for a big investment company and will eventually be in charge with creative financing and syndicating deals in the future. Partner 2 works as a commercial real estate broker and will be in charge of acquisitions, finding property managers and GCs. We aim to outsource (virtual assistants) all duties that can be automated (analyzing markets/properties, marketing, data entry plus other tasks that we recognize). We understand we need add more team members (financial analyst, accountant, lawyer, etc.).

We have built a business plan (following the Biggerpockets template) and aim to focus on multifamily rental properties. We will use the BRRRR strategy. Our first property will have a purchase price of 80-100k and we have enough capital for the down payment, rehab and other expenses. We will purchase a property by January 1, 2018. Our goal by July 2022 (5 years) is to own 45-50 units with a cash flow of 96k-120k. Our "Why" for doing starting this business have been established and we are all understanding of each other's personal goals.

If you have any comments, questions or feedback that you think will further develop my education, please do not hesitate. I'm eager to see what other more experienced investors think or feel about our situation.