Greetings all! I love BP! From Boulder, CO

[William Bauer]

Hello all,

  I've been a long time lurker (Starcraft anyone?) and listener of the amazing podcast and I wanted to introduce myself.  I also want to commit to getting somewhat active on the forums and reaching out to some of the great people on in this community.

I am a newer physician living in Colorado (Boulder area) and lived on the east coast for many years. I grew up under the poverty line for many years of my childhood. My parents have lived paycheck to paycheck and were not investors but they did introduce me to Rich Dad at age 15 which left an impression. I purchased a SFH in 2008-09 during the crash in mid-atlantic that is cash flowing. I've read about 50-75 books on REI and lifestyle design/financial development, most of the BP podcasts, and plan to read a lot of the forums in the spheres of my interest.

  I plan on investing about 50k of my money a year, partnering with my friends/investor friends in a deal in the next 12m.  I plan to buy and hold as my primary investing strategy and working on building systems to reduce my long term time investment IN the business so I can keep working ON the biz.  

  My big WHY(s) is building wealth for the following reasons:

1. Financial security for my family

2. Opening up more options in my life and working because I want to and not because I have to

3. Teaching my children to be investors if they desire

4. Generate wealth for philanthropic work

5. Working in the realm of REI because I think it is fun and a proven vehicle of sound investing

Being with my family, my lovely wife and 2 young boys, is the biggest part of my life and my favorite hobby. When I have free time I like to be outdoors. I read a lot. Fantasy, Sci-fi, REI related, medical journals, and self-improvement books. I like long walks on the beach and really bitter beers. Actually I like all the beers, God bless Colorado and the US craft beer scene. I climb rocks (sport, trad) and mountains (14ers). I used to play a variety of video and board games but now mainly play Nintendo Switch with my older son and easy family board/card games. I'll try not to ramble further but I am happy to be a part of this fantastic community.

Thanks to Josh and all the active users here.  I've learned so much from this community you started and I know BP will be a pillar of my future financial success.

Cheers,

Bill Bauer

[Steve K.]

@William Bauer , welcome.....and congrats on your success to date (including med school!). Being a full time professional, family man and part-time REI will be challenging.

Not to be critical, but you've been a landlord for 9 years. I'm curious, why are you on such a slow path to your dream/success? Your story struck me oddly; forgive me if my free advice is too bold.

Get calibrated on what's a good deal today, and go buy another rental! If you're like me (part-time investor; demanding professional day-job), your time in finding/analyzing a deal is valuable. Why go through the brain damage of finding that deal and then taking a small percentage of it in your partnership? Why wait for 12 months and partners to slow you down? If you're looking at out of state investing....aren't the price tags small enough that your $50k down could be $200k (with 25% down) per year on your own? 

Your reading of 75 books (and time on podcasts/forums) is admirable....but isn't that enough to say "you've graduated" and now go succeed!

You're new to BP, and wouldn't have likely seen three of my favorite inspirational threads. Check these out if you care to. These are some real life case histories of what @Joshua D. , @William Collins and @Austin Fruechting did in 5, 2.5 years and 7 years, respectively, buy using BRRRR fix & hold rental strategy.

https://www.biggerpockets.com/forums/223/topics/459415-500k-net-worth-in-5-years-im-30-today?page=1

https://www.biggerpockets.com/forums/48/topics/429980-officially-financially-free-at-32----exciting-day

https://www.biggerpockets.com/forums/223/topics/445367-full-time-employee-multiple-brrrr-side-hustle-2875-to-goal

Doc, while you were reading 75 books and dreaming of processes and systems to fine tune the machine, these young entrepreneurs are showing the rest of us the fast-track....

Best wishes to you and your family.