Another New Member :0

[Nicholas Olson]

Hello BP community,

I'm a 29 year old lobsterman from midcoast Maine, with an addiction to traveling on sailboats.  Two years ago I sailed my 40 foot boat down to the Bahamas for the winter and that experience changed my life. I feel like I finally found my place in life, and that place is under a coconut tree.  I have a bachelors in marketing with lots of credits in finance.  I've been a self employed commercial fisherman my entire life, since maybe 6 yrs old?  I have never filled out a job application and the only job I have ever done that isn't fishing is a three year stint co operating my fathers wholesale lobster business(4-6 employees, 10 million in annual sales, what a headache).  

According to the book the millionaire next door, my net worth is above average for my age/income, however I don't like the idea of doing any more physically demanding work than I have to in order to achieve my financial goals. Over the past 5 years my avg income has been over 6 figures and I think going forward I can most likely save 60-80k year for investing(as long as the economy and the lobster population remain constant). My goals are to create completely passive income equivalent to the avg doctors salary after taxes. This year I think I saw that the average doctor salary is around 90k, to be clear, that is what I want to take home after taxes. To achieve this goal in 5 years would be amazing, I really hope that worst case is 10 years. Based on my current savings, my anticipated earnings available for reinvestment, and the CoC returns I'm seeing people achieve on BP, this goal seems realistic in 5 years, iff (a joke for you math nerds) properly executed. What would I then do with my life you ask? Obviously sail the world and have as much free time as I want to pursue anything my little heart desires. I may find I love managing from afar and do just that.

I'm leaning towards buy and hold in the multi family Class B sector.  I like the idea of local because from what I have learned of business in my 3 years of running a company is that knowing your market inside and out is the best way to succeed.  I feel that knowing all the players, what their needs are, and who is in positions of weakness or strength are the best ways to spot opportunity.  I feel that for my personality, investing in outside markets may not be the best fit.  

Right now I am in the planning and learning phase.  I suppose some wise cracks will say, "the learning never ends!"  To which I agree, but also know that my level of knowledge is not at a level where I'm comfortable to start throwing money around. I hope to be at that phase in the next 6 months, but as far as I know, hoping has never gotten anyone anywhere. 

I'm looking forward to engaging you in intelligent discussions in the forums, but for now most of my questions have already been asked.  

Peace from the Downeast,

-Nick