Pharmacist to real estate investor? Hopefully

Cocoa, FL · Member since 2018 · 38 posts · 18 votes

Hello,

My name is Jake and I am new to the forums here. I have been binge listening to podcasts recently and reading as much as I can lately. I am currently a pharmacist in Florida and am looking for a way to supplement some income and slowly get out of my profession to gain more financial freedom and hopefully become my own boss instead of being controlled by the coporate world. I am looking into getting my real estate license so I can further my knowledge on the processes. I look forward to reading the fourms on how other people got started and investing in their first deals.

Cheers,

Jake Walls

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Brian Tootle

Rental Property Investor · Columbus, OH · Member since 2018 · 15 posts · 25 votes

Jacob, Tanh... I'm in the same situation. I'm also a pharmacist and am tired of trading time for money. I recently moved back to Ohio after living in San Diego for the past 10 years. I've been doing my best to educate myself about real estate through books and podcasts, and am ready to start investing in the Columbus area. Single family homes are the logical place to start but I hope to eventually move into multifamily and achieve financial freedom. Good luck both of you!

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Yonah WeissPro Member
Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
8y
Welcome @Jacob Walls. this is a great place to learn. I know a pharmicist in NJ who owns over a dozen multifamily apartment buildings. Real estate is a great asset to park your cash, get cash-flow, and tax benefits.
Good luck in your transition!
1 Reply
Tanh Truong
Investor · Cincinnati, OH · Member since 2018 · 136 posts · 87 votes
7y
@Jacob Walls Welcome to BP, my friend. The information here is invaluable and easily helps people get started. I'm also a pharmacist myself in Ohio. I started out reading and listening to everything I could get my hands on regarding finance and eventually landed at real estate. In a way, we're very similar - in search of financial freedom to escape the rat race.
I got started learning about real estate back in March and closed on my first deal in August. Luckily, I met a buddy in pharmacy school who was like-minded and partnered with me on this deal (and future deals as well). With only one source of income, it would've taken longer to purchase the first property. With a partner, it becomes easier, quicker, and there is less risk. But that also depends on the partner you choose.
Good luck in getting your real estate license, and best wishes for your first deal!
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
Thanks for the replies!
Might I ask what kind of deal was your first @Tanh Truong?
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Tanh Truong
Investor · Cincinnati, OH · Member since 2018 · 136 posts · 87 votes
7y
@Jacob Walls it was a duplex. In a C class neighborhood. Purchase price: 89K. It cash flows 200 per door and gives about a 20% cash on cash return.
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
awesome. Thanks!
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Brian Tootle
Rental Property Investor · Columbus, OH · Member since 2018 · 15 posts · 25 votes
7y
Jacob, Tanh... I'm in the same situation. I'm also a pharmacist and am tired of trading time for money. I recently moved back to Ohio after living in San Diego for the past 10 years. I've been doing my best to educate myself about real estate through books and podcasts, and am ready to start investing in the Columbus area. Single family homes are the logical place to start but I hope to eventually move into multifamily and achieve financial freedom. Good luck both of you!
2 Reply
Tanh Truong
Investor · Cincinnati, OH · Member since 2018 · 136 posts · 87 votes
7y
@Brian Tootle likewise, my friend!
0 Reply
Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
7y
Originally posted by @Brian Tootle:

Jacob, Tanh... I'm in the same situation. I'm also a pharmacist and am tired of trading time for money. I recently moved back to Ohio after living in San Diego for the past 10 years. I've been doing my best to educate myself about real estate through books and podcasts, and am ready to start investing in the Columbus area. Single family homes are the logical place to start but I hope to eventually move into multifamily and achieve financial freedom. Good luck both of you!
Hi Brian, what types of properties and class? We posted a class a SFR turnkey airbnb property that is approved to build a secondary structure a few days back in columbus
[email protected]786-494-6766
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
Anybody invest in central Florida?
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Edo Tinjak
Rental Property Investor · Dublin, OH · Member since 2018 · 11 posts · 20 votes
7y
Hello @Brian Tootle and welcome!
I also have been on the Rx side.....but IT, more fun. :)
Not sure if you attend any of the local COREE events, they are always great for networking and learning new stuff.
Let's connect and chat REI.
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Nate Hedrick
Rental Property Investor · Cleveland, OH · Member since 2016 · 42 posts · 20 votes
7y
Hey Jake, Welcome to BP! I'm a full-time pharmacist, part-time real estate agent, and investor. I actually run a blog for pharmacists interested in real estate and real estate investing. I'll see you a connection to see if there is anything I can help you with. Good luck!
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
Thank you @Nate Hedrick I look for ads to reaching out to you soon.
Thanks!
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
7y
Originally posted by @Jacob Walls:
Hello,
My name is Jake and I am new to the forums here. I have been binge listening to podcasts recently and reading as much as I can lately. I am currently a pharmacist in Florida and am looking for a way to supplement some income and slowly get out of my profession to gain more financial freedom and hopefully become my own boss instead of being controlled by the coporate world. I am looking into getting my real estate license so I can further my knowledge on the processes. I look forward to reading the fourms on how other people got started and investing in their first deals.
Cheers,
Jake Walls
Bruh. You look like a young dude, stop it. All of that money you spent to become a pharmacist & you want to get out of it? Terrible idea. You've got something that a lot of other people do not have, a high income skill. Do not throw that away. Your investing career will suffer if you quit that job. You can do 10x more investing with that big ole' six figure salary. Maximize your income and reinvest those profits. If I were you i'd be working as much overtime as possible and pumping it all right back into my portfolio.
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Phil Dodd
Real Estate Agent · Keller, TX · Member since 2016 · 65 posts · 40 votes
7y
Funny how all pharmacists want to do something different. I left retail pharmacy after 20 years 18 months ago and have been flipping and wholesaling since. I have no debt and a decent net worth so it wasn't a huge risk for me to step away from a high paying job and I can always go back with a weeks notice. If I was younger I would keep working as a pharmacist and work deals on my day off until I built up my business. If you have any questions feel free to ask. Good luck
1 Reply
Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
@James Wise Yes, my stident loans are my current #1 priority. However, why would I not get into something where my money can make me money and learn another skill to help ensure my financial future?
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
@Phil Dodd Well our profession is in a downward spiral that only pharmacists really are able to understand.
1 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
7y
Originally posted by @Jacob Walls:
@James Wise Yes, my stident loans are my current #1 priority. However, why would I not get into something where my money can make me money and learn another skill to help ensure my financial future?
Who said not to get into Real Estate? Not quitting a 6 figure salary does not mean do not invest. The 6 figure salary is the key to you being able to invest.
0 Reply
Phil Dodd
Real Estate Agent · Keller, TX · Member since 2016 · 65 posts · 40 votes
7y
Originally posted by @Jacob Walls:
@Phil Dodd Well our profession is in a downward spiral that only pharmacists really are able to understand.
I had a good run for about 15 years but have no appetite for it anymore. I looked into real estate investing in 1999 and even went to some meetings but never pulled the trigger. Was always scared about being a landlord or going into debt. I would say don't wait but look for the right opportunity and go for it.
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
@James Wise Agreed. I am not looking to quit my rad job haha.
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
@Phil Dodd I appreciate it. I’ve been looking just havent found the right deal yet.
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Marcus Lawson
Roselle, NJ · Member since 2017 · 139 posts · 71 votes
7y
Pharmacist here as well. It is great to see so many of you on here. I recently closed on my first deal back in August. It is a 3-Family house in my area. Looking to continue building cause like the other poster said, pharmacy is on a downward spiral that only pharmacists truly understand.
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
@Jacob Walls *day job* not *rad*
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Scott Morongell
Investor · Charlotte, NC · Member since 2017 · 791 posts · 479 votes
7y
@Jacob Walls congrats on joining the BP community. My recommendation is to figure out which sector of RE is most attractive to you and stick with it. Don't fall into chasing the shiny object like so many do. It will kill your focus and chances of being successful. Bet of luck!
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Jacob Walls
OP
Cocoa, FL · Member since 2018 · 38 posts · 18 votes
7y
@Scott Morongell Thank you.
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Jared Wonders
Charlotte, NC · Member since 2017 · 71 posts · 32 votes
7y
Congrats on getting started Jacob!
I worked as a retail pharmacist/intern for 7-8 years so certainly understand the grind and toll it can take. I agree that pharmacy is not necessarily on the upswing and especially working for pchain stores is not how it used to be. But like the rest of the market demand for the occupation will fluctuate. Definitely a great discussion!
Outside of that I think it is still vital for anyone wishing to pursue FI (financial independence) to have a side hustle and expand knowledge outside your normal realm of thinking. My wife and I invested in our first investment property in April of last year and we have not looked back. Currently building up capital for our second and will admit we are learning every day. I can’t speak for all but the side hustle of real estate kickstarted myself when I felt my career was getting stagnant and directly led me to research and now pursue FI! Wish you the best of luck in your pursuit @Jacob Walls and good luck finding your first deal!
Jared Wonders
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