Ready to start the Journey!

[Brian Liddy]

Hey everyone out there in BPland! I’m Brian Liddy. Currently I am in Eugene Oregon but that may change soon ...

I’m an anesthesiologist in a large multi site group contracted with a medium size community hospital. Shortly after Covid hit, our hospital CEO came to our group and said “I’m only paying 25% of your stipend and don’t even think about fighting me on it because you’re all replaceable” .... Huge wake up call!

Luckily around this time I discovered colleagues were successfully investing in multifamilies.  I was amazed with the growth potential with multi family rentals. I have invested in several syndications and hard money loan funds but the growth in the area of multi family rentals really blew me away.

Earlier this month after our group rolled up our sleeves and did the dirty work to get our hospital through the Covid crisis, this same CEO FIRED US with 60 days notice. This completely blindsided our group. Most of the physicians in this group either grew up in this town or have been here in excess of a decade. If his previous action was a wake up call, this was 10,000 V straight to the nipples.

Why real estate?

It makes me very happy to be able to provide a place to live for hard-working people. This is essentially my mission statement. To create great places to live at a fair price. . In addition, Multi family real estate provides an excellent vehicle to create a stream of passive income to replace my current clinical income. By doing this, it will enable, me to:

1. Spend more time with my family and loved ones
2. Free up time to travel and eventually live outside the United States for up to six months a year
3. Allow me to create my own schedule on my own terms
4. Engage with and interact with colleagues OUTSIDE of clinical medicine
5. Run my business the way I WANT TO RUN my business
6. Establish the experiences of running a multimillion dollar business
7. Teach my family the valuable lessons inherent in creating a successful business.

My goals:

By the end of 2020 I will own a minimum of four units creating $1000 cash flow each month. I will have my team of investor agent, property manager, contractor, real estate lawyer, insurance agent and lenders firmly established.

By the end of 2021 I will own a minimum of 16 units producing $5000 cash flow each month.

By the end of 2022, I will own a minimum of 24 units producing $10,000 of cash flow each month.

By the end of 2023 I will own a minimum of 50 units and larger multiunit apartment complexes. I will accept no less than $5 million of assets under management by this date which will create a minimum of $25,000 of cash flow each month.

My plan is to start exploring the metropolitan areas surrounding Boise Idaho and Spokane Washington.  This area is highly attractive due to the continued population growth in the region. This will likely continue as it is a very desirable area but not yet as expensive as other western metropolitan cities such as Denver, Salt Lake City, Seattle and Portland. I suspect the continued migration out of California will continue to feed these metropolitan areas. In addition the favorable business climate continues to attract Employers fleeing higher taxed states.

Obstacles

1. I have lack of experience in investment real estate properties.

a. Steps to overcome this involve getting well trained via my current real estate course. In addition, it is paramount that i contact with mentors who can help guide me through the initial steps. There are also valuable online communities which may provide much-needed advice. In addition, by establishing a strong core real estate team, its members, can provide valuable assistance in guidance through the initial steps.

2. Lack of connections in the industry

a. While at this point I have zero connections in the Boise/ Spokane  real estate marketS, as I proceed through the course I shall begin to reach out to investor agents, contractors and property managers in the Boise/Spokane areaS.  I will also consult online communities on bigger pockets for advice. Lastly, I intend to cold call in the area for referrals and suggestions.

I am Super excited to learn from the experiences both good and bad encountered in the BP group. I hope we can all network together and become successful beyond our wildest expectations.