My intro - Need a pep talk and a little direction

[Joshua T Poulin]

Hi all, I'm Josh. I'm in my late 30's with a job in Aerospace and two young children (4 and 5). My job consumes a lot of my time and if I look up the ladder I can tell it's only going to get worse if I continue to advance in my career. My wife died two years ago of breast cancer so basically any time I'm not working I'm taking care of my kids and doing everything I can to make sure they are happy and engaged and learning (not just sitting in front of a TV), but it still doesn't feel like I have enough time with them and as they get older and start having baseball games and dance recitals, I don't want to just sub in a relative or some caregiver. So, I'd like to spend the next few years (3-5) building up a stream of passive income to the point where I could work part time and have more time with the kids (and maybe even some time for myself, my hobbies, dating, etc). I think roughly $5k per month could get me there, but there's definitely some uncertainty with what part time work will look like. 

I feel most drawn to owning rental property for a few reasons. 1) I have some familiarity with it as my parents own two small multifamily rentals. 2) I feel like flipping properties requires periods of intense focus and I'm not sure I have the time for that. Rentals seem to require more sustained attention but at lower levels (I would hire a property manager). 3) Other real estate investment activities seem more foreign, but maybe I'll learn more here and have a change of heart.

I've been a member on here for a bit but I haven't really been engaged at all. I think a big reason for that is I'm just very skeptical and a bit risk averse. My fears/concerns: 1) All great deals are going to be snapped up by the pros so what's the point in trying 2) The creators/authors/contributors to this website actually make their money selling books, etc. and not real estate investment and the whole thing is a big scam. I don't actually believe these things, but that voice in my head is there.

So in a nutshell, I'm someone that's motivated and willing to learn. I have the funds and credit to get loans. I'm have fears and skepticism to get over. And maybe most importantly, I don't have a lot of spare time. So I'm sure there are a lot of beginner guides and links you could point me to but what I could use from the community is a little pep talk (address my fears) and a little direction (Where should I focus? I could probably spend all day on this website but I don't have the time).

Thanks for reading if you've made it this far!

-Josh

[Steve Rozenberg]

Hi @Joshua T Poulin

First sorry for your loss and I commend you for all that you do and trying to do. There is never a road map in life and all the things that get thrown at us. I can understand and empathize with what your going through. The industry you are in is a very tough one, myself coming from the airline pilot industry as being so cyclical I and appreciate many of the things you are going thru, especially with the downturn that my industry is currently experiencing.

If I were to give you some advice I would suggest that you first define your end goal which is seems like you have already, Now you need to make that a SMART Goal with and end date attached to it and then actionable steps that you can take on a daily, weekly, monthly , yearly track. This is a life long journey and you need to take the planning of this as serious if not the MOST serious part of the process. 
Over the past 20 years I have seen many people fail due to lack of planning and execution, I know because I was one of them. I never had a defined goal and that almost made me go bankrupt owning 35 of the wrong properties.

As for the things you hear or the what you think, I believe those are just stories you are hearing in your head, To me that is not reality. The fact is there are deals everyday that you probably see or drive by. THe challenge is that unless you have clearly defined goals and a strategy defined to take you to that goal, You will NEVER see these deals.

Do not let the negative self talk convince you that the strategy you need does not exist. It is there just like it is there for the thousands of other investors on these forums. The difference of the ones that are successful and the ones that are not is Action and they do not let the negative self talk clutter their minds with all the WHAT IF scenarios of all the bad things that could happen.

But in reality never do

Not sure if this helps but just my 2 cents of opinion. 

Hang in there and think of the generational wealth you are creating for you children that you will be passing down one day.

My son bought his first rental property at 14 years old, You can do it but take the time to create your goals and strategy.

Good Luck!!