All Forum Posts by: Cody Warhurst

Thanks to all of your for your replies! Certainly brought me back to reality. I've been very successful in my life already by listening to myself and carving out my own niche and real estate is the next step for sure.

I didn't mean to portray that they hurt my feelings so much as they caused me to second guess all the listening and reading and calculating and planning I've done thus far because they have more experience than me...I defaulted to assuming they know better than me. I should know better than that as a scientist--trusting people is one thing, research and knowledge is another. 

cheers all!!

Hi everyone, 

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us. 

I'm in the very beginning of my journey in real estate investing coming from a career of corporate w-2 jobs...good jobs. Easy jobs. Well paying jobs. Long story short, i pivoted out of my industry to become a financial advisor with my brother who runs a really successful practice just about two years ago and despite being good at it, working with family wasn't easy and I resigned in September. 

I didn't want to go back to corporate America and I didn't need to--my wife is a wfh pharmacist with a cushy job that covers all our needs with a few hours of work a week. If we pay our bills until we retire and let our current investments grow, we will retire with something like $4-5M in assets.

That said, our goal in real estate investing is to simply replace her income with "passive" income. That's it. Now, we might change our mind when we get further down the road, but we have no grand plans and we're simple people. We want control of our lives, a relatively predictable future, and to spend lots of time with our kids (both under 2).

Its great to see people talking about more realistic goals for real estate--e.g. not getting super rich and managing hundreds of units. It's inspiring to know the ceiling and to have a lofty goal to shoot for but also a metric for success that is modest. 

edit: we are only looking at multifamily, not sfh. This isn't coming from nowhere either--My parents owned 30 some units from the late 70s-2010's before they got out entirely. My brother owns maybe 10 units but he's divesting because he makes 7 figures from being an advisor and doesn't need the hassle (he's self managing and very very lazy)