Day: February 3, 2022

The Top 5 Objections to Investing in Real Estate

David Bright and Nate Hedrick talk through five common objections to getting started in real estate investing.

Episode Summary

If you’re interested in learning more about real estate investing but have yet to take the first steps, today’s episode is for you. During today’s conversation, Tim Ulbrich speaks with David Bright and Nate Hedrick, hosts of the Your Financial Pharmacist Real Estate Investing Podcast, highlighting five of the most common objections and fears that pharmacists have when considering getting started in real estate investing. Nate and David further explain how they have overcome those common concerns about real estate investing. They dig into ways to overcome not having the time or expertise and ways to combat the potential to become overwhelmed with the commitment of owning additional properties. They talk through fears about the current state of the real estate market and when the right time to invest is. They also address feeling like investment goals may be too far out of reach and not knowing how to build a solid real estate investing team. David and Nate reveal why investing in real estate doesn’t have to demand too much of your time. They also share tips on how to learn from other pharmacist investors and share their experience of finding the right team to help you get the ball rolling and achieve those real estate investing goals.

Key Points From This Episode

• An introduction to today’s guests, hosts of the YFP Real Estate Investing Podcast, David Bright and Nate Hedrick.
• Addressing Objection number 1: I don’t have enough time! 
• Why hiring a property manager saves you money and saves you time.
• The second common objection: not knowing where to get started. 
• What David’s strategy has been at the forefront of his plan.
• Responding to the objection that managing just one property is already overwhelming.
• Answering the objection that the market is volatile.
• How there is no way to time the market and the best call is to make sure the numbers work no matter what. 
• David’s response to the objection that folks don’t know how to build a real estate team.
• How connecting with a real estate agent can be the first step to putting together the team you need.
• Why they launched the YFP Real Estate Concierge: to help you find investor-friendly agents.
• Nate’s biggest takeaway from hosting the podcast: the interesting ways that pharmacists are investing.
• What David has learned through hosting the podcast: getting out of his own head and into the community with others is critical.
• What listeners can expect from the YFP Real Estate Investing Podcast going forward including the None to One Group Coaching program. 

Highlights

“What got me over this hurdle personally was understanding that it didn’t have to be me to do all those things! I just had to make sure that there was someone that could do those things. There were people that could be hired to do them.” — David Bright, PharmD [0:03:18]

“I was trying to rent out a property, trying to be my own property manager, trying to do it all and I was unsuccessful at doing it, a property manager came in, had the place rented out super-fast, and was able to rent it out so much more per month.” — David Bright, PharmD [0:03:50]

“I think the trick is that no one has a crystal ball, there is no way to time the market and so waiting for it to do what you want just means that you end up waiting.” — Nate Hedrick, PharmD [0:16:24]

“My story started with finding a great real estate agent that was then able to introduce me to other people around that could be a great team.” — David Bright, PharmD [0:20:22]

Links Mentioned in Today’s Episode

• Listen to the YFP Real Estate Investing Podcast
• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• YFP 167: Must Know Real Estate Terminology 
• None to One Group Coaching Program
• BiggerPockets Podcasts
• Roofstock: 20 surprising rental property owner statistics [2022 Edition]
• Join the YFP Real Estate Investing Facebook Group
• YFP Real Estate Investing
• YFP Real Estate Concierge Service
• Find an Investor-Friendly Agent
• Download The Pharmacist’s Guide to Real Estate Investing
• Your Financial Pharmacist Disclaimer and Disclosures

Episode Transcript

[INTRODUCTION]

[0:00:00.4] TU: Hey everybody, Tim Ulbrich here and thank you for listening to The YFP Podcast, where each week, we strive to inspire and encourage you on your path towards achieving financial freedom.

This week, I had a chance to welcome back on to the show, David Bright and Nate Hedrick, cohost of the YFP Real Estate Investing Podcast. During the interview, David, Nate, and I talked through five common objections to getting started in real estate investing. Now, if you’ve been interested in learning more about real estate investing and have yet to pull the trigger to take that first step, this episode is for you.

Some of my favorite moments from the show include hearing David and Nate talk about why investing in real estate doesn’t have to be a huge demand on your time, how to learn and benefit from other pharmacist investors without getting paralyzed by the comparison gain, and how to get the ball rolling with the team to support you and achieving your real estate investing goals.

Now, before we jump into the show, I recognize that many listeners may not be aware of what the team at YFP planning does in working one-on-one with more than 240 households in 40 plus states. YFP planning offers free only, high-touch financial planning that is customized for the pharmacy professional. If you’re interested in learning more about working one-on-one with a certified financial planner may help you achieve your financial goals, you can book a free discovery call at yfpplanning.com.

Whether or not YFP Planning’s financial planning services are a good fit for you, know that we appreciate your support of this podcast and our mission to help pharmacists achieve financial freedom. Okay, let’s jump into my interview with David and Nate.

[INTERVIEW]

[0:01:35.6] TU: David and Nate, welcome back to the show.

[0:01:37.8] NH: Hey, thanks for having us.

[0:01:39.5] DB: Thank you.

[0:01:40.4] TU: You guys have been busy with the YFP Real Estate Investing Podcast and other happenings geared toward pharmacists on their real estate investing journey, we’re going to get an update from you guys on those efforts towards the end of the show but I want to jump right into today’s topic, which is some main objections to investing in real estate. I continue to hear from many pharmacists that are interested in exploring real estate investing further, many folks that say, “Hey, I want to get involved. I understand how this can help me achieve my long-term goals, diversify my investing plan but…” there are reasons, objections, things that are getting in the way of them moving from that step of learning to actually taking action with that first property so we’re going to talk through some of those common objections today on the show. 

David, one of the most common things that I hear, I suspect you guys hear all the time, we’ll call this objection number one is, “I don’t want to unclog toilets at 2 AM” or if we broaden this out a little bit further, “Maybe I don’t have the time” and to some degree, the expertise to be in the weeds on actually overseeing and managing properties but I realize the potential that’s there as an investment and as I mentioned before, potentially diversifying my portfolio. Talk to us about this common objection and fear of really being in the weeds on these properties and the time that it can consume?

[0:03:01.7] DB: Yeah, it’s a super common objection and I think that it was one of the things that almost scared me off as well because I am not handy enough to handle most things in my own house, let alone to be responsible for another house if I’m the one that has to go out there and be handy with those things. For me, I think what got me over this hurdle personally was understanding that it didn’t have to be me to do all those things, that I just had to make sure that there was someone that could do those things and there were people that could be hired to do those things.

I know one of the things that we talked about, Tim, you and I back at YFP episode 167 of the podcast was that hiring a property manager was just huge for me, taking 95% of the work off my plate in that process. At that point, I was trying to rent out a property, trying to be my own property manager, trying to do it all and I was unsuccessful at doing it, a property manager came in, had the place rented out super-fast and was able to rent it out so much more per month than I thought was possible in that the property manager’s fee was entirely covered just in that spread of what I wasn’t even able to get. 

Ended up saving me money and saving me time. It’s just one of the best decisions that I’ve made when it comes to real estate investing and then by doing that, the property manager handles any 2 AM toilet clog or the furnace is out or the roof is leaking or any of the really scary things like that no longer becomes my responsibility to take that call and to figure out what to do and again, that has just been a huge help.

[0:04:43.1] TU: Nate, I know you have property local to you and then you have property not local to you. I think that this gets into a little bit of maybe some of the value as well as challenges of more that distance real estate investing but you know, even as you look at your property local to you where maybe there’s that urge in temptation of, “Hey, I could just go take care of this, right? I don’t have to pay eight, nine or 10%” that option’s not even on the table, right? When you look at properties that are not near to you and that even forces the hand further in having a model that depends upon property management here we’re talking about but also just a larger system in place to manage your properties.

[0:05:20.5] NH: It’s been a really nice way for me to build a business and a portfolio because you’re right, it lets me see both perspectives and both sides. It’s funny, we’re actually in the middle of buying another property here locally and my challenge for myself and more importantly, my challenge from Christine is to not go over there and do stuff.

I can paint a room, I can change a light fixture, I can do some of the basic stuff that I know, if I hire it out, it’ll get done better and faster but it cost 200 bucks or it cost 500 bucks. The challenge for me is going to be to not do that stuff and I’ve shown myself with the – on estate investing that it can be done and it can be done profitably, you just have to set it up that way from the beginning.

I completely agree, this is a challenge I hear all the time or objection I hear all the time but you can do that as much or as little as you’d like to.

[0:06:09.9] TU: Yeah, I think it goes back to what are some of the goals that folks have around their potential portfolio into the future, how involved do they want to be and I think both of you have done a great job. I’m thinking of several webinars that you’ve done with pharmacists and certainly have talked about your own show as well of really building out your model and even the financial model and even the financial model too from jump street, account for property management fees, to account for some of these other things that realizing your time is valuable, right? 

We have many busy pharmacy professionals that again, maybe have an interest in real estate but don’t want to be unclogging toilets at 2 AM. By the way, who came up with that saying, right? Because I feel like, that has been the reason probably why so many people have never gotten started and involved, the 2 AM toilet clogs, I’d be curious to know how often that actually even happens?

[0:06:56.0] NH: It never happened at my house, so I don’t know. Now I’m just jinxing myself though.

[0:06:59.6] TU: Yeah, tonight, right? It’s going to be a thing.

[0:07:01.2] DB: Exactly.

[0:07:02.0] TU: Nate, the second common objection I think about is, especially if someone’s able to get past the, “Hey, I could never be responsible for another home” or that 2 AM toilet clog issue is, “I just don’t know where to get started” right? It’s so overwhelming, there’s so many different options, even if I listen to the YFP Real Estate Investing Podcast, my gosh, there’s a ton of different ways to get going and I just don’t know where and how to get started. Talk to us through this.

[0:07:30.7] NH: Yeah, I mean, especially with all of the different promotions from individuals in the community right now between vacation rentals, long-term rentals, people that do college flipping or college housing, then there’s just general flipping like we see on TV or commercial properties and self-storage and house hacking, the list goes on and on, it’s just crazy and so to say, “I want to invest in real estate” and not have an idea of what that looks like, I completely understand how that’s overwhelming.

That’s why we really try to encourage on the podcast and I’ve talked to a lot of individuals where you just go for that lick and the least glamorous, most boring approach and that’s the long-term rental. And I am not saying this is a fit for everyone but it’s a really great way to just kind of get in there and try real estate investing and figure out how to set and forget it. Let the property manager handle it or build up your system to handle it and just let things kind of progress from there.

Now, again, that’ snot a fit for everybody but what I encourage you to do is to learn a little bit about each different option, see the pros and cons and then once you dial into one, just learn that, stick with it for a while before you start branching out because it’s super easy to try to evaluate everything and get completely lost in the weeds.

[0:08:42.1] TU: David, talk to us more about – for your individual, Nate alluded to this as well of the approach towards the long-term rentals, kind of the buy and hold strategy and that certainly is one of many different pathways that folks may go, you’ve been at this for a while, why has that strategy really been at the forefront of your plan?

[0:08:59.8] DB: Yeah, I think for us, one of these values that we had is that we didn’t want real estate investing to feel like it was taking over our world and became our everything and sucked every last minute out of every last corner of life. That made the long-term buy and hold with the property manager managing things with me not out there painting and doing whatever else, that made that a really good fit.

There’s certainly other things that are enticing like vacation rentals and self-storage and other things like that but it was just a much simpler start in the long-term rental space. I think, the other thing that’s nice about that though is that early on, when there was a little bit more time and sweat equity was something that we were able and willing to throw in there, earlier on, that was a great fit and I was able to go out and paint and do things and help that process move a little further forward but the long-term rentals have a disability for you to do some of that if and when you want to and then back off of that if and when you want to.

Just from lifestyle and all of that really helps that to be a fit for us and then to Nate’s point too, once you get started in that space and you start to get good at it, the second and the third and the fourth becomes so much easier for acquiring those rentals or whatever that is because it’s getting that first property that’s the hardest step.

[0:10:25.3] TU: That’s why I love it and we’ll come back to this here in a little while. I love what you guys are doing with the one-on-one coaching program, right? Because from my experience and I think certainly from your guys’ experience, working with other pharmacists, investors, many folks that, “Hey, this is top of mind but I just can’t get over some of the hurdles” some of these objections that we’re talking about here today. Obviously, once you start to align what strategy of real estate investing fits best with you individually as well as your financial plan, getting over that first hump and then obviously, building the confidence to continue to snowball further.

I think if you guys have done an awesome job on the show, kudos to you guys of really featuring pharmacists that are doing lots of different types of investing and I think that can help people get an idea of, “Yeah, I hadn’t thought about that” or some of the pros of this strategy and cons of that strategy as well which takes me to my third objection, David, which is I heard so and so on the YFP Real Estate Investing Podcast and that’s awesome for them but that feels so far out of reach of what I think I can do.

I heard Jarred or I heard the pharmacist investor talk about the portfolio that had been building and all of the processes and systems and teams that he has in place and I’m just trying to get started with my first one and it feels really overwhelming and maybe this whole real estate investing thing just isn’t for me, talk us through this common objection?

[0:11:44.9] DB: Yeah, there’s a real pro and con to hearing some of those major success stories because on one hand, we hope and one of the things that we say on all the podcast is we hope that we’re after some education and some inspiration for people to take that jump and to get into their first property or to try that on for size and see if it’s for them, if that’s what they want to do.

Then, yeah, when you hear some of these killer success stories of someone that made $100,000 on a flip or where they bought 20 houses in a year, something like that, those kind of things then start to get intimidating too and you start to think, “Well, I don’t know that I can make $100,000 in a flip, I’ve never flipped a house before” so that intimidation can set in. 

I think you’re right, there’s something about backing off of that. Understanding that folks that share their beset win of every game that they’ve played on a podcast that isn’t necessarily reflective of their first deal, their average deal, their mediocre still win out there and so setting aside some of those comparison things can be helpful to make sure that it’s not delaying someone’s start.

[0:12:58.3] TU: Yeah, you’ve really got to hold this line, right? I remember several years ago, I started listening to the bigger pockets podcast which shout out to you know, the great content they have in the platform community built and I would feel the highs and lows of those emotions, right? You’d feel the high of the education, the examples of stories, it was like those lightbulbs going off of I had no idea about this or that opportunity and then right behind that would be the fear of my gosh, where do I start? That seems so overwhelming.

I think that’s where the community, that’s where the accountability, that’s where that focus on the first property can be so valuable and as you mentioned, David, some of the pros and cons that can come from certainly, sharing some of the stories from other individuals. Nate, real estate investing to David’s comment, we often see some of the glamorous things, there’s certainly lots of YouTube stars that are out there, right? that are doing this that can further worsen this. What’s your advice for how we hold this line?

[0:13:54.6] NH: Yeah, I think something to keep in perspective is just like what Dave was eluding to is that the norm is not to have a ton of these properties and really, one of the things we try to advocate forward during our podcast episodes is, you don’t have to leave pharmacy and just do real estate full-time, you don’t have to be a millionaire real estate investor.

If you look at just a couple of stats here for you from roofstock.com, 16.7 million properties in the United States are owned by mom-and-pop landlords with one or two properties each. Meaning, this is just somebody adding extra rental property in their portfolio, maybe too that they’re using that to supplement their long-term retirement plans, right? You’re buying a property, you’re doing that early in your 30s, maybe even in your 40s, you’re sticking a 30-year mortgage on that and then you’ve got a paid off property in retirement, right? 

That’s kind of what a lot of people are doing actually. It’s not these huge takeovers of real estate portfolios. Don’t compare yourself to those people that are doing that if that’s not your goal. Really taking that into perspective and trying to reset that expectation can be helpful.

[0:14:58.6] TU: That’s a really good reminder and I’m glad you shared that stat, Nate because I think it does feel, that surprises me when I hear that number because it does feel through listening to podcasts, reading books, reading real estate blogs, it feels like that would be the minority, not the majority in terms of folks that only own one or two properties and have that long-term strategy in mind so that’s a good reminder, you know, I think of really taking a step back and what is truly the market out there of how folks are investing. 

Nate, number four, objection number four, market’s red hot, you know this all too well as an agent and the work that you’re doing with clients in that capacity. “The market’s red hot and I’m worried about buying at the peak, you know what? Maybe I should just wait and kind of let this be a thing into the future.” Talk to us about really trying to invest in real estate and this issue of timing based on what’s going on in the market.

[0:15:48.8] NH: Yeah, it’s super tough. I mean, the real estate market is still up. I think I was just looking at stats the other day and it was something like 17% increase in home prices year over year already and that’s on top of what we saw in 2020. I mean, we are seeing huge, huge increases in home prices, things are still flying off the shelves in multiple markets around the country. 

I just heard of an agent yesterday that there was a property listed on the market, it was by all accounts about falling down and it had five offers by the second afternoon of it being on the market, so it’s a tough time to jump in. I think the trick is that no one has a crystal ball, there is no way to time the market and so waiting for it to do what you want just means that you end up waiting. 

I think the better play and again, we’re not trying to convince anybody to do anything either direction, is to make sure the numbers work no matter what. And if you can do that, it doesn’t matter what the market is doing, right? If it goes down but you’ve built in that cushion and that base, you’ll be fine. If it goes up, fantastic news. The goal is not to try to time the market, right? I don’t buy a property and think, “Oh man, if I buy this now, it will be in good shape but about in six months I’ll…” you know, no one can figure that out. 

If you can go in and look at it from a very objective perspective and say, “The numbers work, the numbers work even if there is a small downturn and the numbers work even better if there is an upturn” then you just commit to it and go for it. 

[0:17:13.5] TU: David, as someone has been at this for longer than a decade, you’d seen certainly the dips and where many folks were jumping in and buying properties that have obviously appreciated significantly and then you’re in the midst right now as an active investor trying to navigate this hot, hot market. Talk to us about it from your perspective. 

[0:17:32.2] DB: Yeah, I think what’s wild about that is that, you know, we bought our first house as a live in flip a little more than a decade ago but we still have it really see, like we have a person who lived through a down market because it’s been that long, which then I think a lot of people are saying like that’s probably overdue and if you ask people that live through that 2006, ’07, ’08, they probably still feel those scars of where the market really turned. 

I think that that’s a reality of investing in general is that you know, the stock market as an example has some average returns that are positive if you look at big enough ranges but at any given year, that’s not necessarily guaranteed. I think real estate is a little different still because it is not quite as liquid. It is not like I could just go into an app somewhere and sell some index funds and five minutes later it’s done, right? 

You definitely can’t do that with a house, so I think if your goals are to buy that property and hold it for 20 or 30 years, that’s a much different conversation than if you want to buy a rental, I want to try for six months, I want to sell it particularly when you think about the cost of transacting real estate, so taxes, fees, realtor commissions, all those kind of things. I think there is definitely some downside that we all need to keep in mind if there are thoughts of a market decline. 

I don’t know what anyone’s crystal is saying this week, you know, we may see that or we may not but one of the things that I keep thinking in this market is that saying that I have heard lately of when is the best time to buy a rental property 20 years ago. When is the second best time? Today, you know, if you really have that long-term perspective if owning rental property, if you are buying right today still, maybe a good time to do that. 

[0:19:20.8] TU: That’s great stuff and the reason I brought this one forward is I think especially for folks that, you know, are feeling overwhelmed by some of the other objections we’ve already talked about, you know, looking at a market like we’re in right now can be an easy opt out, right? Like, “Well, there is all these things but also the market’s where it’s at, so I am just kind of hold off” and I think David, what you shared there is a good reminder of what’s the long-term horizon that we might have involved or in mind as we look at our investing goals and plan. 

David, objection number five is, “I don’t know how to build a real estate team” so you know, what I am referring to here is often what I would hear other pharmacist investors or other investors at large talk about their experiences, you know, people talk about connections and relationships they have with realtors that are investor-friendly agents and contractors that they are comfortable working with and that they vetted. 

Perhaps lawyers, relationships with lenders, right? They are a phone call away for many of these folks and for those that are just getting started, “I don’t know where to start and I don’t know necessarily how to build the team and to build these relationships.” Talk to us through that. 

[0:20:21.7] DB: For me, my story started with finding a great real estate agent that was then able to introduce me to other people around that could be a great team and I know there is definitely that perspective out there where like, “I need to have three contractors and backup contractors and two lawyers” and all these people lined up before I even go walk a first house for the first time and I certainly understand particularly from the personality of the pharmacist that wants to dot all the I’s and cross all the T’s very carefully and very methodically. 

I definitely get that and particularly, if you are taking on a really risky scenario like if you are jumping into a house with a major rehab need, I can definitely see some hesitation in that but for us, we found comfort in just buying a more standard house that didn’t really need a ton of work, not trying to get in over our heads on our first transaction and just finding a great realtor that could recommend great people and then from there, kind of learning that network too. 

Talking with that contractor to meet other contractors, talking with the lender that our realtor introduced us to, to find even contractors from there. Networking with the local real estate investors association that we were then introduced to and meeting accountants and attorneys and other lenders and other contractors, other wholesalers and so just getting to know a bunch of people kind of methodically and jus that organic growth process rather than going out there and feeling like, “If I don’t have 20 people that I can call in a first name basis and text a really quick response, I can’t jump into any of these” but no, just starting off with who is that realtor that I know can help me build that team. 

[0:22:07.8] TU: Yeah and this is one example why I’m so excited about what you guys have built in the Facebook group, the YFP Real Estate Investing Facebook group and the community at large focused and interested in this topic is we’re seeing a lot of, “Hey, I’m an investor in Buffalo and I see you’re a pharmacist investor there as well, would you happen to know so and so?” right? They can build those relationships through referrals. 

You mentioned the value and power of networking and I think it becomes a lot more comfortable when I can connect with another pharmacist who has worked with somebody or another investor that I know and trust that has worked with somebody and built those relationships for those referrals. Nate, David mentioned a couple of times the value in starting with a good realtor who really could then help shepherd some of those other relationships. You wouldn’t happen to know one would you by any chance?

[0:22:51.9] NH: Hey, if you’re in Cleveland, Ohio, give me a call. No, really this is why we launched the YFP home buying concierge and then eventually, the real estate investor concierge where you can go and get an investor-friendly agent because we found so much value for everyone that we’ve talked to, that that’s where it all starts from. If you don’t know how to build a team, that’s okay. 

Take one step forward and a lot of times that one step is a really good real estate agent because they are going to be that Rolodex of people that you need to tap into different avenues. Again, if you go to yftrealestate.com, you can tap on, find an investor-friendly agent, connect with me and we’ll actually get somebody local in your area and again, the cool thing about working with an agent is that especially if you are a buyer or an investor, there is no cost to doing it. 

It is a free person basically to walk you through all the steps that you need to understand, give you access to the resources that you need and be someone that can give you some advice along the way. Again, really advocate for that, that’s exactly why we have the service available because that’s a really great starting point for a lot of people. 

[0:23:54.3] TU: Yeah, we will link to that in the show notes for folks that want to connect with Nate to learn more and have some further discussion. I would highly recommend looking at that further. Those are five common objections that certainly are things that I thought about. I suspect many other pharmacists might be thinking about it, “I’m embarrassed to get started.” I want to shift gears here and talk about some of the takeaways that you guys have had now. 

That your 40 plus episodes into the YFP Real Estate Investing Podcast, you have interviewed many pharmacists, investors, connected with others beyond that. I suspect there has been some positive takeaways not only for you guys individually but also in seeing some of the wins of that community and growth of this niche of pharmacists that are interested in real estate investing. 

Nate, I’ll start with you, as you guys are now more than 40 episodes in back to April 2021 when the podcast started, what have been some of your takeaways from the podcast and the launch of some of the YFP Real Estate Investing initiatives?

[0:24:51.6] NH: Yeah, I think the biggest thing for me as I look back is all of the really interesting ways that pharmacists are doing this. I think when David and I started developing the concept of this podcast and what it was going to look like, I think in my head it was going to be a bunch of people coming on talking about their long-term rental they have down the street and it’s like their one piece of it but there are pharmacists doing things from commercial to mortgage lending to – 

We’re going to have a little spoiler down the road, we’re going to have somebody on the podcast here a little bit who bought a motel and what that looked like. I mean, there is all these really cool stories of pharmacists doing things that I never would have expected and it’s just been so great talking to them and hearing their stories and how they got there because it is all a little bit different but all remarkably the same in terms of, “You know, I had this problem. I started looking into it and here’s how I solved it and here’s what my life looks like right now.” 

That’s just been so fun for me to see how those people do that and connect with the community that shares one thing in common but ultimately shares much more than that. 

[0:25:48.6] TU: David, what about for you? 

[0:25:50.0] DB: One of the things that I’ve found is getting out of my own head and getting into community with others is just so critical whether that’s real estate investing or even all of our shared experience in pharmacy school. We probably all had that like walking in a group from class to class and things like that, finding people to study together and that just helps to kind of keep you grounded and keep you focused on what’s important. 

There’s so much that I think can be overwhelming, whether it’s pharmacy school, whether it’s real estate investing, whatever you’re trying to learn and that community is helpful and not just a community of people that are interested in that topic but a community of people with some shared experiences, so it’s just been so fun to hear pharmacists on this podcast. Pharmacists, they’re all wired similarly in terms of personalities. 

Pharmacists that all value their career that they have invested heavily in, where they aren’t really trying to quit their jobs to be full-time investors like I think is common in a lot of other channels out there but pharmacists that just want to reimagine what life could be if they had additional income streams or more diversified retirement plan. It just seemed that diversity of pharmacists and non-pharmacist guests as well has just been a lot of fun to see that community grow. 

I think if I could sneak a second takeaway that I’ve had in there is that and I think we alluded to this earlier but there is no value statement on goals. I think we have seen some really unique goals the pharmacists have brought. I think that talking with Blake and Zach early on and how they’re buying house after house after house and in kind of a rapid speed as they are trying to grow something there is a very different experience than when Eric Geyer came on and talked about what he’s doing with real estate investing a small number of deals, something that he doesn’t have to spend a lot of time on. 

It’s you know, having one rental house can be a great goal, two could be a great goal, a hundred could be a great goal that there’s not necessarily a value statement in one goal is good or a goal is bad but just seeing pharmacists set those goals and achieve those goals has just been a lot of fun and really inspiring.

[0:28:04.5] TU: Kudos to you guys for bringing those guests on, asking good questions, right? Which allows folks to really tell and share their story and some of the motivational why behind what they are doing and certainly recognition of the time that goes into doing those episodes, planning for those episodes and I certainly think it’s adding a ton of value to the YFP community at large, so thank you very much to you guys for that. 

Nate, 2022, again, we’re 40 plus episodes in. Obviously, I feel like we’re just kind of scratching the surface to some of the opportunity and education in this area. What can we expect, what’s ahead for 2022 when it comes to the real estate investing podcast and some of those efforts for the community? 

[0:28:43.4] NH: Yeah, I think we’ve got a lot planned and pretty excited about. I think the biggest thing on my mind right now is we’re about to launch is our one-on-one coaching program. If you have seen anything about this in the Facebook group or heard about it on a podcast, the goal here is basically to say, “How can we take our community who is right on that edge?” right? 

They are pretty ready to buy a house, they just need that motivation to kind of get to the finish like or to answer a couple of questions and so how do we take them from none, no real estate investing at all to that first house and so we launched this coaching program as sort of a beta test with a small cohort of individuals. We just had our kind of final applications due and acceptances go out and really excited to see where that takes us. 

If we can get everybody over that line and actually buying their first rental property that would be really fun to see. 

[0:29:29.1] TU: I am really looking forward to hearing some of the output and I suspect some of the success stories that are going to come from that group not only going from none to one but perhaps even some of the future growth that will come for those individuals and I sense the motivation we’ll provide for the rest of the community as well. I really appreciate you guys and the efforts that you’ve provided. 

As we wrap up here, I would point folks in a few directions. If you’re not yet listening to the YFP Real Estate Investing Podcast, I hope you will tune in each and every Saturday. Nate and David are bringing you new episodes and if you are not also yet a part of the YFP Real Estate Investing Facebook group, I hope you’ll take a moment to join that community and we will link to that and both of these in the show notes. 

Finally, David and Nate put together a great guide just about a year ago as these initiatives were started, The Pharmacist’s Guide to Real Estate Investing, we have that available for download for free at yfprealestate.com. David and Nate, thank you guys so much for joining and looking forward to an awesome 2022. 

[0:30:24.8] NH: Thanks Tim. 

[0:30:25.7] DB: Thanks so much. 

[END OF INTERVIEW]

[0:30:26.7] ANNOUNCER: As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and it is not intended to provide and should not be relied on for investment or any other advice. Information of the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archived newsletters, blog post and podcast is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analysis expressed herein are solely those of your financial pharmacist unless otherwise noted and constitute judgments as of the dates published. Such information may contain forward-looking statements, which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. 

Thank you again for your support of the Your Financial Pharmacist Podcast. Have a great rest of your week. 

[END] 

Current Student Loan Refinance Offers

Advertising Disclosure

[wptb id="15454" not found ]

Recent Posts

[pt_view id=”f651872qnv”]