After constantly working 12-hour shifts as a doctor, Charles Ayanleke realized that he was not truly rich. While he made great money, he was missing out on time and moments with friends and family. Fortunately, he invested in duplexes to earn passive income, which helped him to eventually retire as a physician. On this episode, he shares why it was important for him to leave the medical field for real estate and why he invests in the Jacksonville and Cleveland markets.
Key Market Insights
Originally from Nigeria, lived in Ireland before moving to the U.S.
Has been in Florida for the last 8 years
Harsh winter of 2005 at Case Western in Cleveland, Ohio
3-year residence in Cleveland and went to North Canton at Mercy Hospital
Got a job in Jacksonville and left snowy Midwest for sunny Florida
Bought 1-2 duplexes per year during early 2010s
Felt real estate was a better option than being a physician
You make money as a physician, but have to sacrifice family time
Working 12-hour shifts; close friends started passing away
If looking to create passive income you need to start educating yourself
Lots of free education between podcasts, blogs and other resources
Sold primary for a loss in Cleveland during previous market cycle
Was working for Fannie and Freddie loans, but once he got 10 loans he needed to transition to large multifamily
Biggest difference between going from 2-4 units to larger properties (16 and 30 units), was hiring and managing third party vendors
It’s misleading to assume that long-distance investing will be hands-off
Realized Jacksonville market had peaked for small properties and wanted to get better cashflow
Looked at waiting out the Jacksonville market and decided to go to Cleveland as he had a competitive advantage in the market
Jacksonville Submarket – Class A - Southern Aspects, St. Johns School Districts, Riverside, Hillcrest, Murray Hill (the next Riverside)
Cleveland Submarket – Lakewood, Parma, Cleveland Heights, Mayfield Heights
Lower than 700 for rent will attract lower income
Bull’s Eye Tips:
Winning Your Market: Know your resources
Tracking Market Changes: Networking, Notifications
Daily Habit: Wake up early
Resources:
Lifeonaire by Steve Cook
Rich Dad Poor Dad by Robert Kiyosaki
Miracle Morning by Hal Elrod
Best Business Books:
Tax Free Wealth by Tom Wheelwright
Digital Resources
Podcasts
Tweet This:
“It doesn't matter how much income you earn, you will find people who make 100 times what you make”
“I needed to figure out a way to buy back more of his time”
Places to Grab a Bite:
Connect with Charles:
locumsplanet.com
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