Taking the First Steps
In retrospect, Peter asks Larry how he made it happen at the onset. He asks crucial questions like overcoming fear, getting his first property, and figuring it all out while still being a physician.
Dr. Larry Daugherty initially had reservations about investing in real estate due to a negative experience as an accidental landlord. However, through gaining knowledge and meeting other physicians who had successfully invested in cash-flowing properties, he overcame his fears.
He started with a four-plex and quickly acquired more properties, eventually facing a capital bottleneck. To overcome this, he developed relationships with agents and took risks, such as using a loan to purchase a 15-unit commercial asset.
While balancing his full-time physician job, Dr. Daugherty involved his family in the real estate business, with his wife becoming a real estate professional and his daughter assisting with property rehab. The desire to secure a financial future for his family motivated him. Eventually, he was able to transition to part-time work as a locum, which has allowed him more freedom and meaningful moments with his family.
“I’m able to take my son to school, drop him off, he gets out of the car, and just turns around and says ‘I love you, dad’. That’s when I knew that I had become a freedom physician and what that meant to me” — Larry Daugherty, MD.