Any Medical Investors?
I'm curious. How many here are in the medical field in any capacity? I'm an ER doc and investor and I have lots of colleagues (in all facets) in the medical field that want to start but I only know a few who truly have. So who else here is or was in medicine?
@Keyoka Smith Keyoka, I'm not a doc (but my wife is a great Labor and Delivery Nurse). I've been investing in real estate since 87. Sometimes with terrible scores, sometimes with high debt to income. I agree with @Drew Eldridge you need to get comfortable with debt - but remember that comfort level is your risk tolerance. If you go past your risk tolerance you will not sleep at night. I also agree to talk to the local banks, not the nationals. There are usually a half dozen banks that like docs who invest in real estate.
Another area to invest in real estate would be a syndication in a commercial property like an apartment building. Low risk, Low DTI inspection, Low work (someone else finds the deal) and often without any personal recourse if it goes belly up. There is a great deal of upside. Yes you could lose your money, but you can't lose more than you put in with most good deals.
Keep looking, sounds like you are on track. I believe that if you buy 1 or 2 properties a year you can replace your income in no time.
Originally posted by @Quynh Lan Nguyen:
@Drew EldridgeHi. I’m a Hospitalist. I’ve been working for 2 years. Now that my husband and I have paid off our hefty student loans, we are looking at other ways to diversify our portfolio. Because of fear, we haven’t invested in real estate yet. We just had lunch with a childhood friend who’s doing incredibly well and now we are arming ourselves with the knowledge and hopefully make our first purchase in a couple months.
Welcome to the world of real estate investing. Good luck and let me know if I can help in anyway!
@Drew Eldridge I am a NICU RN - Realtor. I have found that my background in a high stress area of nursing has suited me well for real estate transactions. They always say that buying/selling a home is stressful -- ha, its a matter of perspective :)
Take Care,
Debra Thomson, RN AZ Realtor Keller Williams Northeast Realty SA#6792390000
Originally posted by @Debra Thomson:
@Drew Eldridge I am a NICU RN - Realtor. I have found that my background in a high stress area of nursing has suited me well for real estate transactions. They always say that buying/selling a home is stressful -- ha, its a matter of perspective :)
Take Care,
Debra Thomson, RN AZ Realtor Keller Williams Northeast Realty SA#6792390000
Hey Debra! I'm sure for new buyers it probably is one of the most stressful things they've done. Are you investing as well?
@Drew Eldridge -- I am in the early phase of investing. Learning everything I can, watching others and learning from their mistakes or triumphs. Reading and taking it all in. I have the realtor license now, so within a year I plan to purchase my first investment property here in Phx. I will be utilizing this means (as well as others) to implement the "retirement" phase of my life. As a single, independent mom of grown kids - it's all on me. Man am I ready!!
Originally posted by @Debra Thomson:
@Drew Eldridge -- I am in the early phase of investing. Learning everything I can, watching others and learning from their mistakes or triumphs. Reading and taking it all in. I have the realtor license now, so within a year I plan to purchase my first investment property here in Phx. I will be utilizing this means (as well as others) to implement the "retirement" phase of my life. As a single, independent mom of grown kids - it's all on me. Man am I ready!!
Love it! Anytime is a good time to educate yourself and jump in. Let me know if I can ever be of assistance.
Graduating with my BSN in may. Hopefully getting into an ICU immediately after graduation so that I can eventually continue on to CRNA school. Currently looking mainly to garner knowledge until then so that I can jump in with two feet. Most likely I will start with SFH and small multi families eventually trading up to larger Multi families. I also own Alpha Paint and Renovate in Cleveland, Ohio. I will use my company to do my rehabs and look forward to expanding the company further once I am no longer in school.
@Drew Eldridge, thanks for starting this.....I,m Late to this thread, it’s great to see such a community in the medical field also interested in real estate. I’m a clinical pharmacologist by training and have worked ~20 years in cancer research and medical affairs in pharmaceutical industry.
I’ve owned multi families since I bought my first property on the precipice of the Great Recession in September 2008. I’ve invested in a note fund as well as 3 syndications as an LP and am currently working with a broker to acquire a medical office building.
Awesome, @Dan Hennessy ! Let me know if I can ever be of assistance.
@Drew Eldridge currently finishing up my physician assistant program and plan to start working in ER/UC later this year. I plan to start with a house hack and building a portfolio primarily with the BRRRR method with hopes of one day sponsoring syndications. Plenty of preceptors and docs I've talked to throw around the idea of REI but very few have taken action from what I've seen. I think people in the medical field often are far more risk adverse than average and also don't have the same "I hate my job" motivation to make real estate be their path out.
Necropost for my friend @Drew Eldridge.
Pediatric critical care doc here. Lurking the forums and podcasts for years, but finally ready to dive in. My objectives are more geared toward wealth building and ultimately developing financial independence.
@Christopher Cunnyngham Welcome to the fray! We need to get together soon to discuss.
Hello, an anesthesiologist who has been passive investing in multiple real estate ventures since 2007 (way before FIRE movement, and all of those physician blogs touting real estate investing in the last 2 years). Started with multifamily, then hotels, and recently senior living. I am completely out of multifamily right now (last 5 years or so) because valuations are unsustainable.
I agree. Especially at the cap rates that properties are currently trading for. I've been RE investing since 2006. Would definitely love to chat sometime about senior living.
Originally posted by @M P.:Hello, an anesthesiologist who has been passive investing in multiple real estate ventures since 2007 (way before FIRE movement, and all of those physician blogs touting real estate investing in the last 2 years). Started with multifamily, then hotels, and recently senior living. I am completely out of multifamily right now (last 5 years or so) because valuations are unsustainable.
Hi There! I'm late to this thread but better late than never.
Infectious Diseases & Critical Care doc (yes you read that correctly: 2 years ID, 2 years CCM). Fresh CCM grad, in my first attending job, and finally have the means to dip my toes into the REI pool. I've been teaching myself (ie. reading, listening to various podcasts) since my second year in CCM fellowship, and overcame the fear that was holding me back.
Now here I am: on BP and ~6 weeks from closing on a duplex that I plan to house hack. My first property ever!
More experienced investors out there with advice to share, I'm all ears.