Originally posted by @Chris Wilson :
My wife and I are RNs in CA. We have a rental in Sacramento and 4 in Chicago. We got hosed by a criminal turnkey company there in Chicago so that was/is a tough experience. We had five properties there but just sold one. The rest are doing well now though.
I don’t know any docs who invest in RE. Strangely many I talked to aren’t investing in anything except maybe a 401k or got suckered into a whole life policy.
That stinks on your bad deal, Chris. And you are exactly right. We have about 450 doctors in our multifamily funds and it's crazy to me how many really have no clue on how/where to invest. Even worse is how many potential investors have asked for info but then say to me "Well, I need to check with my financial advisor first." We all know what that answer will be because that type of investment doesn't make them any money!
I'm not a docs, but several of my clients are. One of them started a blog to document his journey and help other doctors:
@Drew Eldridge Hospitalist here.
Bought my first rental investments during residency.
After wasting my intern year renting, I lit a fire under my own @ss and bought a property in my second year to become a homeowner, then became a self-managing landlord upon buying my second home during my third year of residency.
Caught a lucky development wave and crushed it on appreciation gains. Now I jacked up rents, dropped PMIs, and handed them off to a solid PM team. I’m a long distance passive investor as a result. I don’t got time for that. I will in 20 yrs though when they’re all paid off by my tenants.
Goal is to pick up extra shifts, keep buying/accumulating rapidly for cash flow before lifestyle creep sets in and I have to buy a mansion and a couple Teslas.
Originally posted by @Drew Eldridge :
Originally posted by @Scott Weaner:
I have been a practicing physician for 29 years. I started in RE investing a few years ago with the goal of earlier retirement.
So far, so good.
Scott - That's awesome to hear. Sounds like you and I had the same plan. lol. At what age do you think that may happen?
Hoping for 5-6 years, at age 64 or 65.
@Drew Eldridge , from your responses, it sounds like you run a MF syndication fund, am I off base here? If so, I'd love to connect and hear more as I'm in the syndication space as well - MF, self-storage and mobile home parks.
I'm an Mech. Eng. (retired @ 49) wife has been in private practice for 38 yrs going to retire end of 2018.
We have a large portfolio that we began 40 years ago during the 18% Int Rates. Never looked back. Our Vet is into commercial so we spend 10 minutes on the dog & 15 on REI.
My husband and I are both optometrists. We are only 8 and 7 years into our careers and already looking for ways to cut back and spend more time with our family. I went part time 2.5 years ago when our first child was born. I hope investing in real estate will allow my husband to go part time as well, and eventually both retire early. We were recently under contract on our first SFR but the deal fell through, so I'm back to searching again.
@Casey Johnston I know there are a few other ODs on here as well.
Any time I see docs, I feel compelled to recommend my friend, Physician on Fire's blog. www.physicianonfire.com. He's an anesthesiologist in MN, on the FI path.
@Mindy Jensen Thanks for the recommendation
Hi @Drew Eldridge, I am Psych Nurse 20 years, I "played" real estate investor for 15 years (with some positive experiences). I decided a few months ago this is my year to leap all in!
I am CDIP specialist for Neurosurgery group. I have just closed on Duplex in Cleveland OH and will share my experience how it goes with PM company. I have future plans to invest in equity appreciation market.
Hi. Me and my wife(ER doc) started 3 years ago, with 1 sfh.
Year 2 another and this year a smaller sfh.
We have set goals of buying 1 property every year. And have each property paid in full in 5 years.
The beginning is slow. Its like a snow ball effect. Slow and small in the beginning, but fast and big very soon.
As soon as you understand the positive cashflow machine, and gear it to pay off mortgages. You can easily find yourself in early retirement.
Drew, maybe I misunderstood your qustion, but if you are looking at Medical Office Buildings, I have some contacts in the MOB field here in Denver, if you would like I can put you in touch with a company that manages a number of smaller MOBs both here and in other states.
I'm a nurse practitioner. Hubby is a computer engineer.
I found myself with a life changing diagnosis (MS) a little over a year ago. My treatment required me to step out of the clinic setting due to the risk of infection. So I am now teaching, which cut our household income by about a third.
Thankfully, we had a solid savings that we recently used to buy our first rental. It is a SFH, it is a very modest first step that will net use about $425 a month. Not a lot, but we feel we can easily afford to carry the obligations associated with this property if we find ourselves with a vacancy or a non paying renter.
I don't know what the future holds. I have recently returned to working in the clinic 1-2 days a month as a moon lighting gig. I'm testing the waters to see if I can practice safely in regards to maintaining my balance, learning how to manage the work load and avoiding infection.
If I can boost our income by moonlighting, I can speed up our progress towards our next investment. If I cannot, we are blessed to be on the investment track even if it's the slow investment track.
Thankfully, we both have solid 401k plans as well so retirement should be safe. We are working to replace my income should I find myself unable to work.
@Drew Eldridge I am a Hospitalist PA working in the Maryland/DC area. I currently own 1 SFH in Baltimore and 1 condo in DC. I'm looking to expand some more and continue to grow.