Rental Property Investor · OKC, OK · Member since 2008 · 108 posts · 235 votes
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?
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.
Nursing is my hobby and real estate is my passion. 3 SFHs, two buy and hold with renters, One was a BRRRR that I used to purchase one of those two buy and holds. Always a lot of interested investors in the hospital.
That's a great story, Sean! I have lots of nurses at work that are interested but don't believe "that they have the money to invest." I try to educate and explain otherwise.
@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 do, Michael, and would love to chat and share ideas. I'll send you a DM.
@Drew Eldridge - I’m a hospital clinical pharmacist. I do REI on the side. Have done 5 flips over the past few years and soon to lock down another one this year too.
I'm a FNP in Georgia, I have one rental property. I live, eat, sleep real estate since I was about 12 yrs old. I have held back the last few years busy with school and kids. But I am in my career and currently looking for my next deal. Not sure if I want to flip or hold and rent. I don't have much money to start so I'm not sure which avenue to take first. Any help or advice is much appreciated.
I am a psychotherapist out of Mesa, Arizona. I first started investing in 2010 with a single SFR rental. In 2014 I purchased the building I have my practice out of and in 2015 I started flipping houses on the side. In 2016 I got more serious into real estate and did 6 flips and one seller finance deal and purchased some out of state properties. In 2017 we switched our model to a lease option model and ended up doing 23 deals. So far this year we Have acquired 9 more plus 1 more next week.
The thing that has helped us be successful at real estate has been educating ourselves and build a good team.
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.
Thanks, Mindy! I hadn't looked at PoF lately so thanks for the reminder. He does a great job!
@Drew Eldridge I am a full time clinical pharmacist in an outpatient clinic and a rookie real estate investor. Will be closing on my first investment property a week from today! This one is a small SFR in my hometown in Kentucky, but I plan to keep growing and eventually scale into larger multi family and also looking at mobile home parks. Good luck!
Drew,
I'm an internist in the Seattle area for the last 20 years or so. I have been consistently investing in real estate ( mostly sfh and duplexes) for the past 9 years. We also convert sfh's to AFH's and rent them to nurses who then run them. We have a small construction crew and generally do 1 to 2 homes at a time. Have flipped a few but try and stick to buy and hold. With decking revenue/increasing hassles with Obamacare, real estate investing has led us to real retirement by age 50.
@Aaron Owens
Is mobile homes a good investment for rental property
It depends on you, your knowledge, your interest. Two identical MH properties (or even the trailers themselves) purchased differently by two different investors could have vastly different levels of success.
Following along! I am a chiropractor from Omaha, NE. Looking to get my first rental property (single family, multifamily) next year after I can show 2 years of self employment income.
Looking to eventually get into my own commercial space that I own in the next 5 years.
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.
I'd love to hear more about cashflowing with 18% interest
Following along! I am a chiropractor from Omaha, NE. Looking to get my first rental property (single family, multifamily) next year after I can show 2 years of self employment income.
Looking to eventually get into my own commercial space that I own in the next 5 years.
Any other chiropractors out there!? :)
That's great Jace. Welcome to the journey! I have a buddy who is just finishing DC school and setting up a practice. He's also already looking at how to invest in RE. Always happy to help if I can in anyway.
@Chris C. the mortgage rates of the day were running @ 18-19%. In fact one of the first properties I bought (1987) was an owner hold for $67k @ 19%. He wanted $72k but the int rate sold him on the $67k. He was a recently widowed hoarder of the worst kind BUT the home was a classic. After 3 months of total exhausting rehab I refinanced @ 13% & paid him off.
I still own this property (it's rented) & the smaller home next door just went on the mkt for $599,900.
But we do get 18-20% returns up here based on what we initially pay & what we re-sell them at by holding the notes @ 12-14%. These are investment properties & we have several investors that buy whatever we have. We have often sold them after some rehab for 2x the initial cost so when you apply the 12% note to 2x initial price your return can be very high. If it's a contract for deed we always apply mkt rents & often get at least an 18-20% return. I have a duplex we nailed 12 years ago for $13,500, did $5k in work & the investor is paying 13% on a contract for deed of $35,000 (his offer). He has 3 years to go on his 15 yr term. In over 30 plus years we have done * still 'hold' quite a few of these.
I was a Speech Language Pathologist. Now we own 24 multifamily units, limited partner in a 250+ apartment syndication, own a flipping and wholesaling business and working on being able to provide more investment opportunities to others.