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?
@Drew Eldridge Hello Drew. Im a practicing pharmacist in Long Island NY. I have been practicing for 20 years. Areas of focus have been Long Term Care and home care settings. I have many years experience in hospice and palliative care. Now i focus on Home IV therapy along with Medication Therapy Management and patient consults. I am an abolute newbie here. I am only renting out my 1st home but looking to expand my horizons and invest for the future. Would like to start wholesaling then move buy and hold properies. Flips would be good to.
Hi...I'm a doc, 10 years in foot/ankle surgery (I started "late", finishing residency at the age of 35). Now I'm planning my 10 yr exit strategy. My son is almost 8. The plan is when he goes to college, I go to full time retirement. I'm a single mom so it requires a bit more sacrifice some days but I love my plan for the future. I have a single family rental (originally was to be buy in flip, but 10 years later my tenant still pays on time and causes little grief). I have some land (with a house of no value on it) that I purchased in a tax sale almost 2 yrs ago that I plan to hold just a bit longer as the urban sprawl is headed its way and I'm certain developers will want it. I also have some undeveloped land in town (3.5 acres) that I bought at a steal from a non profit org. I close on it next week. I hope to get with a developer or investor that may want to build a neighborhood or apartment complex. The house that I live in now (great equity going in/low interest rate) I bought with an intention to stay 5 years do small improvements along the way (to increase value), and rent out to grad students after refinancing. This neighborhood is largely rental due to university town and hoa fees are low. Lastly, I just put in an offer on a total rehab that is in a GREAT location close to downtown. I plan on taking my time to rehab it (18 mos+) for me to live in when I exit this property. No mortgage on my primary residence is the plan.
That's my story in a nutshell. My question to you @Drew Eldridge and the others in medicine.... provided you have a large student loan debt (I do), financing makes me (and traditional lenders) nervous. I have an above average income (although for tax purposes I write off a lot of expenses), I have a 750+ credit score, but I have higher dti than I'd like. Some of it may be that I use credit cards almost exclusively but I pay them off in full each month. It just helps me to keep track of purchases. What's the "work around"? Private money lenders?
I’m a ortho resident here in Dallas, TX and my wife and I have been wanting to get into real estate for a few years now. So we did! We recently just did our first fix N flip here in Dallas. See link below. We did well with that property and are now using a profits to buy a duplex here in Dallas (currently under contract). Ultimately we want to acquire enough rental properties to retire in our 40s.
https://www.zillow.com/homedetails/4317-Osborn-Rd-DALLAS-TX-75227/26784825_zpid
@Drew - I thought The Passive Income Physician was @Thomas Black (?). (Sorry it's not tagging)
Also a physician involved actively and passively in RE and run a site/blog with real estate investing resources, educational pieces, and opportunities in passive investments. Happy to share anything helpful from my experience with others here looking to get started or continue their RE journey.
I've started 2 American Diabetes Association Accredited Diabetes Self-Management Centers from the Ground up.
I'm also:
A Registered Dietitian/Nutritionist (RDN – Credentialed by the Commission on Dietetic Registration)
Board Certified Diabetes Educator (CDE – Credentialed by the National Certification Board for Diabetes Educators)
Advanced Diabetes Educator in insulin Pump Therapy (ADEPT – Credentialed by the The Joslin Diabetes Center).
I started out in the SFR world and lending Private Money but I currently ONLY focus on Syndicating Apartment Communities. I function as a GP and we syndicate Multifamily Apartment Communities across the US in areas that are in the path of progress.
@Keyoka - The work-around is probably for you to look at properties of 5+ units that would put you into the commercial lending arena where the operations of the property itself are more of the focus by the lender than your personal financials.
Hi...I'm a doc, 10 years in foot/ankle surgery (I started "late", finishing residency at the age of 35). Now I'm planning my 10 yr exit strategy. My son is almost 8. The plan is when he goes to college, I go to full time retirement. I'm a single mom so it requires a bit more sacrifice some days but I love my plan for the future. I have a single family rental (originally was to be buy in flip, but 10 years later my tenant still pays on time and causes little grief). I have some land (with a house of no value on it) that I purchased in a tax sale almost 2 yrs ago that I plan to hold just a bit longer as the urban sprawl is headed its way and I'm certain developers will want it. I also have some undeveloped land in town (3.5 acres) that I bought at a steal from a non profit org. I close on it next week. I hope to get with a developer or investor that may want to build a neighborhood or apartment complex. The house that I live in now (great equity going in/low interest rate) I bought with an intention to stay 5 years do small improvements along the way (to increase value), and rent out to grad students after refinancing. This neighborhood is largely rental due to university town and hoa fees are low. Lastly, I just put in an offer on a total rehab that is in a GREAT location close to downtown. I plan on taking my time to rehab it (18 mos+) for me to live in when I exit this property. No mortgage on my primary residence is the plan.
That's my story in a nutshell. My question to you @Drew Eldridge and the others in medicine.... provided you have a large student loan debt (I do), financing makes me (and traditional lenders) nervous. I have an above average income (although for tax purposes I write off a lot of expenses), I have a 750+ credit score, but I have higher dti than I'd like. Some of it may be that I use credit cards almost exclusively but I pay them off in full each month. It just helps me to keep track of purchases. What's the "work around"? Private money lenders?
I'm a newbie to Bigger Pockets and am looking to invest in some property in the next 6 months. I have been focused on aggressively paying down my primary residence and have a SFH rental in Murrieta, CA purchased during the downturn in 2008. It has done very well, has great tenants, and I was considering selling to pay off the primary residence but in the spirit of FI I have decided I would rather leverage the equity to purchase more property with a HELOC and cash.
However, investing in my area is very pricey right now and will be looking for other options and advice on Bigger Pockets!
I’m a medical device rep and have been investing since 2010. So far I’ve accumulated approximately 130 doors consisting of SF, Small MF, Commercial and most recently a 55 unit Apartment complex. Now I’m moving into apartment Syndication! I love Real Estate Investing!!!
@Vanessa Peters I like the approach to leverage your equity and invest in further investment properties. SoCal is getting pricey and it's common to hear investors going out of state. Either way, it's wise to use that equity, capitalize on historically low interest rates and put your money to work. Feel free to PM me with questions.
Hi...I'm a doc, 10 years in foot/ankle surgery (I started "late", finishing residency at the age of 35). Now I'm planning my 10 yr exit strategy. My son is almost 8. The plan is when he goes to college, I go to full time retirement. I'm a single mom so it requires a bit more sacrifice some days but I love my plan for the future. I have a single family rental (originally was to be buy in flip, but 10 years later my tenant still pays on time and causes little grief). I have some land (with a house of no value on it) that I purchased in a tax sale almost 2 yrs ago that I plan to hold just a bit longer as the urban sprawl is headed its way and I'm certain developers will want it. I also have some undeveloped land in town (3.5 acres) that I bought at a steal from a non profit org. I close on it next week. I hope to get with a developer or investor that may want to build a neighborhood or apartment complex. The house that I live in now (great equity going in/low interest rate) I bought with an intention to stay 5 years do small improvements along the way (to increase value), and rent out to grad students after refinancing. This neighborhood is largely rental due to university town and hoa fees are low. Lastly, I just put in an offer on a total rehab that is in a GREAT location close to downtown. I plan on taking my time to rehab it (18 mos+) for me to live in when I exit this property. No mortgage on my primary residence is the plan.
That's my story in a nutshell. My question to you @Drew Eldridge and the others in medicine.... provided you have a large student loan debt (I do), financing makes me (and traditional lenders) nervous. I have an above average income (although for tax purposes I write off a lot of expenses), I have a 750+ credit score, but I have higher dti than I'd like. Some of it may be that I use credit cards almost exclusively but I pay them off in full each month. It just helps me to keep track of purchases. What's the "work around"? Private money lenders?
I'm certainly happy to discuss off-line if you want to share specific numbers, however, I'd say that you have a good start. I, like you, come out with with student loans (just under $200k). That debt is much like debt on an income property - it is debt that makes you money. So you will definitely have to get comfortable with debt as long as it is good debt. I would talk to as many small community banks as possible. Go in with a business plan as well as your personal finance statement already prepared. But as a professional and as a high income earner, I'm sure that you will find some that will lend to you. And there is nothing wrong with hard money as long as you underwrite well and the numbers work factoring in that extra cost. You are welcome to DM me and we can talk more specific numbers so that I may be able to give you better recommendations.
I’m a medical device rep and have been investing since 2010. So far I’ve accumulated approximately 130 doors consisting of SF, Small MF, Commercial and most recently a 55 unit Apartment complex. Now I’m moving into apartment Syndication! I love Real Estate Investing!!!
That's an impressive portfolio, Mike! We syndicate as well and would love to hear about your deals. Shoot me a DM. Have a great holiday weekend!
I've started 2 American Diabetes Association Accredited Diabetes Self-Management Centers from the Ground up.
I'm also:
A Registered Dietitian/Nutritionist (RDN – Credentialed by the Commission on Dietetic Registration)
Board Certified Diabetes Educator (CDE – Credentialed by the National Certification Board for Diabetes Educators)
Advanced Diabetes Educator in insulin Pump Therapy (ADEPT – Credentialed by the The Joslin Diabetes Center).
I started out in the SFR world and lending Private Money but I currently ONLY focus on Syndicating Apartment Communities. I function as a GP and we syndicate Multifamily Apartment Communities across the US in areas that are in the path of progress.
Dang, Dino! Those are some big accomplishments. I've seen your name before as I believe we have several friends in common (on FB anyway), I would love to talk syndication sometime with you - I do that as well. Have a great weekend!
PA here. Own a SFH rental for 3 years. Just stwrted working as a PA so focusing on paying off some debt that got me and the family through school, then back to rentals.
Rads doc here. Love my day job! May have to go part time in near future, so many other things to experience. Transitioning my portfolio is mostly passive investments.
@Drew Eldridge
I’m an Ortho near Charlotte. Started investing in Real estate 2 yrs ago. Want to build passive income so I can retire early. I have 5 sfh and just closed on a 5 -plex. I’ve been focusing on educating my patterns on the value of using real estate to diversify there retirement. Doctors tend to be very conservative with there money.
@Drew Eldridge@Jace Peters - Good day gentlemen and other fellow practitioners. I'm a chiropractor from Bridgeport, CT . Looking to purchase and house hack my first multi-family within the next 6 to 8 months. I'm also looking to purchase a building where I would set up my practice in as well. I've been focusing on wholesaling and lease options as my primary investing strategies for now to help build up some capital. Certainly open to learning and sharing any new ideas and strategies along the way.
@Drew Eldridge - One of my private practice contracts is for a third party that does comp & pen evals for the VA, so I go wherever they send me and do C&P evals. A lot of it is near military bases, but some is also just random places where ex-pats now live. I've been to PR (which I don't really consider international), a few places in Japan, and Manila so far, although there are plenty of other places the company covers. Germany's a big one. I do some domestic travel for them as well since I am licensed in 3 states.
@Drew Eldridge
Hi. 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.