ER physician looking to make the leap to REI

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ER physician looking to make the leap to REI

Darcy Bains
Member since 2023 · 1 post · 5 votes

Hi all!
I am an ER doc looking for a change!
My wife and I are exploring all the options about where to relocate! We love NYC but we are due for a change of pace, and a change of scenery. Also, NYC isn't the best place for a budding real estate investor. We have only a few stipulations about where to move to and start anew: We like a warmer climate, and we want a good market to start our portfolio! I am able to work as a travel doc, and she works remotely in tech, and we plan to use our combined incomes to put towards REI, as well as keeping our cost of living reasonable! Our shorte(er) list includes Phoenix, LAs Vegas, Nashville, Atlanta, and Texas (Austin,Houston, San Antonio). Any thoughts/tips/suggestions/warnings/advice is welcomed! I look forward to becoming an active member in the BP sphere!
Cheers!

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Nadeem Alamgir
Real Estate Agent · Member since 2023 · 831 posts · 577 votes
2y

Hey, @Darcy Bains welcome! You should add Columbus, OH, to the list. I was originally from NYC, and then I moved here due to the same reasons as you. 

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  • Denver McClurePro Member
    Financial Advisor · Flower Mound, TX · Member since 2018 · 659 posts · 479 votes
    2y

    Hey @Darcy Bains, I work with a few other ER docs here in Texas, thank you for what you do! Feel free to PM me if you'd like to chat. I'm always happy to provide any insight I can for new investors. 

    [email protected]
    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    2y
    Quote from @Darcy Bains:

    Hi all!
    I am an ER doc looking for a change!
    My wife and I are exploring all the options about where to relocate! We love NYC but we are due for a change of pace, and a change of scenery. Also, NYC isn't the best place for a budding real estate investor. We have only a few stipulations about where to move to and start anew: We like a warmer climate, and we want a good market to start our portfolio! I am able to work as a travel doc, and she works remotely in tech, and we plan to use our combined incomes to put towards REI, as well as keeping our cost of living reasonable! Our shorte(er) list includes Phoenix, LAs Vegas, Nashville, Atlanta, and Texas (Austin,Houston, San Antonio). Any thoughts/tips/suggestions/warnings/advice is welcomed! I look forward to becoming an active member in the BP sphere!
    Cheers!


     Choose the market where you can make the most money in your profession.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    0Reply
  • Melanie Johnston
    Real Estate Agent · Scottsdale, AZ · Member since 2018 · 412 posts · 366 votes
    2y

    Hi, Darcy. It sounds like you and your wife are embarking on a fun new chapter of your lives!

    I’m partial to Metro Phoenix as I’ve lived and invested here since I graduated from ASU a few decades ago.

    So many different options for investing…and our economy continues to grow. 

    I would be happy to answer any questions or help you narrow down your AZ search, according to your wish list!

    Melanie

    0Reply
  • Stephen Montez
    Real Estate Agent · Las Vegas, NV · Member since 2024 · 50 posts · 18 votes
    2y
    Quote from @Darcy Bains:

    Hi all!
    I am an ER doc looking for a change!
    My wife and I are exploring all the options about where to relocate! We love NYC but we are due for a change of pace, and a change of scenery. Also, NYC isn't the best place for a budding real estate investor. We have only a few stipulations about where to move to and start anew: We like a warmer climate, and we want a good market to start our portfolio! I am able to work as a travel doc, and she works remotely in tech, and we plan to use our combined incomes to put towards REI, as well as keeping our cost of living reasonable! Our shorte(er) list includes Phoenix, LAs Vegas, Nashville, Atlanta, and Texas (Austin,Houston, San Antonio). Any thoughts/tips/suggestions/warnings/advice is welcomed! I look forward to becoming an active member in the BP sphere!
    Cheers!


     Hey Darcy! I did the same former NYer and my short-list looked relatively the same to yours and we ending up settling here in Vegas. Main reason was the weather and scenery -- we were able to come thanks to a work trip prior to moving and absolutely fell in love! The no-income tax and growing city were all a plus! 

    As for the investing side of things, Vegas is experiencing some major growth in real estate and even now as the country as a whole is in a slow-down or market is definitely and hot and still a sellers market which is what you're looking for in terms of appreciation. However if you're looking for cash-flow right out of the gate I'd say there are cities that would be better suited for that on your list but not impossible to come by out here -- really just depend on your goals. 

    In short, I'd say first make sure your in love with wherever you decide to move to first by visiting if possible and then take the look at the market of the location. 

    P.S. - All of those options would be better for REI than NY!

    0Reply
  • Stephen DeThample
    Real Estate Agent · Las Vegas, NV · Member since 2020 · 459 posts · 305 votes
    2y

    Hi,

    Welcome to BiggerPockets.  There is an unbelievable amount of information on this site.   If you have any questions about Las Vegas, let me know. 

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    2y

    Hello @Darcy Bains, it’s good to see you here on BP!

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Best of luck!

    @Darcy Bainsundefined

    0Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    2y

    Of those markets keeping an extra 10% of your combined income should put phoenix and Atlanta behind, TN,TX,NV where they’ll let you keep it. 

    I don’t know anything about TN real estate but NV real estate will perform better than most of TX with much lower property taxes, zero foundation issues, and cheaper insurance. 

    If you are still young enough to put in 20 years as a doc check out UMC if you want to qualify for a real pension as a government employee. There's also the VA's big new complex in NLV.

    Good luck. 

    0Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    2y

    Welcome to the community, Darcy! It's great that you're looking for a warmer place and good real estate opportunities.With your incomes and careful planning, you're set up well to build a successful portfolio while keeping costs reasonable.

    -Julio

    561-253-6640
    0Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    2y

    @Darcy Bains pick the place where you want to live and work.   While it would be great to invest where you live you don't have to.   If the location fits your lifestyle you will find someone to help you invest either local to where you move or not.  There are opportunities all over.  You haven't named a single location that is more expensive than NYC.

    they all offer slightly different climates, activities. I guarantee it will make a bigger difference if a place doesn't fit your lifestyle than if you make a bit more or less with your properties.  

    0Reply
  • Nadeem Alamgir
    Real Estate Agent · Member since 2023 · 831 posts · 577 votes
    2y

    Hey, @Darcy Bains welcome! You should add Columbus, OH, to the list. I was originally from NYC, and then I moved here due to the same reasons as you. 

    2Reply
  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    2y

    Hey @Darcy Bains - welcome to the BP community! 

    I would advise you on having a deeper look at both yourself and your wife's long term goals in terms of what you're trying to accomplish with real estate. One of the best ways to do this is to make a list of your priorities and what you're effectively trying to get out of this endeavor. 

    The reason I say that is because from the wording in your post, your still fairly early on in the process and may be susceptible to falling for the "next best thing" pitch that you'll find all too common both in BP as well as out of the forums. 

    Instead, my recommendations would be to not only visit the places you've already mentioned but perhaps also attend a few local real estate meetups in those areas to get a really good sense of what's out there in terms of the lay of the land.

    BP is great for connecting you with local brokers/investors in the areas btw, simply hop into any of the local forums and create a post that you're looking to chat with someone! 

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