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Updated 20 days ago on . Most recent reply

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Spencer Moore
  • New to Real Estate
  • Akron, OH
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Looking to build my team, advice for busy professionals

Spencer Moore
  • New to Real Estate
  • Akron, OH
Posted

Excited to be part of this group! I'm a resident surgeon for my day job and father of four beautiful kids ages 6,4,2 and 0.  Needless to say I'm looking to create some passive and efficient real estate opportunities. I don't have a lot of capital rigth now but want to hit the ground running when my full-time job picks up, and I'm looking to build my team and strategy in the NE Ohio area. I'd love to conect. and hear your thoughts on any of the following topics: 

-What websites do you use for deciding on growth real estate markets?

- What RE portfolios or tax strategies are most effective to offset high W2 or 1099 income?

- How hard is it to overocome large education debts (ie medical school) to secure financing in future deals? 

-If pursuing long term rentals, how large of a potfolio did you feel was necessary to obtain 750 hours (and other qualifiers) to obtain Real estate professional status? Is this something I could obtain with 1 property or did it take several deals before you had the time commitment to qualify?  

If you're a lender, agent, contractor, property manager, or current investor in the NE Ohio area I'd love to connect and learn as much as possible. Thanks!

-

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Basit Siddiqi
  • Accountant
  • New York, NY
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied

750 hours are hard to accumulate on one hour(in general). It is posisble that maybe you acquire a multi-family unit and there is a lot of renovation work required that can put you above the 750 hours but again, this will be rare.

Against popular opinion, if you are new to your career as a Surgeon, I would focus 100% of your energy on learning your craft and try to build your salary / income.

You will likely make a lot of money as a surgeon where the hourly rate spent on real estate investing will not be close to what you make as a surgeon. Therefore, your goal would be to pass the responsibilities to someone else and let your money invest / grow.

Best of luck!

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Basit Siddiqi CPA
4.9 stars
79 Reviews

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