All Forum Posts by: EJ K.

@Caleb Heimsoth

I agree mostly. 
the loans can be managed with a savvy plan.

The delayed income is brutal tho compared to other fields. Plus medicine is the only field where people try to exploit us by always saying you get into it to help others, which we do, but many Suites around the hospital use it as a crutch to not pay us as well.

take the loans and out that aside. Someone who started making money I out of undergrad vs someone that starts making good money ten years later has a huge advantage especially in a tax system like we have, that decade of saving and compounding investments can’t be understated.

Add in the desire to pay yourself with treats once you have a 5 figure paycheck and you ain’t got ****. 25 percent of docs at age 60 aren’t worth a million 

@Caleb Heimsoth

Those two aren’t even the biggest money makers. Probably the best guarantee at the 200 k plus, but putting off an income until 30 really sets you back if you’re a saver up front. Plus the tech people make so much as does Wall Street and other finance

@Caleb Heimsoth

Love Ramsey’s attitude but his math is flawed. However, if you need the behavior coach, he’s not bad. Certainly won’t be bad off if you do what he does.

Doctor. Schooling costs were outrageous. Due to the cost of school I had to force myself to be financially literate 

@Henry Gu

Plus there’s loopholes like working as a contractor and paying yourself a massive 401k As the employer, filing taxes Married filing separately one year and addending it a year later to get the married brackets a year late but not have your spouses income count toward your repayment. I essentially will have paid 0 dollars a month for 2/10 years by sheltering my income. It’s a great way to get your education on the governments dime. I provided you with those examples to demonstrate the homework I have done. I am a W2 employee I income earner and am one of the few people who geek out on finances and student loans as much and more Than real estate on here.

@Henry Gu

If you have loans check out travis student loan planner podcast. 

And worst case scenario I pay 10 percent of my income for an additional 15 years and pay the tax hit at the end. Depending on income, I could always change my plan but I prefer to use plsf and encourage all to. @Henry Gu. Please so my other post for debunking your myths. The plsf program isn’t going anywhere for Current borrowers as its in our contract with the loan servicer

Student loan planner. 
please educate yourself.

I hired an advisor for it and am in the program. If the program is revoked, any de legislation has been for new borrowers only. This program is in our promissory note and likely , almost certainly can’t be revoked. Most student loan reform is expansive and not limiting. Thus any new things would only support my cause. 

There are many reasons why others failed, mostly because they were uneducated, didn’t pay 120 payments, weren’t in ICR, repaye, ibr or paye. In my case, I literally took a job to ensure I can get this. 
a lot of the speculation is fear mongering and anyone in the business is pretty pro plsf

@Henry Gu

Why is that horrible? I will pay ten percent of my income for 7 remaining years (ten total) and it will cost be about 250-300 k at 2-3 k a month vs paying 6500 a month for 10 full years starting July to pay it off.I’m winning with public service loan forgiveness by a ton. It’s a great government boost To cover the cost of my student debt.

@Christian Albright

I have 501000 In student loans. Yes that is correct. 5 0 1 0 0 0. I own a rental, live in a soon to be rental and am about to buy a 500 grand home. It depends on your personal situation. I am going for public service loan forgiveness so will only pay about 30 grand a year in student loans and it will be forgiven via lovely government tax dollars in 7 more years. Work the situations anyway you can. Do you qualify for plf?

Investment Info:

Single-family residence buy & hold investment in Lockport.

Purchase price: $172,000
Cash invested: $4,000
Sale price: $172,000

Current residence.
Moving to Indiana 07/2020 and will begin renting this out. Expect only minimal cash flow but as a physician can cover and once paid in total will generate 12-15k a year profit including property manager fees.

What made you interested in investing in this type of deal?

Wanted to house hack using physician mortgage 1 more time prior to buying a more expensive home

How did you find this deal and how did you negotiate it?

Our own research

How did you finance this deal?

Physicians mortgage through Huntington
4.15 percent, 0 down, 0 PMI, 15 ARM

How did you add value to the deal?

The financing available to me, less than appraised value

What was the outcome?

Not as good as oak lawn, but given high earnings from W2 job, not going to sell

Lessons learned? Challenges?

You can’t always buy a single family home for yourself that will turn into a good rental.
Illinois property taxes truly are insane. 600 k homes in Indiana are cheaper than this 172 k town home

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sandi Frith at Huntington