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Updated about 2 years ago,
Younger Dentist on disability $56k/yr RE or dental Practice owner
Hi BP family,
Full disclosure: I'm a single 40yr old dentist, have no home, and have $100k to my name (half in an IRA) and make $56,000/yr passively through long term disability income.
I enjoyed the freedom of not having to work for a few years now, as I worked on reducing my back issues. However, I am ready for the next moves. I need to make more money to set myself up for myself and a potential family.
The complicating factor is that if I go back to work and make over $1,300/month through work income, I will lose my $56k in disability income. Hence, my interest in investing as it is not considered work income.
Now for the actual question:
With all this free time, I have immersed myself in learning all about REI for the past 3 months and find it exciting.
I am currently deciding between RE investing and dental practice investing (I have never owned/run a practice) as a way to creat more passive cash flow. I’m looking at house hacking a Tri or quadplex, flipping, and the other 10,000 ways to invest.
Could anyone, especially experienced investors or people with dental office investment knowledge share their insight and guidance?
Should I pursue REI or dental investing? More specifically, which could provide more passive cash flow, which is faster/less difficult to scale?
If I do REI what would be the best way to do it considering I have a lot of time and my financial situation?
Thank you for hearing me out.
Lance