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Updated almost 2 years ago,
Physicians Loans -- selling/buying and crossing state lines
I have a broke MD friend who is finishing residency in Indianapolis, but is transferring to Buffalo for his next phase of training.
He owns a house here that is worth maybe $50-60k more than he bought 4 years ago, in a neighborhood that will only get better -- thanks to a 0% down Physician's Loan.
He and his family, of course, are transplanting and would love to buy in Buffalo, and would like to landlord in Indy, buy #2 in Buffalo.
The catch? He's still broke -- paying his mortgage and food bill off of DraftKings bank roll. And his wife is a stay-at-home mom to their 1 year old.
What's your suggestion?
1) can he obtain a second physician's loan? or is that a one-and-done opportunity? or if he moves his current primary into an LLC (adding today's interest rates) and rents that property; can he get a second? does crossing state lines help/hurt?
2) or do you think he should sell and take his equity to Buffalo?
They anticipate being in Buffalo only three years, and likely NOT moving back to Indianapolis.