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Updated almost 2 years ago,

User Stats

45
Posts
52
Votes
Joshua Matthews
  • Real Estate Agent
  • Indianapolis, IN
52
Votes |
45
Posts

Physicians Loans -- selling/buying and crossing state lines

Joshua Matthews
  • Real Estate Agent
  • Indianapolis, IN
Posted

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. 

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