Originally posted by @Keyoka Smith:
Hi...I'm a doc, 10 years in foot/ankle surgery (I started "late", finishing residency at the age of 35). Now I'm planning my 10 yr exit strategy. My son is almost 8. The plan is when he goes to college, I go to full time retirement. I'm a single mom so it requires a bit more sacrifice some days but I love my plan for the future. I have a single family rental (originally was to be buy in flip, but 10 years later my tenant still pays on time and causes little grief). I have some land (with a house of no value on it) that I purchased in a tax sale almost 2 yrs ago that I plan to hold just a bit longer as the urban sprawl is headed its way and I'm certain developers will want it. I also have some undeveloped land in town (3.5 acres) that I bought at a steal from a non profit org. I close on it next week. I hope to get with a developer or investor that may want to build a neighborhood or apartment complex. The house that I live in now (great equity going in/low interest rate) I bought with an intention to stay 5 years do small improvements along the way (to increase value), and rent out to grad students after refinancing. This neighborhood is largely rental due to university town and hoa fees are low. Lastly, I just put in an offer on a total rehab that is in a GREAT location close to downtown. I plan on taking my time to rehab it (18 mos+) for me to live in when I exit this property. No mortgage on my primary residence is the plan.
That's my story in a nutshell. My question to you @Drew Eldridge and the others in medicine.... provided you have a large student loan debt (I do), financing makes me (and traditional lenders) nervous. I have an above average income (although for tax purposes I write off a lot of expenses), I have a 750+ credit score, but I have higher dti than I'd like. Some of it may be that I use credit cards almost exclusively but I pay them off in full each month. It just helps me to keep track of purchases. What's the "work around"? Private money lenders?
I'm certainly happy to discuss off-line if you want to share specific numbers, however, I'd say that you have a good start. I, like you, come out with with student loans (just under $200k). That debt is much like debt on an income property - it is debt that makes you money. So you will definitely have to get comfortable with debt as long as it is good debt. I would talk to as many small community banks as possible. Go in with a business plan as well as your personal finance statement already prepared. But as a professional and as a high income earner, I'm sure that you will find some that will lend to you. And there is nothing wrong with hard money as long as you underwrite well and the numbers work factoring in that extra cost. You are welcome to DM me and we can talk more specific numbers so that I may be able to give you better recommendations.
