All Forum Posts by: Edward Kanive

I am new to the area as well. Currently turning my condo into a rental and closing on my next flip and rent. Will be looking to invest more aggressively once residency is completed.

as a physician it's our job to fill it out. I get calls when one of my veterans dies, as I work at a VA hospital to sign the death certificate all the time. It really should be no problem for his primary care physician to sign it. Unless there are really weird cicrcumstances about his death. I couldn't really ever dream why someone wouldn't sign for this.

I have extremely limited assets currently, but I am about to multiple my 60000$ income by 5-7 once my wife starts residency and I am a full fledged attending physician. Higher income, not just assets, would need protection too? Correct?

I was curious what people thought about my plan to house hack with physician loans and move every two years while keeping every property to acquire 4-5 properties by the time I’m 35. I’m 28 now and about to obtain our second property. My question lies in the fact that I have between my wife and I about 750 k in debt. She is about to start residency (delayed a year for child) either in 2020 or 2021 and I will be an attending physician starting 2020. I have no credit card debt or auto debt.  I am technically only on the hook for ten percent of my income to the student debt. Most of it is at 6.5 percent interest. My wife has some private loans that’s are higher that I will refinance and tackle first. Monthly post tax income about to go from 3.4 k to 15-25 k depending on if my wife works next year and how many extra shifts i work. Pay down student loans? Or invest as above? I will be maximizing tax shelter investment accounts as well.

Bathroom is in much needed work and biting the bullet to renovate it. However, kitchen is in slightly better shape but could use some renovations. My area one bedroom rentals appear to rent for between 750-1100$.  Wondering what should be the goal in renovating a kitchen for a rental? It is very small, so going higher end would not add much given labor will be majority of cost. Leave it be? Go for it? I would probably add a garbage disposal to prevent clogged sink and would go with durable granite/quartz to prevent wear and tear.

@Christopher Phillips thank you for the congrats and the response.  Am I able to repeatedly use a physicians home loan? This would allow me to take out on multiple properties with little/no money down, rent them, refinance once I have equity? Essentially maximizing leverage?

I am a resident physician and my wife is a medical student. We currently live in a 1BR condo that we currently have a mortgage for. The place sold for 59 grand and now we owe right around 50 grand and have since renovated the bathroom and did a lot of fixes to the place.  We have been blessed with a child and now found out we have another on the way. Obviously we won't fit in a 1 BR. I was going to re-do the kitchen and then begin renting our place if possible. The way to make this possible is to use a physician loan for the next property. We have a lot of student debt (750k) and that is not calculated for physician loans in D/I ratio is my understanding.

Has anyone used these? Can you use it on your second home? This might not be a bad idea to buy homes with 0 down? Anyone have qualms with this? It could really expedite my purchases each time as to allow me to not have to save for down payments and instead could put that money to renovations.  Income is limited to 65 k/year until June 2020 and then wife will be in residency and I will be attending where the jump in salary will be 5-6x that number.  Curious if a physician loan is a possibility for me right now or for multiple properties? Anyone have success with these in the past?

Any help is appreciated,

Eddie

@Robert S.

@Robert S.@Jason D.

I am just curious what everyone thinks the risky component of a bathroom reno is if I am not moving piping and doing minimal if any electric work. Just going down to studs, redoing cement board and walls, new tub, new shower attachements, new tile in shower and on floor and then re-installing the cabinet, toilet and vanity I have already done.  If what I am doing sounds crazy to pay a guy thats not licensed to do but I have seen many of his jobs, then maybe I will re-think it. 

Right now cost savings is huge. I am a resident physician, wife medical student. Eventually I can open up the pocketbook but currently thats not possible with the debt we have along with the lack of income for the next 17 months.

@Jason D. thank you so much for mentioning liability. I have a great insurance agent and called to see what my options were for coverage and there really wasn't. However, if it was me and a friend doing the project, gross negligence would have to be proven.  Otherwise my normal HOI would cover even the unit below me if a pipe were to burst.  I wasn't really planning on doing plumming, just putting a new tub/shower in but not doing anything to old pipe. Electric work is questionable. I am not sure if who I bought it from did it correctly or not so I need to look more into that. I might just have an electrician buddy of mine come after and give a blessing.

I own a small condo right now that I am living in but am prepping it to rent. I am making renovations to make it appealing to prospective tenants and keep my wife happy in the mean time. I have a guy that isn’t licensed but does great work with every aspect of construction, from electric to Plumming. Is it ok to use this guy on any renovation. He’s 200 dollars a day flat fee regardless of the work so it’s a steal. Can’t find anything close.

I’ve lived in his work in the past. My buddy and his dad has rental properties and he does everything. They mentioned sometimes they have people finish the work so it looks like it was all done by someone with credentials. 

The tough caveat is I have to have the plan and everything presented to him st the start. He doesn’t help with that. Every supply should be on site and ready for him.  Making it more difficult for someone who doesn’t do too many renovations on their own.