All Forum Posts by: EJ K.

Investment Info:

Single-family residence buy & hold investment in Oak Lawn.

Purchase price: $57,000
Cash invested: $10,000

770 expenses including mortgage, taxes, insurance, HOA, and property manager fees

What made you interested in investing in this type of deal?

Wife pushed us to buy as a primary residence during residency. Had means to keep it and math worked great

How did you finance this deal?

Physician mortgage

How did you add value to the deal?

Renovations

What was the outcome?

Cheap, highly cash flowing property

@Matt B.

they get 10-14 grand if they keep 2 percent commission. I’m buying no matter what. I just need someone to show me places, and send me mls finds which can be automated. Pretty small amount of work for a guaranteed buy.

this will not be a popular question amongst some but others may love it. Please share your thoughts.

Im buying a home shortly and was wondering if it’s possible to negotiate an agent’s profit from you. That is the agent representing me, the purchaser.

I am completely aware the seller pays the commission, but if I were for instance sign my agent with them to only take 1.5 or 2 percent Instead of 3 and that .5 to 1.0 percent discount for the seller would then be pushed back onto my purchase and cause a discount. 

i know what I want, I know my value and purchase price is worth it even at 1.5 to 2 percent. Can this be done? If not, why not?

Every other field of work has checks and balances. Always negotiation. The same Job title as a doctor pays differently in location c than location d. Why is this so standardized?

Thanks,
Eddie 

I’m a physician, work 7 ten hour days a week. Off 27 weeks a year. 
I have three kids at home. I don’t mind a drive to decompress.

Hello,

Took a job in west Lafayette. Any recommendations on where to look for a home. Have 3 young children. Budget is broad but 400 min 700 max. I know that sounds crazy but the cost difference isn’t actually that much per month given the low property taxes. Plan on living there 6-7 years before buying our forever home. Prefer north of west Lafayette as far as St. John. 

Any recommendations?

Eddie

Hi all,

Curious about this, I saw a course geared toward physicians about ways to shelter taxes. One was becoming a real estate professional. Is this a good idea?

Here’s my scenario,

Hospitalist. About 300 k a year for 7 10 hour shifts weekly  in a row. 25 weeks a Year. So I effectively have off 27 weeks/year. Currently have two rentals rental properties and primary residence.

Is this something worth pursuing? I still am a skeptic. My wife will be a resident physician starting 2021. That’s another 57 k a year for 3 years until she’s done.

Should I go for this professional status to shelter taxes? Or each shift extra I pick up is 175 dollars an hr plus a decent bonus per patient seen?

I love both, probably love medicine more right now. 

I am going for public service loan forgiveness which is 10 percent of my net income after pre tax deductions. In 7 more years my 500 k debt will be wiped clean. Doing this strategy could bring my effective monthly payment down to nearly 0.

Any input is appreciated.


All the best,
Eddie

@Nicholas Brady

I’m a physician. I don’t even think a degree was necessary for this job... you can learn everything you need to learn by self directed learning. Research how to learn and good resources for what you want to learn. Read books, participate in forums, listen to podcasts and you would be good.

I like degrees cause they are forced structure to learn a topic, but somewhat unnecessary 

Hello all, took first gig as a doctor in Indiana. My wife and I have house hacked twice in a condo and now town home. We are renting the condo and will be renting out the town home. Currently we are looking at 400-550 k homes in grown point Indiana with 0 down and no pMI with a doctors loan. I was quoted a sub 4 interest rate. 
how should I approach this? This is not up to what we want for a forever home but need the space. We have two little ones and another on the way, all will be under 2 when the third is born. Mother in law is moving in and we are hiring her as a nanny. I think my cost will be between 2600 and 2900 a month given the low Property tax, great interest and no pMI and I have saw some rentals going for 3k to 3.5 k a month. 
Big picture should I be looking at this as a future rental? Or just be looking to sell when it’s all said and done. My wife will be done woth training and would likely be the one to qualify for our forever home in 7-8 years from now.

Thanks,

Eddie 

@Armond Wright not at this point in time. May consider in future

@Tom Makinen

My loan is through the government. Therefore, the rate sucks. However, I am employed by a hospital (non-for profit) and I qualify for loan forgiveness over ten years of payments, my time as a resident counts, so I only need about 7 more years of payments. The ten percent of my income is non-negotiable for this to get forgiven. At the end of ten years I will have paid a little under 300 k on my loan, vs just south of 800 k over a similar ten year full repayment plan. If I extended and refinanced for a solid interest rate, I would still have to pay over 7 figures back. 
ten percent of my income doesn’t really hurt that bad. Also keep in mind it’s post tax dollars too. That’s why I shelter as much as I can to minimize. My monthly payments on standard 10 year would be something like 7 grand a month. It’d be doable, but I’d be living on tea and toast. Also have three kids, lol so I’d be washing diapers.