An orthopedist shares how he started a multi-million dollar real estate empire during residency by learning about real estate and finances. The discussion also covers the advantages of physician mortgages, transitioning to conventional mortgages, and prioritizing retirement investments. Additionally, insights on real estate investing for physicians, becoming a real estate professional, and utilizing depreciation deduction are provided.
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question_answer ANECDOTE
Started Investing During Residency
Frankie started building his real estate portfolio during residency after eight months of intensive learning.
He leveraged his future earning potential to secure low- or no-money-down financing while still a resident.
question_answer ANECDOTE
Why He Chose Self-Storage
Frankie grew to over 100 doors including a 91-unit self-storage facility that skewed the count.
He chose self-storage to gain economies of scale and to leverage an off-market deal he found at a good price.
question_answer ANECDOTE
First Deal: Off-Market Duplex
Frankie bought his first duplex off-market for about $205,000 and it cash flowed immediately at $2,100 monthly rent.
He credits networking with brokers for getting pocket listings that beat broader market competition.
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This Orthopedist got started building his real estate portfolio while he was still a resident! Now after only 4 years he has a multi million dollar real estate empire. He said he began his journey by learning everything he possibly could about real estate and finances when he was in his second year of residency. Once he had the confidence he had the knowledge he needed he hit the ground running and hasn't looked back. After the interview we will talk about real estate professional status for Finance 101.
At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who’s just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you’re further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at whitecoatinvestor.com/mortgage.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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