Doctor Money – Real Estate
Any time I do a post or email related to real estate, I get many questions from doctors. This includes very humorous notes from doctors who think I have given up chiropractic to become a realtor.
The wealthiest people in the world generally have substantive ties to real estate. On the other hand, it is an area full of very expensive landmines and a fantastic way to lose a whole lot of money.
With a whole lot of help from friends and partners, I’ve made as much in real estate as I have as a chiropractor. This wasn’t without some mistakes, big stresses, and ending up upside down in a deal or two – but like anything, you learn – get better – go bigger.
Here are just a handful of many instrumental steps doctors should know.
• Understand how to determine if properties are potentially investible. There are a number of factors here: comps, inventory, marketing timing (are we towards the top of a bubble), ease of renting, and many-many others.
•Deals are made on the way in, not counting on appreciation.
• Knowing cost. Real estate generally has way more costs than anticipated in upkeep, maintaining (New roofs, air conditioners, plumbing, etc.), insurances, legal, and again many-many others.
Want help? Whether it’s from us or other experts that have generated wealth from real estate, get help.
