MD & DO co'21 Residency Panic thread

[Chibucks15]

The housing market is a mess. Why are people trying to buy in this market? Genuinely curious.

Rates are super low, and trying to find a place to rent with a family and a dog for anything remotely fair is out the window. Basically just gotta get lucky to get one haha

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[frenchyn]

The housing market is a mess. Why are people trying to buy in this market? Genuinely curious.

Seriously. I am trying to buy one myself (not my choice). Damn houses are 20-30K overpriced and they are gone within 2-3 days on the market. I offered a 25K above the listed price and did not get the house. I understand the interest rate is low right now, but where are all these people getting money to buy houses with the high unemployment rate?

 

[efle]

Seriously. I am trying to buy one myself (not my choice). Damn houses are 20-30K overpriced and they are gone within 2-3 days on the market. I offered a 25K above the listed price and did not get the house. I understand the interest rate is low right now, but where are all these people getting money to buy houses with the high unemployment rate?

I don't think it's many low-networth first time buyers like us driving the market. People who were rich pre-COVID are even richer, I just looked at the S&P and it's up ~20% since early last year. Maybe it's all landlords/investors trying to expand while rates are at historic lows

 

[frenchyn]

I don't think it's many low-networth first time buyers like us driving the market. People who were rich pre-COVID are even richer, I just looked at the S&P and it's up ~20% since early last year. Maybe it's all landlords/investors trying to expand while rates are at historic lows

I think the government should try to control this: first time buyer vs secondary buyer etc...this makes it extremely difficult for people who are broke like us, first time buyer and those who want to buy a house to live instead of investment. This is nightmare!!!

 

[Chibucks15]

I think the government should try to control this: first time buyer vs secondary buyer etc...this makes it extremely difficult for people who are broke like us, first time buyer and those who want to buy a house to live instead of investment. This is nightmare!!!

I mean it sucks but we most definitely don’t need more government control

 

[AnatomyGrey12]

The price of building a house has also skyrocketed, so many people who would build are now looking at current homes.

 

[Naruhodo]

because its only gonna get worse, and even paying 5% above asking price, house still pays for itself compared to renting for another half decade

We offered 10% above asking price, and still were only the 2nd highest bid. The top bid was an investor who offered 22k more than our bid (the seller liked that we were were going to be owner-occupants and so wanted to give us the chance to match). We aren't about to get into a bidding war over a condo that may or may not recoup its value in 5 years, but we still raised our bid 10k just in case. Apparently the seller is gonna sleep on it...I am guessing we aren't going to get it, but you never know.😋

 

[wysdoc]

The price of building a house has also skyrocketed, so many people who would build are now looking at current homes.

Yes, this

 

[Naruhodo]

I think the government should try to control this: first time buyer vs secondary buyer etc...this makes it extremely difficult for people who are broke like us, first time buyer and those who want to buy a house to live instead of investment. This is nightmare!!!

In our city at least there is a HUGE difference in property taxes for buildings occupied by the owner vs. rental properties. The later are taxed basically double due to tax breaks for the former.

 

[frenchyn]

I mean it sucks but we most definitely don’t need more government control

Well idk if this war zone market is any better.

 

[frenchyn]

We offered 10% above asking price, and still were only the 2nd highest bid. The top bid was an investor who offered 22k more than our bid (the seller liked that we were were going to be owner-occupants and so wanted to give us the chance to match). We aren't about to get into a bidding war over a condo that may or may not recoup its value in 5 years, but we still raised our bid 10k just in case. Apparently the seller is gonna sleep on it...I am guessing we aren't going to get it, but you never know.😋

I am sure you know but condo HOA is ridiculous. I looked at one gorgeous condo, HOA is 570 a month 🤣🤦‍♀️

 

[Chibucks15]

Well idk if this war zone market is any better.

You surely cannot be serious. A crazy sellers market for a variety of legit factors does not ever warrant government takeover. They literally break everything they touch

 

[frenchyn]

You surely cannot be serious. A crazy sellers market for a variety of legit factors does not ever warrant government takeover. They literally break everything they touch

Idk if giving incentive to first time buyer vs someone who purchase houses for investment is really government takeover. Look at current market: the rich are getting richer and the poor are getting poorer. People like us who want to buy a house to live during residency instead of renting are having difficult time to buy a house even though it costs 20-30K more than what they costs.

 

[Chibucks15]

Idk if giving incentive to first time buyer vs someone who purchase houses for investment is really government takeover. Look at current market: the rich are getting richer and the poor are getting poorer. People like us who want to buy a house to live during residency instead of renting are having difficult time to buy a house even though it costs 20-30K more than what they costs.

They are already doing that. The rates of investment properties are terrible, while primary residence rates are low. So unless everyone’s lying about their intentions and leaving themselves liable that way, or they truly will live there at minimum 3 weeks yearly then they’re getting the lower rate. It’s purely supply and demand.

Just because a current situation sucks doesn’t mean that there is some massive widespread conspiracy. It’s new building costs, rates, people escaping apartment living because of COVID experiences, millennials reaching the age to buy houses, people holding onto homes due to eviction pauses, etc. The government already has breaks built in and any more involvement would be ridiculous. We need less government not more. We’re not special because we’re residents.

Source is family who does this stuff for a living for 40 years. I also just went through it myself. It’s just how it is right now and that’s life

 

[medstar11]

The housing market is a mess. Why are people trying to buy in this market? Genuinely curious.

Also have 2 kids and 3 large dogs. Renting is out of our price range and that is IF we can even find something. We are moving to an area with family so we will likely turn it into a rental post residency.

 

[MakeLifeHappen13]

I applaud you guys going out there and buying homes. It's seems like a wise financial decision. Personally, the thought of starting residency and onboarding is stressing me out enough. If I add buying a house for the first time on top of that I would probably lose all my hair prior to July 1st.

 

[Chibucks15]

I applaud you guys going out there and buying homes. It's seems like a wise financial decision. Personally, the thought of starting residency and onboarding is stressing me out enough. If I add buying a house for the first time on top of that I would probably lose all my hair prior to July 1st.

The last week has felt like 3 months. I put off onboarding paperwork and just did house hunting stuff for a week straight usually driving 4 hours round trip a day. Did that drive 10 times. It's been absolutely brutal but I set up my schedule nice so I don't really have to worry about much "schoolwork".

 

[Espressso]

I applaud you guys going out there and buying homes. It's seems like a wise financial decision. Personally, the thought of starting residency and onboarding is stressing me out enough. If I add buying a house for the first time on top of that I would probably lose all my hair prior to July 1st.

Basically where I'm at. Plus i know I won't be in this town after a three year residency and on top of that, it's a flood zone and has a plethora of new build apartment complexes. I was really flirting with the idea of buying about a month ago but it's an easy decision for me now. Also just me and a fiance which helps too.

 

[somedudehere]

I applaud you guys going out there and buying homes. It's seems like a wise financial decision. Personally, the thought of starting residency and onboarding is stressing me out enough. If I add buying a house for the first time on top of that I would probably lose all my hair prior to July 1st.

Amen I cannot even fathom trying to purchase a home right now lmao. Props to everyone that is though

 

[bigindian4891]

This week I have learned so much about how NOT to list properties. Like, how are you going to post just pictures of the bathroom and dirty kitchen, and nothing else?!

 

[Redpancreas]

We dont have an NPI number, right? Does the program give it to us later?

If you're going from M4-> PGY-1 you most likely do not except if you're @ Your program should be giving you login credentials to an onboarding site where you're going to have to apply for numerous things, fill out endless paperwork, and complete a bajillion modules

Things to do sooner than later when you get this package is to get the NPI and training license applications cooking. The rest takes a half day.

1.) Enroll to get an NPI number by NPPES.
2.) Start the process of getting your training medical license.

 

[Redpancreas]

For these credentials paperwork, are we allowed to/supposed to say our degree is MD, esp as many of us haven't actually graduated yet? Feels weird to not put MD since the paperwork is for a job that requires the degree, but at the same time I don't want to be misrepresenting myself on a bunch of semi-legal documents

(Sorry for the dumb questions guys - just trying to spare my PC more stupid questions from me and y'all are so knowledgeable when it comes to these things)

Lean on the PC. Things vary per program. You should state your degree is MD/DO unless they are asking you if you are applying for a training license or MD full license in which case you pick training license.

 

[efle]

This week I have learned so much about how NOT to list properties. Like, how are you going to post just pictures of the bathroom and dirty kitchen, and nothing else?!

You say that but they probably got 5 offers for 20% above asking price before they even had their open house

 

[Matthew9Thirtyfive]

Owning a home is so overrated. I will gladly continue to rent. And I have 2 kids and pets.

 

[SurfingDoctor]

Owning a home is so overrated. I will gladly continue to rent. And I have 2 kids and pets.

You really shouldn’t call your in-laws that...

 

[holdthemayo]

You really shouldn’t call your in-laws that...

In that case we are ditching the pet... keeping the cats.

Probably buying. I have two kids so I think it is worth it in our market.

 

[Chibucks15]

Owning a home is so overrated. I will gladly continue to rent. And I have 2 kids and pets.

Yeah maybe, I’m thinking of keeping it longer term as a rental for new residents that come in. That’s the plan as of now but who knows. We’re gonna put a little work into it before residency so if it’s a flip it’s a flip if the market ends up calming down

 

[Oligodinero]

Owning a home is so overrated. I will gladly continue to rent. And I have 2 kids and pets.

I have a 75lb golden retriever and 4 cats. Finding a place that'll let us rent would be a challenge at best. It'll be much easier for us to purchase. Plus I plan to be there for 4 years, maybe longer.

 

[efle]

Were getting 2x the square footage in a better neighborhood for the same cost as renting a 2bedroom. Hard to turn that down for convenience of renting

 

[Matthew9Thirtyfive]

I have a 75lb golden retriever and 4 cats. Finding a place that'll let us rent would be a challenge at best. It'll be much easier for us to purchase. Plus I plan to be there for 4 years, maybe longer.

I’ve definitely found nice places that will accept that. But yeah if you’re going to be there for 4+ years, it is more of a reasonable option.

 

[medstar11]

I have a 75lb golden retriever and 4 cats. Finding a place that'll let us rent would be a challenge at best. It'll be much easier for us to purchase. Plus I plan to be there for 4 years, maybe longer.

We have 3 75+ lbs dogs so we are screwed in the rental field lol

 

[frenchyn]

You really shouldn’t call your in-laws that...

This has to be the best comment on SDN thus far.

 

[sunshinefl]

We are the panic thread now.

 

[Scrubs101]

If any of y’all are looking for something to fill your busy 4th year schedules and have HBO max - Godzilla vs Kong was everything I could have wanted and more, 11/10

 

[browneyes1000]

We are the hippity-hop thread now.

Not going to lie, I forgot what today was and was VERY confused logging on today for the first time in a while...

 

[RTKMD]

Still haven’t been able to find a suitable place to rent. Every place I looked is not available until July or August. Struggling to figure out the best student loan repayment plan. On top of rotations and tons of paperwork for onboarding, I am very stressed. Anyone else in the same boat?

 

[Espressso]

Still haven’t been able to find a suitable place to rent. Every place I looked is not available until July or August. Struggling to figure out the best student loan repayment plan. On top of rotations and tons of paperwork for onboarding, I am very stressed. Anyone else in the same boat?

Consolidate > IBR > REPAYE is my plan for residency.

 

[RTKMD]

Consolidate > IBR > REPAYE is my plan for residency.

Thanks. I am debating between PAYE and REPAYE. Can you share your reasoning on choosing REPAYE?

 

[Espressso]

I think if you're not married the decision is easy. REPAYE offers the 50% interest subsidy which is incredibly better than PAYE. However if you're married and your spouse makes good money, then REPAYE will take their salary into account when calculating your adjusted gross income. If they make little and you run the numbers and the monthly payments aren't that much increased then it may still be worth it. PAYE allows you to do either married filed jointly or separately so you can do it without taking your spouses salary into account.

doctoredmoney.org is a great resource

 

[RTKMD]

I think if you're not married the decision is easy. REPAYE offers the 50% interest subsidy which is incredibly better than PAYE. However if you're married and your spouse makes good money, then REPAYE will take their salary into account when calculating your adjusted gross income. If they make little and you run the numbers and the monthly payments aren't that much increased then it may still be worth it. PAYE allows you to do either married filed jointly or separately so you can do it without taking your spouses salary into account.

doctoredmoney.org is a great resource

Thanks. Will check out dictoredmoney.org. I think my challenge is that my situation is dynamic, not static. Am single now, but plan to get married in ~5 years. My SO will be making the same money as I as an attending in about 5 years. REPAYE makes great sense for me now, but down the road in the future, I don’t think it is the best option. So, what to do for dynamic situation like this?

 

[LunaOri]

Thanks. Will check out dictoredmoney.org. I think my challenge is that my situation is dynamic, not static. Am single now, but plan to get married in ~5 years. My SO will be making the same money as I as an attending in about 5 years. REPAYE makes great sense for me now, but down the road in the future, I don’t think it is the best option. So, what to do for dynamic situation like this?

Don’t make a decision based on what your maybe spouse will maybe be making in maybe 5 years.

 

[Neopolymath]

Thanks. Will check out dictoredmoney.org. I think my challenge is that my situation is dynamic, not static. Am single now, but plan to get married in ~5 years. My SO will be making the same money as I as an attending in about 5 years. REPAYE makes great sense for me now, but down the road in the future, I don’t think it is the best option. So, what to do for dynamic situation like this?

I think you need to read about how repaye and paye works and how you can switch between them. It will expose why your line of thinking is faulty here. I think you should also take the above advice about relationships. You don't make 5 years of payments under a suboptimal payment plan for you based on the fact that you can switch payment programs and based on what your (to be perfectly blunt) maybe? spouse maybe? makes in 5 years....

None of that makes any sense.

 

[RTKMD]

I think you need to read about how repaye and paye works and how you can switch between them. It will expose why your line of thinking is faulty here. I think you should also take the above advice about relationships. You don't make 5 years of payments under a suboptimal payment plan for you based on the fact that you can switch payment programs and based on what your (to be perfectly blunt) maybe? spouse maybe? makes in 5 years....

None of that makes any sense.

I am listening. Can you please elaborate instead of just making a blanking statement that "none of that makes any sense"? What is not making sense? When you refer to a suboptimal payment plan, which one are you referring to? PAYE or REPAYE? Re: my SO, her salary is not maybe, she will be out of residency by the time I am done. So she will be making attending salary. She is also not a maybe spouse. We are committed to each other (have been for the past 7+ years).

 

[Espressso]

I am listening. Can you please elaborate instead of just making a blanking statement that "none of that makes any sense"? What is not making sense? When you refer to a suboptimal payment plan, which one are you referring to? PAYE or REPAYE? Re: my SO, her salary is not maybe, she will be out of residency by the time I am done. So she will be making attending salary. She is also not a maybe spouse. We are committed to each other (have been for the past 7+ years).

You can switch between REPAYE and other payment plans as you go. Each time you switch the accrued interest will be capitalized but it's still a common thing to do. For example, I'm engaged now but we don't plan to get married for another 2-3 years. She makes roughly the same income as me as an intern resident. I still plan to do REPAYE to start then switch once we're married. And who knows? The engagement can blow up in my face in a few years.

The point of REPAYE is to minimize your monthly payments during training, to allow for more opportunities to save and invest for retirement. By the time you're done with training you can stay in those repayment plans and start paying way more (extra payments) because at that point the interest subsidy doesn't matter as much. You'll be making a lot of money.

I highly advise that doctoredmoney.org website and also the subreddit r/whitecoatinvestor they have a ton of great information on there.

 

[fldoctorgirl]

She makes roughly the same income as me as an intern resident. I still plan to do REPAYE to start then switch once we're married

So if you were married now, making roughly the same income (let's say mid-50s-mid 60s each), you would do PAYE from the start? I have been trying to figure this out for myself.

 

[Espressso]

So if you were married now, making roughly the same income (let's say mid-50s-mid 60s each), you would do PAYE from the start? I have been trying to figure this out for myself.

typically, yes. Unless you're okay with the combined salary that then calculates the REPAYE monthly payment. I think that's an individual decision. Also depends on your loans. The benefit of PAYE is that it allows you to either file jointly or separately. REPAYE always combines spouses salary.

Check this out: Federal Student Loan Repayment Calculator — Doctored Money you can plug in your loans and salaries/incomes to see what sample payments would look like.

 

[theindianhero]

Heads up to my gen surg peeps, especially my DO fam - one of my schools base hospitals, garden city hospital, recently (not sure how recently as i was just made aware of it) got their gen surg program accredited and is on ERAS! I think the word is theyre looking to recruit 2-3 residents but not 100% sure (it was 2 a year when it was AOA)

 

[theindianhero]

Heads up to my gen surg peeps, especially my DO fam - one of my schools base hospitals, garden city hospital, recently (not sure how recently as i was just made aware of it) got their gen surg program accredited and is on ERAS! I think the word is theyre looking to recruit 2-3 residents but not 100% sure (it was 2 a year when it was AOA)

I matched here!

 

[theindianhero]

Heads up to my gen surg peeps, especially my DO fam - one of my schools base hospitals, garden city hospital, recently (not sure how recently as i was just made aware of it) got their gen surg program accredited and is on ERAS! I think the word is theyre looking to recruit 2-3 residents but not 100% sure (it was 2 a year when it was AOA)

I matched here!

 

[Espressso]

Hey friends! How's the house hunting going for all of you? My partner and I signed a lease to our top unit/complex just ~8 minutes from the hospital and I'm really excited! Reserved a Uhaul for the first week of june and things are looking good!

I hope everyone else's onboarding and house hunting is going smooth. I weirdly miss this thread. It's been a whole month since Match Day, crazy