Housing market/Inflation

[podfam3008]

So after I graduated from residency and bought my first home, I made sure it was small, lived like a resident for years, and this allowed me to pay off a lot of loans. Now, just when I thought I was finally ready to get a nicer home in a couple years, the housing market becomes crazy unaffordable. Ugh. After speaking to other colleagues who are also in PP, it seems like a lot of us are taking an income dip during the pandemic. Unfortunately, inflation right now is very real too. When it rains, it pours.

How are you guys dealing with this? Are you waiting out the market? Do you think there will be a crash maybe in a couple years?

Are you supplementing your income with another job? Investing? Just wanted to hear everyone's thoughts.

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[Feli]

I dunno... I am probably a renter for life, but that's just me.

I think buying a home is one of the wildest things one can do in most areas and situations. It doesn't make sense to me unless you are a PP owner/partner or the job is 99% rock solid. For most, it locks you down, it forces you into more debt, creates a large fixed monthly payment, and it makes you work for the house (lawn/snow/leaf, repairs, insurances, improvements, tools, decor, "gotta have a truck now that I own a house," etc etc). The "owning is cheaper (monthly) than renting" is usually totally false. It's a lifestyle choice through and through. It is funny to me that when you "own" a house, you pay taxes on it, are required to fix it, follow HOA or city zoning rules, required to insure it (since the bank owns it, not you), etc. Wouldn't it seem that if you truly owned the land or house, taxes would be paid to you and you'd make the rules? That is not to mention all of the thousand$ and thousand$ home owners like to put into endless improvements that they'd largely ignore or the landlord is on the hook for if they were renting. People can say they enjoy that Home Depot stuff all they like... it costs substantial money and time.




The equity myth is also somewhat false. Sure, you get 10x or 5x or whatever down payment leverage your on something that goes up typically, but how often do people downsize when they move from house to house? They will very likely be selling in a good/bad housing market and buying in that same market (to use homestead or 1031). You just hit that point in your OP post above. So, if sellers get "great profit" from their house, they will overpay for their next. If they "do poorly" on their sale, they can probably find a bargain to move to due to the market. My buddies who bought a "250k house" that are now "500k house" aren't moving anytime soon... and most took out 100k in loans over their mortgage for new landscaping, windows, flooring, countertops, etc. They can now borrow like a fiend to buy nicer toys or whatever based on the presently inflated equity value (on paper), but is that a good thing? Either way, the home appreciation is a myth unless the sellers jump out the homeowner game and into renting or actually retirement downsize or something (and very few do that with the house they use as primary residence... profit taking in real estate is mostly just investors and flippers and such).

Now, renters obviously have a payment also, and you will always pay to live (in monthly rent cost or monthly mortgage/ins payment or opportunity cost of not renting out even a paid off house). When you rent, the main strength is that rental unit can be easily dropped or changed if a better rental, better job, etc comes up. It allows you to go where you are treated best. When you rent, the house/apt also works for you... if something breaks, the owner fixes it and/or whips out the wallet to pay for it. That is important when you get up at 0600 for surgery and might stay late doing charts to max job income... you don't want to be trying to fix a roof on the weekend (at least I sure don't). If it's something substantial that breaks (appliance, garage door, plumbing, etc), renters might even ask to get a rent discount that month for the inconvenience (whereas homeowner has an urgent job to do). Last, you tend not to over-accumulate stuff if you don't own since you don't need to buy a lot of the tools or appliances and you usually don't have as much sense of permanence or as much space to "fill up." Renting can be a lot more conducive to the minimalist lifestyle.




...as far as the supplemental income, for docs, the best side hustle is usually just getting more out of your current gig. That means marketing, working more days, increasing your per patient with services, etc. If you are underemployed (part time or just not busy), you could always consolidate days and/or pick up other work on your days off. Besides bring money in the front door and limiting spending, the finance bird's other wing is always Investing wisely and with the highest saving rate you can make happen. We are likely coming up on a great market timespan to gain substantially more shares... we will see how the new develops, but it's probably will the best S&P volatility since beginning COVID early 2020.

 

[air bud]

I dunno... I am probably a renter for life, but that's just me.

I think buying a home is one of the wildest things one can do in most areas and situations. It doesn't make sense to me unless you are a PP owner/partner or the job is 99% rock solid. For most, it locks you down, it forces you into more debt, creates a large fixed monthly payment, and it makes you work for the house (lawn/snow/leaf, repairs, insurances, improvements, tools, decor, "gotta have a truck now that I own a house," etc etc). The "owning is cheaper (monthly) than renting" is usually totally false. It's a lifestyle choice through and through. It is funny to me that when you "own" a house, you pay taxes on it, are required to fix it, follow HOA or city zoning rules, required to insure it (since the bank owns it, not you), etc. Wouldn't it seem that if you truly owned the land or house, taxes would be paid to you and you'd make the rules? That is not to mention all of the thousand$ and thousand$ home owners like to put into endless improvements that they'd largely ignore or the landlord is on the hook for if they were renting. People can say they enjoy that Home Depot stuff all they like... it costs substantial money and time.




The equity myth is also somewhat false. Sure, you get 10x or 5x or whatever down payment leverage your on something that goes up typically, but how often do people downsize when they move from house to house? They will very likely be selling in a good/bad housing market and buying in that same market (to use homestead or 1031). You just hit that point in your OP post above. So, if sellers get "great profit" from their house, they will overpay for their next. If they "do poorly" on their sale, they can probably find a bargain to move to due to the market. My buddies who bought a "250k house" that are now "500k house" aren't moving anytime soon... and most took out 100k in loans over their mortgage for new landscaping, windows, flooring, countertops, etc. They can now borrow like a fiend to buy nicer toys or whatever based on the presently inflated equity value (on paper), but is that a good thing? Either way, the home appreciation is a myth unless the sellers jump out the homeowner game and into renting or actually retirement downsize or something (and very few do that with the house they use as primary residence... profit taking in real estate is mostly just investors and flippers and such).

Now, renters obviously have a payment also, and you will always pay to live (in monthly rent cost or monthly mortgage/ins payment or opportunity cost of not renting out even a paid off house). When you rent, the main strength is that rental unit can be easily dropped or changed if a better rental, better job, etc comes up. It allows you to go where you are treated best. When you rent, the house/apt also works for you... if something breaks, the owner fixes it and/or whips out the wallet to pay for it. That is important when you get up at 0600 for surgery and might stay late doing charts to max job income... you don't want to be trying to fix a roof on the weekend (at least I sure don't). If it's something substantial that breaks (appliance, garage door, plumbing, etc), renters might even ask to get a rent discount that month for the inconvenience (whereas homeowner has an urgent job to do). Last, you tend not to over-accumulate stuff if you don't own since you don't need to buy a lot of the tools or appliances and you usually don't have as much sense of permanence or as much space to "fill up." Renting can be a lot more conducive to the minimalist lifestyle.




...as far as the supplemental income, for docs, the best side hustle is usually just getting more out of your current gig. That means marketing, working more days, increasing your per patient with services, etc. If you are underemployed (part time or just not busy), you could always consolidate days and/or pick up other work on your days off. Besides bring money in the front door and limiting spending, the finance bird's other wing is always Investing wisely and with the highest saving rate you can make happen. We are likely coming up on a great market timespan to gain substantially more shares... we will see how the new develops, but it's probably will the best S&P volatility since beginning COVID early 2020.

I feel seen

 

[newfeet]

So after I graduated from residency and bought my first home, I made sure it was small, lived like a resident for years, and this allowed me to pay off a lot of loans. Now, just when I thought I was finally ready to get a nicer home in a couple years, the housing market becomes crazy unaffordable. Ugh. After speaking to other colleagues who are also in PP, it seems like a lot of us are taking an income dip during the pandemic. Unfortunately, inflation right now is very real too. When it rains, it pours.

How are you guys dealing with this? Are you waiting out the market? Do you think there will be a crash maybe in a couple years?

Are you supplementing your income with another job? Investing? Just wanted to hear everyone's thoughts.

I live in the sticks… but we are moving to the suburbs this year. We are looking at houses below what we can afford but in good neighborhoods. This isn’t our first house we did the same thing in the past. I don’t think we would ever live in a fancy house.

I would like to get a side gig but not for housing. I just want one to put away more money for kid’s college fund, retirement and do fun stuff. Owning a house isn’t important to me. My wife wants to own. I would be a renter forever but own a small vacation home/condo/townhouse somewhere nice.

 

[air bud]

I dunno... I am probably a renter for life, but that's just me.

I think buying a home is one of the wildest things one can do in most areas and situations. It doesn't make sense to me unless you are a PP owner/partner or the job is 99% rock solid. For most, it locks you down, it forces you into more debt, creates a large fixed monthly payment, and it makes you work for the house (lawn/snow/leaf, repairs, insurances, improvements, tools, decor, "gotta have a truck now that I own a house," etc etc). The "owning is cheaper (monthly) than renting" is usually totally false. It's a lifestyle choice through and through. It is funny to me that when you "own" a house, you pay taxes on it, are required to fix it, follow HOA or city zoning rules, required to insure it (since the bank owns it, not you), etc. Wouldn't it seem that if you truly owned the land or house, taxes would be paid to you and you'd make the rules? That is not to mention all of the thousand$ and thousand$ home owners like to put into endless improvements that they'd largely ignore or the landlord is on the hook for if they were renting. People can say they enjoy that Home Depot stuff all they like... it costs substantial money and time.




The equity myth is also somewhat false. Sure, you get 10x or 5x or whatever down payment leverage your on something that goes up typically, but how often do people downsize when they move from house to house? They will very likely be selling in a good/bad housing market and buying in that same market (to use homestead or 1031). You just hit that point in your OP post above. So, if sellers get "great profit" from their house, they will overpay for their next. If they "do poorly" on their sale, they can probably find a bargain to move to due to the market. My buddies who bought a "250k house" that are now "500k house" aren't moving anytime soon... and most took out 100k in loans over their mortgage for new landscaping, windows, flooring, countertops, etc. They can now borrow like a fiend to buy nicer toys or whatever based on the presently inflated equity value (on paper), but is that a good thing? Either way, the home appreciation is a myth unless the sellers jump out the homeowner game and into renting or actually retirement downsize or something (and very few do that with the house they use as primary residence... profit taking in real estate is mostly just investors and flippers and such).

Now, renters obviously have a payment also, and you will always pay to live (in monthly rent cost or monthly mortgage/ins payment or opportunity cost of not renting out even a paid off house). When you rent, the main strength is that rental unit can be easily dropped or changed if a better rental, better job, etc comes up. It allows you to go where you are treated best. When you rent, the house/apt also works for you... if something breaks, the owner fixes it and/or whips out the wallet to pay for it. That is important when you get up at 0600 for surgery and might stay late doing charts to max job income... you don't want to be trying to fix a roof on the weekend (at least I sure don't). If it's something substantial that breaks (appliance, garage door, plumbing, etc), renters might even ask to get a rent discount that month for the inconvenience (whereas homeowner has an urgent job to do). Last, you tend not to over-accumulate stuff if you don't own since you don't need to buy a lot of the tools or appliances and you usually don't have as much sense of permanence or as much space to "fill up." Renting can be a lot more conducive to the minimalist lifestyle.




...as far as the supplemental income, for docs, the best side hustle is usually just getting more out of your current gig. That means marketing, working more days, increasing your per patient with services, etc. If you are underemployed (part time or just not busy), you could always consolidate days and/or pick up other work on your days off. Besides bring money in the front door and limiting spending, the finance bird's other wing is always Investing wisely and with the highest saving rate you can make happen. We are likely coming up on a great market timespan to gain substantially more shares... we will see how the new develops, but it's probably will the best S&P volatility since beginning COVID early 2020.

Having to sell my 67k house I bought when I first came out after 18 months really set my retirement back....

 

[DYK343]

I rented for 1.5 years post residency. We actually had a really good deal renting a guest house through a friend. Killer deal and I should have kept it. 1k a month with power, water, internet included and had its own washer/dryer. But it was small, crampt, and never felt like home. The family was also going through a divorce and it felt really akward being on the property towards the end. Lots of middle of the night shouting, etc. But still 1k a month... should have stayed and the owner wanted us to stay. But wife wanted out. Given I was always at work and couldnt hear all the shouting all day long it was time to leave for her sanity.

I saved up plenty for 20% down and bought the house I have been in since. Ive made approximately 300k equity on my house (according to zillow anyway) and put about 50k into it. My interest rate is 2.5%. It comes out to about 2.1k a month mortgage and that includes taxes and insurance. Thats cheaper than renting in my area (except the situation I had...). I just looked on craigslist. An equivalent house is somewhere between 2.5-3.5k depending on neighborhood and how nice the house is. I'm in a great neighborhood, house is exactly how I want it, with very good public school system (9/10 across the board). If I was renting that would be 3.5k grounds easy.

But as Feli said even though Im saving 1k a month I had to put a ton of cash down and about 50k extra to fix it up. So thats income out of my pocket that I dont see until I sell. But Im not paying 2.5 to 3.5k a month to someone else. I am paying on my mortgage (..and interest) which in the long run goes back into my pocket. Its a savings plan essentially with (so far) great returns.

If my kid wants a chinchilla I dont have to get special permission. If I want a dog I just go get one. If I want to install a built in I can do it. If I want to dig a hole in my back yard "just because" I can do it. Renters dont have that luxury. I really enjoy having that luxury. Its worth it to me 10 fold.

But like said above it was somewhat of a drain both on income and lifestyle especially at the beginning. Definately did not see eye to eye with the wife on some of our projects. Like the fact she wanted small white tiles with white grout in the bathroom (thanks pinterest) that obviously would be a pain to clean yet she demanded it and now its a pain to clean and quite frankly looks awful unless we spend about 30-60 minutes every couple weeks to scrub hard water stains each little stupid tile. I dont know if you can tell but im still bitter about this decision 3 years later.

IMO. If you are going to stay in an area for a long time buy. Especially if the interest rates are good. If you're not sure about an area and might want to leave in 1-5 years rent. Straight out of residency always rent for at least the 1st year. Gotta make sure you like the area/job/lifestyle. Also gotta make sure your employer likes you and keeps you on their books.

 

[DYK343]

So after I graduated from residency and bought my first home, I made sure it was small, lived like a resident for years, and this allowed me to pay off a lot of loans. Now, just when I thought I was finally ready to get a nicer home in a couple years, the housing market becomes crazy unaffordable. Ugh. After speaking to other colleagues who are also in PP, it seems like a lot of us are taking an income dip during the pandemic. Unfortunately, inflation right now is very real too. When it rains, it pours.

How are you guys dealing with this? Are you waiting out the market? Do you think there will be a crash maybe in a couple years?

Are you supplementing your income with another job? Investing? Just wanted to hear everyone's thoughts.

Not the best time to buy with increasing interest (I think its 4.5% again?), increasing inflation, and increasing markets.

Can you stay a couple more years and build up more of a down payment and possible time the market better?

That could be the best answer. But everyones situation is different. When I bought mine (like stated above) the market was worse than it is now and I still did good on it.

Its tough out there. At least in my area houses are rumored to be off the market in 1-2 days with cash offers. Good for selling your home but bad for buying.

 

[podfam3008]

Thanks for the input everyone! Something to think about.

 

[CutsWithFury]

The underlying theme of this thread is sad. Podiatrists just don't have the luxury of feeling confident in buying a house because a lot podiatrists move from associate job to associate job. Sometimes hospital gigs are not for certain as the hospital can get bought out or your new chief of surgery hates podiatry, etc.

I was employed by a hospital for several years. Had three contract renewals but still never felt confident in buying a house because I never loved my position. Now we are going to be moving soon. So I am glad I didn't buy a house. Renting makes sense but def do you due diligence and ensure you are getting a good deal.

 

[DYK343]

The underlying theme of this thread is sad. Podiatrists just don't have the luxury of feeling confident in buying a house because a lot podiatrists move from associate job to associate job. Sometimes hospital gigs are not for certain as the hospital can get bought out or your new chief of surgery hates podiatry, etc.

I was employed by a hospital for several years. Had three contract renewals but still never felt confident in buying a house because I never loved my position. Now we are going to be moving soon. So I am glad I didn't buy a house. Renting makes sense but def do you due diligence and ensure you are getting a good deal.

That is the downside of being hospital/MSG employed and not an owner. One day youre fine. The next youre not.

Its a risk all employees take. Hospital doctor or factory manager. It can all change tomorrow.

 

[podfam3008]

That is the downside of being hospital/MSG employed and not an owner. One day youre fine. The next youre not.

Its a risk all employees take. Hospital doctor or factory manager. It can all change tomorrow.

Of course. Honestly though, this shouldn't keep one from living their life though. Every job is risky if you're an employee of any kind. If the situation changes, then you act accordingly. Just trying to be positive lol.

 

[podfam3008]

Does anyone expect a housing market crash?

 

[dtrack22]

Theoretically as a “doctor” buying shouldn’t force you into living anywhere. That’s not always true as a podiatrist, unfortunately. But if you purchase a home and then hate the area/change jobs, there is no reason (from an income standpoint) you can’t keep your old home and buy a new one wherever you move. Or keep your old one and rent a new place. You can rent out your old house, you can let it sit empty and at still outperform the stock market at times.

The key is just not to buy too much house at any given time. As long as you aren’t throwing 50% of your monthly income at housing, you’re no less flexible than someone who is renting. I moved while renting and throwing several months of rent money at an empty house and then paying to get out of the lease cost more than any home ownership expenses I would have incurred in that same time.

 

[DYK343]

Does anyone expect a housing market crash?

Of course! Just know body knows when. Next year or in 20 years. It will someday happen.

 

[DYK343]

The washer just stopped working. Totally 100% toast I suspect.
Wife just said "why is it always something?"

LOL listen to Feli. Forget everything I just wrote.

 

[newfeet]

Theoretically as a “doctor” buying shouldn’t force you into living anywhere. That’s not always true as a podiatrist, unfortunately. But if you purchase a home and then hate the area/change jobs, there is no reason (from an income standpoint) you can’t keep your old home and buy a new one wherever you move. Or keep your old one and rent a new place. You can rent out your old house, you can let it sit empty and at still outperform the stock market at times.

The key is just not to buy too much house at any given time. As long as you aren’t throwing 50% of your monthly income at housing, you’re no less flexible than someone who is renting. I moved while renting and throwing several months of rent money at an empty house and then paying to get out of the lease cost more than any home ownership expenses I would have incurred in that same time.

We made the mistake of selling our house when I accepted a new position 3 years ago. Now I’m leaving that job. I wish we kept our house and rented it out or let it sit empty. I wouldn’t sell again.

 

[air bud]

Combining this current topic with how we say rural rural rural!....could not be more spot on. There is no security with employed rural positions. In my last job I was employed but zero chance of bonusing. I certainly was making them money, but there was always the thought in the back of my mind that they could decide to discontinue the service. If that happened I had to pick up and move because private practice there was not sustainable. I left 2 years into my 3 year contract. Sold out house we bought2 years prior. But fortunately paid 160 put 30k or so into it And sold for 225k. This time around we decided to buy new because I didn't want to put any money into it. Little did I know I was going to buy the adjacent property to me for 140k, fence it, buy a horse and some donkeys and a barn...but I was lucky.

 

[PeaJay]

Rural jobs put you in an interesting spot for housing.

You can buy a nice house/acreage, but then you are stuck with an expensive house in an area with limited buyers. Renting is also troublesome as most of the rentals are targeting lower income groups.

In the end, you have trouble finding a good house that is not so expensive you can’t resell. You will have trouble finding a rental that is of appropriate standards.

Finding the modest rural house is the holy grail.

 

[air bud]

Rural jobs put you in an interesting spot for housing.

You can buy a nice house/acreage, but then you are stuck with an expensive house in an area with limited buyers. Renting is also troublesome as most of the rentals are targeting lower income groups.

In the end, you have trouble finding a good house that is not so expensive you can’t resell. You will have trouble finding a rental that is of appropriate standards.

Finding the modest rural house is the holy grail.

Nailed it.

 

[heybrother]

(1) Interest rate increases will change the dynamics ie. pricing may come down but monthly payment will go up. Theoretically benefits people with more cash in hand.

(2) Without changing your job your best bet for more money is to change how you save/spend. I also recommend marrying a rich person.

(3) Homes do come with maintenance. I immediately had some repairs on my current house when I bought it that jokingly felt like they'd never end ie. the oven died and the warranty company came like 6 times before they paid for the replacement. If you like sitting under shade you have to rake some leaves. I did have some of my windows repaired of wood rot. Would it have been more fun to have spent it on appliances/countertops? Yes, but the house is 30 years old and repair will be infinitely cheaper than replacement.

(4) Years and years ago I found this amazing $900 apartment. A year later it was $1100. A year after that it was $1900. Rent can increase.

(6) I'm pretty grateful to be in what should be my forever home. That said, you cannot compare yourself to anyone else or assume they are operating under the same circumstances you are. Homes and student loans are the sort of situations where people's family's may be helping them out. I say that to anyone read this thread from their apartment wondering how their friends are already in a house.

Final thing. Damn - the current situation is bizarre. I bought my hours 2.5 years ago. It had been on the market for a year - they'd only dropped the price once. There's a house across the street from me for $150K more than I paid.

 

[Pronation]

My recommendation is do not try to time the market.

 

[Feli]

... you cannot compare yourself to anyone else or assume they are operating under the same circumstances you are. Homes and student loans are the sort of situations where people's family's may be helping them out. I say that to anyone read this thread from their apartment wondering how their friends are already in a house...

Yes, this cannot be underestimated. The whole idea discussed above dtrack and newfeet of rentvesting or just buying a house and then let it become a rental managed by your or a PM company from afar (or leave it empty) after you move along is not feasible to everyone. That is a great plan, but most young DPMs and people in general are living a lot closer to check-to-check, and they need the money from their present home sale to use as the next down payment or the cost of moving and renting for a few months as they transition to the next job.

I know plenty of DPMs who are successfully renting out their house they bought back in residency or at their past job as they live in another state, but they all also had advantages most do not. They graduated school with $0 debt, were driving lux cars through pod school, and were taking as many international vacations as road trips even during residency. That is the minority of folks who have that support.

Every housing market timespan and every location is different, but the more common story of people who bought a house ("it will turn around") when I was in residency (2009-12) was that they faced foreclosure as graduation approached. My landlord (music teacher husband and wife) foreclosed when I moved out after completing my 3yr lease; he told me that soon after I declined his sale offer (he had asked if I was staying in Detroit... I was but did not want to buy). His family even had money (dad was a retired ortho surgeon but must not have wanted to bail him out).

A few residents from my program who had bought "cheaper than renting" managed to do a short sale when they left residency, and others left the state but managed to rent to incoming residents at one of the many nearby large teaching hospitals (to kick the can down the road a bit... not sure how it ended for them long term). It is a sweet theoretical solution to have somebody paying your mortgage payment while you move on, but it does not always materialize easily. It tends to require some substantial liquidity to potentially pay multiple mortgages in any given month and ability to weather prolonged vacancy or serious damage/repairs or etc. My father managed to retire early and pretty well from doing university rentals local to where he worked and lived (always funny when I was invited to college keg parties and it turns out to be one of his houses), so maybe that's why I'm not too eager to ever deal with mowing lawns and painting and calling plumbers on weekends or rushing after work to go show vacancies or look at potential houses to buy anymore

...I also recommend marrying a rich person...

Yes, best way to improve your finances and lifestyle. ^^^

It doesn't even have to be a rich person (rich family, trust fund, etc) and you don't have to get married... just get the benefit from dating/partnering ppl who are financially competent via education, financial savvy, etc. If your couple unit or family unit will depend heavily on your income for supplying housing, travel, etc... you will be limited. I have enjoyed that also, but it's a lot of pressure and you can't comfortably live nearly as high a standard of living as with a partner who earns and/or has good bank. If you can live in place that either you or your partner could easily afford on your own even if they other couldn't contribute, the debts shrink and retirement accounts swell pretty fast. It takes much much more to knock you off track financially when you have that cushion (as do they).

 

[Feli]

My recommendation is do not try to time the market.

The stock market? Housing? Any market?

Mods should trace this IP address... might be ze Russia hackers spreading ze market misinfo???

 

[Pronation]

The stock market? Housing? Any market?

Mods should trace this IP address... might be Russia hackers spreading market misinfo???

Yes, comrade.

 

[JewOnThis]

The underlying theme of this thread is sad. Podiatrists just don't have the luxury of feeling confident in buying a house because a lot podiatrists move from associate job to associate job. Sometimes hospital gigs are not for certain as the hospital can get bought out or your new chief of surgery hates podiatry, etc.

I was employed by a hospital for several years. Had three contract renewals but still never felt confident in buying a house because I never loved my position. Now we are going to be moving soon. So I am glad I didn't buy a house. Renting makes sense but def do you due diligence and ensure you are getting a good deal.

Did you sign on with another hospital?

 

[CutsWithFury]

Did you sign on with another hospital?

Have three offers and waiting to hear back from one more. This time around I want to work at a hospital in a great location that’s good for my family and I.

I start a locums position in 1 week to carry me up to my new job start

 

[msuDPM]

Have three offers and waiting to hear back from one more. This time around I want to work at a hospital in a great location that’s good for my family and I.

I start a locums position in 1 week to carry me up to my new job start

Psh. Sounds like a missed opportunity to take a couple months off to me.

 

[air bud]

Have three offers and waiting to hear back from one more. This time around I want to work at a hospital in a great location that’s good for my family and I.

I start a locums position in 1 week to carry me up to my new job start

This is why the answer is always get the best training possible then make decisions later. And also why rent first. Write out your life plans in pencil not pen. Things change.

 

[Scrantonicity]

Bought a house first year of residency, mostly because of the First Time Homebuyer credit (the one that you didn't have to pay back). Definitely lucked out on selling it for a bit more than I paid for it (well, kinda--I used the Homebuyer credit to purchase an entirely new HVAC system including new ductwork). It worked out, but man was it a lot of stress. Very stupid idea when you know you're only gonna be there 3 years...

Learned my lesson and rented during my first job (2 years)--then forgot my lesson and bought another house in my 2nd job (about 8 years now)...now I'm figuring out what I'll have to fix/replace before I sell it and move to my 3rd job...stressful, but feels OK to know I've got about $100K in equity now (assuming I sell it for close to the current value).

I wouldn't say I regret my home purchases really--it's a heck of a learning experience...but it's crazy I wish I was renting again. Then when you rent long enough you wish you were a homeowner. We are just never happy, are we?

 

[air bud]

This guy was stupid enough to buy a house in school....that one was a terrible mistake. Ex wife was working, we wanted to not live in an apt. Stupid stupid stupid. If we just lived in an apt, would have graduated debt free from school instead of having some loans. Let me just say my current and forever wife is not keen on the idea that my student loan payments I currently make were to support my lifestyle with my ex-wife....

 

[deleted1097413]

I’ve been looking at some property on the east side of Ukraine.

 

[air bud]

I’ve been looking at some property on the east side of Ukraine.

Watch out for squatters. They just show up and stay and before you know it you can't legally kick them out.

 

[PeaJay]

This guy was stupid enough to buy a house in school....that one was a terrible mistake. Ex wife was working, we wanted to not live in an apt. Stupid stupid stupid. If we just lived in an apt, would have graduated debt free from school instead of having some loans. Let me just say my current and forever wife is not keen on the idea that my student loan payments I currently make were to support my lifestyle with my ex-wife....

A starter wife is definitely a learning experience.

 

[JewOnThis]

Have three offers and waiting to hear back from one more. This time around I want to work at a hospital in a great location that’s good for my family and I.

I start a locums position in 1 week to carry me up to my new job start

Best of luck!

 

[dtrack22]

I bought a house in residency. Sold for a profit and wish I had never sold, but as a podiatrist making $100k as an associate there would have been some stressful months. As an employed doc making closer to $400k, I would have gladly eaten any monthly costs that weren’t covered by a renter.

I would gladly leave Medicine if I could afford to, and a great way to do so would be to purchase real estate with the favorable terms of a physician mortgage any chance you get. Move when you want and collect properties along the way. Again, this works better if you’re paid like a real doctor and you don’t ever buy more house than you need.

 

[CutsWithFury]

I bought a house in residency. Sold for a profit and wish I had never sold, but as a podiatrist making $100k as an associate there would have been some stressful months. As an employed doc making closer to $400k, I would have gladly eaten any monthly costs that weren’t covered by a renter.

I would gladly leave Medicine if I could afford to, and a great way to do so would be to purchase real estate with the favorable terms of a physician mortgage any chance you get. Move when you want and collect properties along the way. Again, this works better if you’re paid like a real doctor and you don’t ever buy more house than you need.

At my last hospital job there was an ortho doc who had a boat, house, a property in Tahiti. He also lost two houses to his ex-wives in two divorces. Still had plenty of money. He then left the hospital. Sold his house and his boat and bought a plane to travel from his house to his new hospital job which was in an undesirable location.

Must be nice...

 

[air bud]

At my last hospital job there was an ortho doc who had a boat, house, a property in Tahiti. He also lost two houses to his ex-wives in two divorces. Still had plenty of money. He then left the hospital. Sold his house and his boat and bought a plane to travel from his house to his new hospital job which was in an undesirable location.

Must be nice...

Ortho in rural locations are notorious for having their own planes. They fly themselves to outreach clinic and also their vacation house a few hours away.

Do you even pilot bro?

 

[NatCh]

Are you supplementing your income with another job? Investing? Just wanted to hear everyone's thoughts.

I plan to retire as soon as I can live off the income from my YouTube channel.






Still waiting for that first check to come in...

 

[dtrack22]

I plan to retire as soon as I can live off the income from my YouTube channel.






Still waiting for that first check to come in...

Oh I always thought you were the Toe Bro in real life…that’s disappointing

 

[NobodyDPM]

Does anyone expect a housing market crash?

Absolutely not. Lessons were learned after the crash due to ARM mortgages and the hedge fund debacles in the early 2000s. Most families are buying using FHA loans as no one can afford 20% down payments anymore, and with rising mortgage rates, the market will stabilize within the next 5 years. It won't "crash" in the foreseeable future. I would hate to be a buyer right now. In 5 years, our house appreciated $120K, so we refinanced, were able to drop the mortgage insurance on the loan, got enough cash out to pay all our debts off, and lowered our monthly payment.