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  • Avatar StateOfMyHead 
    Participant
    Status: Advanced Practice Provider
    Posts: 82
    Joined: 01/01/2019
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    real estate can be a valuable mechanism for diversification.

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    I used to feel the same way, but my opinion has changed.  I think partly because I’m financially secure without real estate.  If anything, real estate just opens up liability.

    I’m open to hearing the contra view, however.

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    Excellent points and I agree with you at this stage in my life. When I was younger and trying to rapidly increase my assets on a modest income investing in properties that needed work and either living in them while rehabbing or updating and renting similar to @grizzle‘s experience worked quite well for me. I would continue to recommend it for those who are realistic and interested. At this stage it is much easier to put my money in VTSAX. I still like having something I can lay my eyes/hands on so my RE portfolio is sort of a place card for a lower return more secure fund. For now the plan is to continue to invest more aggressively in the market than usually recommended for my age due to having the properties as a perceived diversification and back up.

    in reply to: Return on investment for residential real estate #221528 Reply
    Avatar StateOfMyHead 
    Participant
    Status: Advanced Practice Provider
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    If you are interested and willing to do the leg work and monitor I feel real estate can be a valuable mechanism for diversification. I keep a significant portion of my portfolio in residential rental properties. Over 25 years I have estimate about a 6% rate of return. It isn’t passive but it doesn’t take a large amount of time either. I know the neighborhoods, am comfortable rent and resale values will continue to rise which has happened consistently with the exception of a re-sale correction about 10 years ago. There was no difficulty with renting during that time and sale prices have since recovered. If things should happen to take an irreparable dive I will sell early. With minimal mortgages I can sell for a low price to unload if push comes to shove. Real estate is not liquid however the properties will always be worth something and moderate priced homes continue to sell regardless of the climate if the price is right. I don’t plan on major calisthenics to avoid taxes upon selling as at that point the rental income will have more than paid for the property itself and the proceeds will simply be considered extra.

    in reply to: Return on investment for residential real estate #221437 Reply
    Liked by fev1
    Avatar StateOfMyHead 
    Participant
    Status: Advanced Practice Provider
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    I have purchased more than a few properties including years ago when as a cash business owner I had to apply for “no doc” or “low doc” loans which were actually not low or no anything. In my experience the home buying and especially lending process always has hassles, whether it is early, middle or end. My deals have always closed so I learned to just keep giving them whatever they request. At this point you have charted the best course for your situation so I would suck it up and mentally write off the aggravation as the cost of doing business. And most importantly enjoy your new digs. 🙂

    in reply to: The borrower is slave to the lender #221190 Reply
    Avatar StateOfMyHead 
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    Yup, grasping at straws. I’m considering asking about a change to 1099 with a small bump in pay to account for the full share of FICA which would be beneficial for both write offs and additional tax deferred savings. I’m not interested in a lower salary in exchange for expenses as my rate is how I springboard into more money with each subsequent position.  I like negotiations to be cut and dry as opposed to haggling over bits and pieces like CME reimbursement.

    Thanks Johanna!

    in reply to: Travel Expenses Multiple Positions #220858 Reply
    Avatar StateOfMyHead 
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    I’m not sure how going to stay in a hotel that is twice as far away from your home as the 1099 job cuts down on your travel time to the 1099 job. I’m sorry, but I don’t see how the hotels would be deductible, given the facts you presented. Travel between home and the 1099 job is deductible, but not from the 1099 job to the W2 jobs.

    You would be better off negotiating an expense reimbursement for the W2 job, even if you had to give up an equal amount of W2 pay in exchange.

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    Going from point A (farthest W-4) to B (1099 which is about 1/2 way)  to C (residence) rather than A to C back to B results in 4 hours sleep vs 2 hours sleep plus a long drive at midnight after working 16 hours. So if I can’t write it off I can’t write it off which sucks but it doesn’t make sense on a few levels to return home when I’m working the next morning at my 1099 job.

    in reply to: Travel Expenses Multiple Positions #220714 Reply
    Avatar StateOfMyHead 
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    One of the easiest modifiable factors to increase the number of patients seen that is also cheap to rectify, if an issue at your practice, is reducing no-shows.

    in reply to: New patients #220690 Reply
    Avatar StateOfMyHead 
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    And for others watching note the importance of realizing your value going in. The financial climate can and does change however 6 months down the road it is more likely to be perceived as buyer’s remorse. I tend to go in as if this will be my permanent salary and at this point haven’t asked for a raise unless I was prepared to move on if refused.

    in reply to: Asking for a raise #220644 Reply
    Liked by Vagabond MD
    Avatar StateOfMyHead 
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    I wear suits to the office and slacks/khakis with shirts under lab coat at the hospital because its fairly comfortable and I perceive this as looking well groomed and professional. At home I live in sweats and the aforementioned old rock tee’s and jeans. My work clothes/suits come from Banana Republic Outlet and they generally run true to size. I usually purchase them online when they have 50% off sales. Although they don’t seem to be as well made as the non-outlet store they are attractive and reasonably priced. I’d estimate I spent $2,000 a year for the first 2 years. I keep about 7 warm and 7 cool weather suits in the rotation along with 5 pants and maybe 10 shirts. My work clothes seem to last about 3-4 seasons. If I find something I really like I will purchase 2 for the time when the original is looking worn. My current yearly budget for suits, shirts, khaki type pants and shoes is probably $1,500.

    Avatar StateOfMyHead 
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    I like the articles people posted about the myth of college education and about the Harvard doctor vs plumber showing how both have almost equal earning potential.  I don’t think that it is necessarily true though, it may be mathematically true, but the problem is, it is much easier to save 10% of your income making 185K vs saving 10% of your income making 33K.

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    Whoa wait did the article say plumbers are earning $33k a year? Mine charges $95 an hour.

    in reply to: graduate school debt nytimes article #219993 Reply
    Avatar StateOfMyHead 
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    You tell your kid to examine the costs and potential pay of any job. Going to school for 4 years doesn’t have to cost 100k. Go to your in state, state university, get a job during school and you can go for 10k/ yr probably. So if you’re 40k in debt for a 40k/yr starting job, not so bad.

    Are you going to go to random fancy liberal arts college for 200k to make 40k? No but IMO these are crappy schools anyway and I still have no idea why anyone goes to them. Microscopic expensive private colleges seem almost inherently pointless to me. Bad academics, decreased opportunities, I really don’t see any positives.

    And no I don’t think it takes a bright brilliant person to teach kids out of a book. I also don’t think it takes a bright brilliant person to be a doctor.

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    Oh my, are you actually suggesting today’s little darlings work? Or go to a community college and save thousands of dollars on their first two years? 😉

    For those with the good fortune to come from an affluent family sure do whatever however many, myself included, don’t have that luxury and need to work and make sensible financial choices. The number of 20-somethings today who have never worked appals me.

    in reply to: graduate school debt nytimes article #219804 Reply
    Avatar StateOfMyHead 
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    I haven’t ever done 7 on and 7 off but much prefer inpatient to outpatient. Weekends are fine with me especially in consideration of the premium rate that is factored in. As someone without kids I actually like having an acceptable excuse to avoid some of the less than important, to me, weekend events and can request off for a legit special occasion. In my experience the specialists who are called for consults are generally appreciated and you definitely won’t be bored.

    in reply to: Transitioning from outpatient to inpatient only #218880 Reply
    Liked by Perry Ict
    Avatar StateOfMyHead 
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    Maybe find a place that will do month to month with 60 days notice or plan to stay the year? Or don’t look to buy something until your lease is finished and has converted to month to month. In my opinion its not a great idea to sign a lease with the thought that you will likely break it. I have let two tenants break a lease without a penalty because they showed the property and basically found me new tenants who would take over with no lapse but it isn’t ideal. Turning over tenants is costly for landlords so although the second clause is over the top I get where they are coming from.

    in reply to: Concern about lease agreement #217640 Reply
    Liked by jfoxcpacfp
    Avatar StateOfMyHead 
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    Thanks @ddswifey yes it is scenario 2. They own the lot and it isn’t custom just new build with a choice of styles and upgrades although I would imagine if you were willing to pay for custom upgrades they would accommodate. I am hoping since both have done multiple developments in a tri-state area they have honed their craft with styles they are building.

    in reply to: New build questions #217314 Reply
    Liked by ddswifey
    Avatar StateOfMyHead 
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    There are only 2 builders, with limited models, approved for this neighborhood. The good news is both have decent reputations.

    in reply to: New build questions #217257 Reply
    Liked by ddswifey
    Avatar StateOfMyHead 
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    @zzz I have already started teaching her about personal finance through Mr. Money Mustache and WCI. She comes from a family that wasn’t exactly transparent about money and there was a lot of anxiety about it growing up.

     

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    This should be a significant consideration. $200,000 school loans + CC debt for a $100,000 a year OT degree is not just an adolescent ooops and would give me pause. I would want to see a solid track record of appropriate budgeting and financial decisions prior to marriage. Financial discord has ruined many relationships which is even more unfortunate when there are children involved. My thought is “life isn’t all about money” until you don’t have enough and then yeah it pretty much is.

    in reply to: A doc and an OT get married… #217251 Reply
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