Generated by All in One SEO v5.0.0.1, this is an llms.txt file, used by LLMs to index the site. # DoctorEquity Real Estate for High Performers ## Sitemaps - [XML Sitemap](https://www.doctorequity.com/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [Articles](https://www.doctorequity.com/articles/) - Access beginner real estate tips to help new investors avoid mistakes, spot opportunities, and grow a successful property portfolio. - [The First Step to Your First Real Estate Investment](https://www.doctorequity.com/the-first-step-to-your-first-real-estate-investment/) - I just got back from a trip to Ireland and France. It was remarkable the similarities (and differences) with the two countries. I wanted to get out of the cities and see the countryside so I rented a car in each country. On the night before picking up my car in Dublin, I kept thinking - [Rent Spread: One Secret Value-Add No One Talks About](https://www.doctorequity.com/rent-spread-one-secret-value-add-no-one-talks-about/) - If you want to make it in real estate investing, you either need a lot of cash to sink into turn-key properties with little gain, or you need to buy low and add value. If you are like me, you are looking for value-adds. Uncover them and increase the value of your property for that - [Where to Start in Real Estate With $100k and a Dream](https://www.doctorequity.com/where-to-start-in-real-estate-with-100k-and-a-dream/) - Getting started is one of the most difficult parts of real estate investing. Having some cash up front puts you a long way ahead of most people with a real estate dream. Have you ever talked with someone about your real estate interests only to have them tell you their story about how they lost - [Expensive Licensed Contractor or Cheap Under-Table Work?](https://www.doctorequity.com/expensive-licensed-contractor-or-cheap-under-table-work/) - It's very tempting, especially when starting out, to try to do the work cheaply and save huge dollars. Everything is getting so expensive. You can't get a plumber out there for less than $300 now. I'm even considering pushing my kids into that field! Or, maybe, you would like to do a hybrid of DIY - [How to Write a Schedule of Real Estate Owned (SREO)](https://www.doctorequity.com/how-to-write-a-schedule-of-real-estate-owned-sreo/) - If you start getting involved in real estate investing more than dabbling, chances are a bank will ask you for this document. It's another one of many you'll be asked to produce, so it's good to have it ready and updated every 6 to 12 months. The SREO is a way for banks and others - [Emotional Support Animals Out. Trained Animals In. Here are the New Rules.](https://www.doctorequity.com/emotional-support-animals-out-trained-animals-in-here-are-the-new-rules/) - In May, 2026 Housing and Urban Developments came out with new guidance regarding Emotional Support Animals (ESAs). The pendulum has finally swung back. What should landlords do now? ESA Background In 1988, the Fair Housing Act was amended to provide protections for people with disabilities. People with disabilities became a protected class and landlords were - [IRR Series Part 1: Introduction](https://www.doctorequity.com/irr-series-part-1-introduction/) - DoctorEquity begins a five part series on the Internal Rate of Return - [When to Hire a Property Manager](https://www.doctorequity.com/when-to-hire-a-property-manager/) - You've taken the steps to build a real estate portfolio. You've built processes and are successfully running them yourself. Congratulations! But you can't help but worry that you'll be spread too thin on the next purchase and it's holding you back. When should you pull the trigger on hiring a property manger? What Does a - [How to Estimate Multifamily Rent](https://www.doctorequity.com/how-to-estimate-multifamily-rent/) - When you are looking for a multifamily deal to purchase you will often see an asking price, but the current rent isn't always given. Get it under contract, and you'll see the rents, but how do you know if those are market rents? Perhaps they haven't raised the rent in years and are low. That's - [Multifamily Risks: Most Overlooked Traps](https://www.doctorequity.com/multifamily-risks-most-overlooked-traps/) - The lure of multifamily deals got me hooked early. I love underwriting deals, making the purchase, and building equity. But, in the rush to purchase, it is easy to miss important details that can be a huge headache or even tank the deal. Let's look at a few of them today. Financing. It's easy to - [Value-Adds: Vending Machines](https://www.doctorequity.com/value-adds-vending-machines/) - Next in our Value-Add series is a way to bring in steady income and boost the NOI of your property. Here, we are talking about adding vending to a property, not vending machines as a business model. These are placed on a property you already own, but location is still important - isn't everything in - [Value-Adds: A Streetcar Project](https://www.doctorequity.com/value-adds-a-streetcar-project/) - When you evaluate deals, you need to look beyond the numbers and try to predict trends which will happen in the city you wish to purchase. If you plan to hold it for 10 years you need to try to forecast what is happening over those 10 years. Most investors look at important metrics like - [I'm Going to Be on the Truly Passive Income Podcast](https://www.doctorequity.com/im-going-to-be-on-the-truly-passive-income-podcast/) - I just recorded an episode of the Truly Passive Income Podcast. Niel and Clint were great hosts and we had a fantastic conversation about equity versus cash flow. Of course, I am pro equity and explained that to them. We are all taxed at a higher tax bracket for every dollar extra we make. You - [Banker's Terms: Due On Sale Clause](https://www.doctorequity.com/bankers-terms-due-on-sale-clause/) - When purchasing a home, it is common to get a residential mortgage. This type of mortgage is usually backed by the Federal Housing Administration (FHA) and enjoys lower interest rates and down payments. These are very attractive to buyers, but they have a big catch: they are for primary homeowners and not investors. Practically, this - [How Gas Prices Affect the Real Estate Market](https://www.doctorequity.com/how-gas-prices-affect-the-real-estate-market/) - It takes some mental effort to see the effect rising fuel prices have on the market, but we do feel the impact. Inflation, of course, increases prices for most everything but the price of oil has multiple downstream effects which are not always tied to inflation. That means that oil price can have an outsized - [Location, Location, Location. Is it Really That Important?](https://www.doctorequity.com/location-location-location-is-it-really-that-important/) - As you know, I'm a physician in my day-job. I enjoy taking care of patients in the ER and teaching medical students. I was honored by being accepted to the Harvard Macy Program for Educators in Health Professions. It was an intense 8-month course and I spent the last week at Harvard Medical School. While - [Sell, Refi, or Hold; How to Decide](https://www.doctorequity.com/sell-refi-or-hold-how-to-decide/) - Once you buy your first property you will be doomed to make this decision at some point. Wouldn't it be great to have some help with this? Read on. When to Decide? Let's face it: the best time to decide is before buying the property. You should have your exit strategy planned out before signing. - [Interest Rates Right Now - 2026 Edition](https://www.doctorequity.com/interest-rates-right-now-2026-edition/) - There is not a lot of movement in multifamily right now. Interest rates aren't the whole story, but they do have a large impact on sales. High rates mean buyers can pay less. They also keep sellers, who bought at a lower rate, from wanting to sell and move up. That's because their new property - [Dumpy: My First Deal](https://www.doctorequity.com/my-first-deal/) - Follow our first real estate deal guide to confidently navigate your initial property investment and make smart financial decisions. - [The Importance of Being Wealthy Versus Being Rich](https://www.doctorequity.com/the-importance-of-being-wealthy-versus-being-rich/) - Discover wealthy vs rich psychology and learn how mindset, habits, and financial strategies separate long-term wealth from short-term riches. - [How to Gamble in Real Estate](https://www.doctorequity.com/how-to-gamble-in-real-estate/) - Understand gambling in real estate and how to balance risk and reward while making calculated property investment decisions. - [How to Analyze a Rent Roll](https://www.doctorequity.com/how-to-analyze-a-rent-roll/) - Learn effective rent roll analysis techniques to evaluate property income, spot trends, and make smarter real estate investments. - [Pleasantly Confused](https://www.doctorequity.com/pleasantly-confused/) - Explore the pleasantly confused mindset and learn how uncertainty can spark creativity and new insights in life and business. - [Anatomy of a Multifamily Deal: Part 4, Exit Strategy](https://www.doctorequity.com/anatomy-of-a-multifamily-deal-part-4-exit-strategy/) - This is the final part of a 4 part series. Exit Strategy It's hard to envision exiting the property when you haven't even bought it yet. But the best multifamily investors do just this. Take the time to consider how you will exit. You should have already started thinking about this last time in the - [Anatomy of a Multifamily Deal: Part 2, Underwriting and Closing](https://www.doctorequity.com/anatomy-of-a-multifamily-deal-part-2-underwriting-and-closing/) - This is the second part of a 4 part series. Stay tuned for links to the additional parts. Underwriting Underwriting is my favorite part. I love getting into the numbers. I've done a whole series on underwriting, so have a look. Today, will be shorter. Underwriting means taking all the numbers, verifying them the best - [316 Anatomy of a Multifamily Deal: Part 3, Asset Management](https://www.doctorequity.com/316-anatomy-of-a-multifamily-deal-part-3-asset-management/) - This is the third part of a 4 part series. Stay tuned for links to the additional parts. Asset Management This is the management of the property on a high level. It is not property management - dealing with tenants and toilets. Asset management deals with the strategic plan. It starts right after closing and - [Anatomy of a Multifamily Deal: Part 1, Sourcing](https://www.doctorequity.com/anatomy-of-a-multifamily-deal-part-1-sourcing/) - This is the first part of a 4 part series. Stay tuned for links to the additional parts. How to Find Deals For me, this is the toughest part. It's funny - some people will find this part easy. They don't mind talking to people and asking them for things. I hate it. That makes - [How to Self-Manage Real Estate](https://www.doctorequity.com/how-to-self-manage-real-estate/) - Property management is a huge expense for the property. Paying someone to do it can be 6-12% of the total income for long-term rentals. It can be appealing to do that work yourself and pocket the difference. Just what do property mangers do? Is it really that difficult? Let's deep dive into self-management. What Do - [How Will the 2026 Housing Bill Affect Investors?](https://www.doctorequity.com/how-will-the-2026-housing-bill-affect-investors/) - The Senate just passed the bill 89-10. Pretty resounding approval for it. There are still hurdles: It'll have to go to the House, pass without amendment, and then the President will have to sign it. What Problem are They Trying to Fix? In one word: affordability. Despite interest rates increasing, home prices have continued to - [How to House Hack](https://www.doctorequity.com/how-to-house-hack/) - I've spoken before about how to get your spouse interested in house hacking and how to get started investing, but I haven't yet given you the details of the process. I will fix that today. Here are the steps you need to take. Save Money. As for nearly every investing strategy, you need some money - [I'm Moving, Should I Sell or Rent My Current Home?](https://www.doctorequity.com/im-moving-should-i-sell-or-rent-my-current-home/) - There are a few mental calculations that need to be made before making this decision. How much do you owe on the current one? What is the value of the property? What is the interest rate a buyer will get? How far away are you moving? But, before we get into those, you have to - [How to Start Real Estate Investing In or Near Retirement](https://www.doctorequity.com/how-to-start-real-estate-investing-in-or-near-retirement/) - This is the final post in the series of how to start investing at certain stages in your life. If this isn't the right one for you, below are the other posts, which might be more up your alley. How to Start Real Estate Investing as a Teenager How to Start Real Estate Investing as - [The Real Estate Pros Podcast](https://www.doctorequity.com/the-real-estate-pros-podcast/) - I was humbled to be invited to be featured on the Real Estate Pros podcast this week. What a blast it was talking with Micah. He really knows about investing and we had a fun conversation. I've done a few podcasts now and I really get a lot out of them. They make me think - [How to Start Real Estate Investing as a Teenager](https://www.doctorequity.com/how-to-start-real-estate-investing-as-a-teenager/) - If this isn't the right post for you, here are the others in this series: How to Start Real Estate Investing as a Teenager (this post) How to Start Real Estate Investing as a College Student How to Start Real Estate Investing as a Young Professional How to Start Real Estate Investing as a High - [How to Start Real Estate Investing as a College Student](https://www.doctorequity.com/how-to-start-real-estate-investing-as-a-college-student/) - Last time we talked about how to start as a teenager. That's a difficult time, but it is commendable to get started early. As a college student, a few doors open up, but there are still some major hurdles. This, in my opinion, is the best time to get started if you can manage to - [How to Start Real Estate Investing as a Young Professional](https://www.doctorequity.com/how-to-start-real-estate-investing-as-a-young-professional/) - Congratulations! You've graduated college or technical school and have realized that the job of today is not who you are. It's no longer the thing that identifies people throughout their lifetimes. It rarely holds the promise of job security into the later years nor has a pension. You have realized that you must rely on - [How to Start Real Estate Investing as a High Income Earner](https://www.doctorequity.com/how-to-start-real-estate-investing-as-a-high-income-earner/) - Welcome to the big money W2 league. That's great, but don't think that just because you bring in a lot of money you will be somehow set for life. That's an error many physicians make. And it's not just physicians, it's lawyers, CEOs, wealthy inheritors, professional athletes, professional musicians, actors, and generally anyone who brings - [How to Start Real Estate Investing in the Military](https://www.doctorequity.com/how-to-start-real-estate-investing-in-the-military/) - First of all, thank you for serving. I didn't, so can't avail myself of the benefits, but for real estate, they are huge. You've earned it. Let's dive in. But first, If this isn't the right level for you, here's the other posts in this series: How to Start Real Estate Investing as a Teenager - [Goal Setting - Your Strategic Objectives](https://www.doctorequity.com/goal-setting-your-strategic-objectives/) - Previously, we talked about creating a long term vision and setting goals. Today is about how to work backward from your long term vision to get to what to do over five year increments. I call these strategic objectives to differentiate them from more short-term oriented goals. What is a Strategic Objective? Your long term - [Are You Living Your Life Like an Owner or a Renter?](https://www.doctorequity.com/are-you-living-your-life-like-an-owner-or-a-renter/) - I took care of a patient the other day. He was lamenting the fact that he had worked the same job in retail for many years. He wished he had gone out on his own and started his own retail business. If only he had made that decision years ago, he felt, he would be - [Make Your Financial Retirement Plan](https://www.doctorequity.com/make-your-financial-retirement-plan/) - Ok, so you made it through the tough talk in the last few posts. You’re still here! I’m very pleased you decided to join me. Let’s talk it over and generate a plan for your financial future: Doctor, heal thyself The name DoctorEquity is not a lie. I’m a doctor and also a real estate - [How to Use the Texas Shootout Clause](https://www.doctorequity.com/how-to-use-the-texas-shootout-clause/) - Partners are the worst. They always want things. Like money. They want a say in the business and the decisions that are made. They put their foot down for the most ridiculous things. They make you spend oodles of time explaining and negotiating when you could be making money. Don't get a partner. Except if - [How to Negotiate with Authority](https://www.doctorequity.com/how-to-negotiate-with-authority/) - Just to be clear: you aren't negotiating against Authority, you are using what you know of Authority to Negotiate. I had an interesting negotiation with a seller's agent this week. The Background I had found a 48 unit apartment complex and had submitted an LOI on it. The seller put it on the market 9 - [How Do I Get Them to Trust Me When Negotiating?](https://www.doctorequity.com/how-do-i-get-them-to-trust-me-when-negotiating/) - Any time you are looking to make a deal, you have a negotiation on your hands. Even if it is buying a chicken sandwich at the local fast food restaurant, a negotiation occurs. Except that with fast food, you've already agreed to pay their price when you walk in the door. That sure speeds up - [Lead Indicators vs. Lag Indicators](https://www.doctorequity.com/lead-indicators-vs-lag-indicators/) - I hope you don't mind I took a week off. I had the perfect storm with 72 hours in the ER and then a 40 hour course back to back. I haven't had a day off in 2 weeks! Woe to me and first world problems, etc. Now, if you'll forgive me for missing a - [How to Set Goals in Real Estate Investing](https://www.doctorequity.com/how-to-set-goals-in-real-estate-investing/) - The majority of people who call themselves real estate investors have a single rental property. That's great! But they usually have some lofty plan of buying 100 houses and living on the beach. That's also great, but they have no means to get there, and end up spinning the wheels, becoming more disenfranchised with the - [How to Create a Retirement Vision](https://www.doctorequity.com/how-to-create-a-retirement-vision/) - Last time we talked about goal setting and I mentioned the absolute need to start with a vision. But, I really didn't explain how to come up with that vision. Today, I'll do that. It's Not Business Speak Let's start by saying this is not another one of those 'come up with a mission, then - [Should I Allow a Small Business in My Rental?](https://www.doctorequity.com/should-i-allow-a-small-business-in-my-rental/) - We all love small business, right? It stimulates the local economy, and helps a person grow their wealth while providing a service for the community. So, when a tenant wants to start a bread baking business from your house, it seems like a no-brainer right? You get to be a business-friendly landlord and help your - [How to Vet a Contractor](https://www.doctorequity.com/how-to-vet-a-contractor/) - There are so many contractors out there. Many profess to being the best in their area. Some have fancy-looking vehicles with all the decals. Some are great and don't advertise. There's probably a whole post about how to find a contractor, but once you've found one, here's how you check them out. Also, a disclaimer - [Trump 50-year Mortgages: Buyers Rejoice. Investors Beware.](https://www.doctorequity.com/trump-50-year-mortgages-buyers-rejoice-investors-beware/) - President Trump is a real estate guy. More so than any other indicator, I think Trump looks to real estate as a way to gauge how the economy is doing. Right or wrong, he's set a big big target, the mortgage industry. And they love it. You might already know that first-time homebuyers' average age - [How to Partner in Real Estate](https://www.doctorequity.com/how-to-partner-in-real-estate/) - When you are starting out, you should start small. You will want to learn and be in control. You probably will use your own money as you learn. You are taking a risk. It's a lot easier to lose your own money than other peoples' money. And if you don't agree with that, you need - [Should I Rent to a Section 8 Tenant?](https://www.doctorequity.com/should-i-rent-to-a-section-8-tenant/) - A better question is to ask: Why not rent to a Section 8 tenant? Or maybe: What is Section 8? I'm glad you asked. What is Section 8? Established by the Housing Act of 1937, Section 8 was designed to help low income families receive help to rent housing. An individual or family can qualify - [Vacation Home + Airbnb, Worth the Headache?](https://www.doctorequity.com/vacation-home-airbnb-worth-the-headache/) - We've all considered it: Wouldn't it be nice to buy that condo on the beach, rent it out, and have it available from time to time to use for ourselves? Don't lie; I know you have. Take it from me - someone who is living that dream right now - it's not going to be - [What's Happening With Home Buyers? 2025 Edition](https://www.doctorequity.com/whats-happening-with-home-buyers-2025-edition/) - Despite President Trump trying to get the FED to drastically lower interest rates, they have been stubbornly holding rates high, citing concern of increasing inflation. Well, the FED has been cutting rates - 4 times this year, by small increments. So, why are mortgage rates staying in the 6% range? It's tempting to hope that - [Self Manage Real Estate, or Not?](https://www.doctorequity.com/self-manage-real-estate-or-not/) - This is a post for people just starting out. They might be an accidental landlord, like me. Or, they might be buying their first rental. Either way, they often have a decision to make: hire a property manager and pay 8% of the rent or do it themselves and answer the clogged toilet calls in - [How to Get Financing for First-Time Investors](https://www.doctorequity.com/how-to-get-financing-for-first-time-investors/) - Starting out investing can be such a daunting task. Getting in the right mindset, convincing your spouse, finding money, getting good credit, and many others all line up against you. Most of us don't have a huge amount of money sitting around to buy a place outright, so we need to talk to the bank. - [Why Multifamily? 5 Reasons Apartment Investing Beats Single Family](https://www.doctorequity.com/why-multifamily-5-reasons-apartment-investing-beats-single-family/) - When starting out, potential investors often have to make the decision between Single Family Rentals (SFR) or Multifamily Rentals (MFR). Certainly, both can be done, but I strongly recommend focusing on one area. And that area is multifamily. Here's why: Buying from Investors. The owners of multifamily are not in it because they love the - [Bad Things Happen: Why You Must Prepare](https://www.doctorequity.com/bad-things-happen-why-you-must-prepare/) - I’m working the ER and get a call from an outside hospital. They have a middle-aged gentleman who was out for a joy ride on his 4-wheeler and crashed. He was not wearing a helmet. They did a bunch of CAT scans and found an intracranial hemorrhage (bleeding in the brain), a hemothorax (bleeding in - [The top 10 Ways to Fail in Real Estate](https://www.doctorequity.com/the-top-10-ways-to-fail-in-real-estate/) - I'm always writing about how to succeed in here. I like to focus on the positive, but there are many ways to fail. Anyone who is successful in this business has failed and some think that you have to notch a few failures to learn how to succeed. The most successful people aren't inherently great - [How to Use the DSCR for a Loan](https://www.doctorequity.com/how-to-use-the-dscr-for-a-loan/) - The debt service coverage ratio is another way for the bank to determine how you are doing as an owner. We’ve talked about it before as a way to help the bank analyze the purchase, but it doesn’t end there. The bank may also look at the DSCR when you are financing another property. DSCR - [Revisiting House-Hacking a Four-Plex](https://www.doctorequity.com/revisiting-house-hacking-a-four-plex/) - We've talked before about the benefits of house-hacking and how to get an FHA loan. If you've read those, you know of the secret way to get started real estate investing in multifamily with very little cash. This way helps you invest without having to take other people's money. Not that using OPM is a - [Collecting the Back Rent: Should I Do Small Claims?](https://www.doctorequity.com/collecting-the-back-rent-should-i-do-small-claims/) - Back rent is such a big problem. A tenant might pay rent late one time and the landlord might accept this as a one-off. It might get more frequent and the landlord better enforce the lease agreement because it can continue to get worse. Suddenly, the rent hasn't come and the next month's rent is - [How to Get $$$ to Buy Real Estate](https://www.doctorequity.com/how-to-get-to-buy-real-estate/) - Cash is king, but you really don't need it to buy real estate. It sure helps, though. One of the best things about real estate investing is the high availability of credit, or Other People's Money (OPM). But, finding OPM can be difficult. Here are the best ways to get funding for your investment. Cash - [How to Read a FEMA Flood Zone Map](https://www.doctorequity.com/how-to-read-a-fema-flood-zone-map/) - In the first week of July, 2025, a flash flood struck the Texas Hill Country, killing at least 95 people, including kids at a summer camp. Floods like this can happen so fast and are deadly. In some ways, they can't be avoided and are a true tragedy. Losing money investing in real estate does - [Big Beautiful Bill and Real Estate Investing](https://www.doctorequity.com/big-beautiful-bill-and-real-estate-investing/) - The One Big Beautiful Bill Act passed last week and it will take years to find out how it will affect the country. But, you should start looking at it right now. It will affect you, the real estate investor. Taxes This is the biggest area of impact for real estate investors. These are by - [Multifamily Underwriting Series 10: Exit Strategy](https://www.doctorequity.com/multifamily-underwriting-series-10-exit-strategy/) - Welcome back to the Multifamily Underwriting Series. This is number 10, Exit Strategy. Here are the previous posts in this series: Introduction Initial Evaluation Secondary Evaluation Gather Information Analyze Income Analyze Expenses Financing The Metrics Stress Testing This is the last post in the Multifamily Underwriting Series. I hope that this deep dive will help - [Multifamily Underwriting Series 8: Metrics](https://www.doctorequity.com/multifamily-underwriting-series-8-metrics/) - Welcome back to the Multifamily Underwriting Series. This is number 8, The Metrics. Here are the previous posts in this series: Introduction Initial Evaluation Secondary Evaluation Gather Information Analyze Income Analyze Expenses Financing If you haven’t gotten caught up, I suggest you do so before reading this post. For the rest of you, let’s talk - [Multifamily Underwriting Series 9: Stress Testing](https://www.doctorequity.com/multifamily-underwriting-series-9-stress-testing/) - Welcome back to the Multifamily Underwriting Series. This is number 9, Stress Testing. Here are the previous posts in this series: Introduction Initial Evaluation Secondary Evaluation Gather Information Analyze Income Analyze Expenses Financing The Metrics If you haven’t gotten caught up, I suggest that you take a look back at the previous posts in the - [Multifamily Underwriting Series #6: Analyzing Expenses](https://www.doctorequity.com/multifamily-underwriting-series-6-analyzing-expenses/) - Learn to analyze multifamily property expenses in our underwriting series #6. Master expense evaluation techniques for better real estate investment decisions - [Multifamily Underwriting Series 7: Financing](https://www.doctorequity.com/multifamily-underwriting-series-7-financing/) - Welcome back to the Multifamily Underwriting Series. This is number 7, Financing. Here are the previous posts in this series: Introduction Initial Evaluation Secondary Evaluation Gather Information Analyze Income Analyze Expenses If you haven’t gotten caught up, I suggest you do so before reading this post. For the rest of you, let's talk about your - [Recommendation: The Build Up Podcast](https://www.doctorequity.com/recommendation-the-build-up-podcast/) - Discover equity-focused real estate investing strategies on The Build Up Podcast. Learn Midwest investment techniques and tax-efficient approaches. - [7 Steps to Get Started in Apartment Investing](https://www.doctorequity.com/7-steps-to-get-started-in-apartment-investing/) - Learn the 7 steps to get started in apartment investing. Master multifamily property investment strategies and discover economies of scale benefits. - [Doomsday Prophesies and Real Estate Investing](https://www.doctorequity.com/doomsday-prophesies-and-real-estate-investing/) - Explore real estate investing during uncertain times. Learn how doomsday scenarios affect property insurance and investment decision-making strategies - [How to Underwrite a Multifamily Investment, a Series](https://www.doctorequity.com/how-to-underwrite-a-multifamily-investment-a-series/) - If you've taken my advice, you are evaluating deals that you are actively finding. You'll look at 100 of them before even 1 looks good. You are rejecting deals left and right. Then suddenly, one that meets your criteria and initial evaluation works. Now it is getting real and you have a lot of work - [Multifamily Underwriting Series 2: Initial Evaluation](https://www.doctorequity.com/multifamily-underwriting-series-2-initial-evaluation/) - Learn efficient multifamily initial evaluation techniques in underwriting series #2. Master quick property screening methods to identify the best deals fast. - [Multifamily Underwriting Series 3: Secondary Evaluation](https://www.doctorequity.com/multifamily-underwriting-series-3-secondary-evaluation/) - This is a series on Multifamily Underwriting. If you haven't read from the start, go back there now. Now that you've done your initial evaluation, it's time to go on to the secondary evaluation. This one is quick, too. It should take you 5 minutes or less for each property. With this step, we will - [Multifamily Underwriting Series 4: Gather Information](https://www.doctorequity.com/multifamily-underwriting-series-4-gather-information/) - Learn essential information gathering techniques for multifamily underwriting in series #4. Master data collection for successful real estate investments - [Multifamily Underwriting Series 5: Analyze Income](https://www.doctorequity.com/multifamily-underwriting-series-5-analyze-income/) - Master multifamily income analysis in the underwriting series #5. Learn to crunch numbers effectively for better real estate investment decisions. - [Equity: What Is It, Really?](https://www.doctorequity.com/equity-what-is-it-really/) - Ever seen this plant before? It's rhubarb. We've got to think of a better name for this plant. If you aren't from the north, you probably have never heard of it. Rhubarb, shockingly, is the best food you've never heard of. It looks a little like pink celery but has a tangy flavor unlike anything - [Month-to-Month vs Year Rentals: Which is Better?](https://www.doctorequity.com/month-to-month-vs-year-rentals-which-is-better/) - Month-to-Month (MTM) versus Annual leasing. As with anything, it's not as clear-cut as you might think. I started asking around some of my landlord colleagues what they prefer. Amazingly, it was split down the middle! How can this possibly be? Isn't there a *right* way? Indeed there is. MTM vs Annual Let's make sure we - [Stop Giving Tour Money Away: Why You Need to Understand the Tax Benefits of Real Estate](https://www.doctorequity.com/stop-giving-tour-money-away-why-you-need-to-understand-the-tax-benefits-of-real-estate/) - This is America. You can give your money to almost anyone you want. If you made a list of all the people you would give your money to in order, where would the tax man fall? If he is not at the top of the list, and I suspect he's not, then you owe it - [The Battle for Financial Success: Cash Flow vs Equity](https://www.doctorequity.com/the-battle-for-financial-success-cash-flow-vs-equity/) - The eternal fight between cash flow and equity continues. You already know which one I think is best. But it isn't always the best. It depends on the timing. For high-performers, we don't need any additional income. That would be nice, but not necessary. Every additional dollar is taxed higher. As I've said before, you - [Synergy, Why I Love Mixed-Use Real Estate](https://www.doctorequity.com/synergy-why-i-love-mixed-use-real-estate/) - We have a car wash place in my city. They built a big treadmill that moves cars through the car wash and then you can get detailing done after that. Not unusual, right? But that takes time and what do you do when your car is tied up? Probably not going to the mall. Guests - [How to Calculate Net Worth](https://www.doctorequity.com/how-to-calculate-net-worth/) - Previously, we talked about why it is so important to calculate your net worth. If you don't know what I'm talking about, read this post first. And it is very important for you to know this number and to update it at least every six months. Why Calculate the Net Worth? Banks want it. You'll - [Why Landlords Must Have an Umbrella Policy](https://www.doctorequity.com/why-landlords-must-have-an-umbrella-policy/) - Bill was a landlord and had a single family rental. He had great tenants who had been there for two years. They paid rent on time. They never complained. He rarely had to go over there. The wife has bad knees and told Bill she had trouble navigating the stairs. She reported to Bill a - [The Best Tenant Screening Criteria](https://www.doctorequity.com/the-best-tenant-screening-criteria/) - If you don't have this set and you are planning to be a landlord, don't wait! Get these written into a policy right now. Here's what to do: Screening criteria is the bare minimum you will accept in a tenant to lease to them. It's important to set this first so you aren't discriminating. Then, - [How to Dispute Your Property Tax](https://www.doctorequity.com/how-to-dispute-your-property-tax/) - We all hate taxes. They really suck to pay and they often go to things you don't need or want or like. But, you do enjoy driving on nice roads, I suspect. Maybe your kids go to school. Maybe you like having a police force. Some taxes just need to be paid and you should - [How is Property Tax Calculated?](https://www.doctorequity.com/how-is-property-tax-calculated/) - You have just purchased your first investment property. You did all your research and underwriting. You checked the tax records and found out exactly how much property tax is on the place. Sure, you maybe paid a little much, but there has been huge appreciation in the area, and you are sure it will increase. - [7 Steps to Deal With Bad Tenants](https://www.doctorequity.com/7-steps-to-deal-with-bad-tenants/) - I know - you want them immediately out of there because they are offending you in some way. Take a moment to think about what is actually behind the behavior before you do anything. Step 1: Consider Whether They are a Bad Tenant or You are a Bad Landlord I know it is hard to - [Stop Measuring Yourself by Your Income!](https://www.doctorequity.com/stop-measuring-yourself-by-your-income/) - I see so many medical students using income as a way to choose a specialty. After all, orthopedics is one of the highest-earning specialties in medicine at over $500k a year. Look at family medicine, averaging something more like 250k a year. At half the income, it seems a no-brainer which one to choose. And - [Banker's Terms: Amortization](https://www.doctorequity.com/bankers-terms-amortization/) - I've been doing a series on words that your banker might use. If you get fluent with them you can talk to your banker like you know what you are doing. It's just another way to help you get that mortgage you need. Amortization means 'causing death', which seems more like a medical term than - [How to Make Sense of Capital Expenditures](https://www.doctorequity.com/how-to-make-sense-of-capital-expenditures/) - Capital Expenditure, or Capex, is the term for money paid out for certain property improvements. It's important to consider capex when underwriting (evaluating) an investment property. It's really common to forget to factor in capex and run into a huge expense later on which sets the project back five years or more. Avoid this! And - [How to Plan Your Real Estate Year](https://www.doctorequity.com/how-to-plan-your-real-estate-year/) - This time of year, when you are sitting around in the Interregnum, that time between Christmas Day and New Year's Day, when nothing gets done, when you should be looking back to your goals for the last year, and looking ahead to the next. Looking Back to Last Year Hopefully you set some goals last - [Cash on Cash Return - Key to Riches or Fool's Number](https://www.doctorequity.com/why-you-should-never-bank-on-real-estate-cash-on-cash-return/) - You know I love equity way above cash flow in my investments. The only time you really want to maximize cash flow is when working with investors or when you are just starting and trying to scale fast. Either of these is going to have a lot of tax disadvantages, but could still be right - [The 2 Great Ways to Make Money with Real Estate Appreciation](https://www.doctorequity.com/the-2-great-ways-to-make-money-with-real-estate-appreciation/) - We all like the idea of sitting back and making money. Wouldn't it be nice to just let your money work for you? Real estate is a great way to do that. Just keep in mind that nothing is free. Investing comes with some risk, but the appreciation side of things is simple - it - [Turnkey Real Estate on Turkey Day](https://www.doctorequity.com/turnkey-real-estate-on-turkey-day/) - Happy Turnkey Day! As we celebrate the Thanksgiving holiday our thoughts turn to real estate investing, don't they? Maybe just mine. I'm certainly grateful for what I have. Many investors, such as me, look for the value-add properties. These have some deferred maintenance or have not been keeping the rents up. They offer ways to - [Welcome Bigger Pockets Listeners!](https://www.doctorequity.com/welcome-bigger-pockets-listeners/) - It's great to have you here. But, let me ask you, what are you missing that led you to seek more knowledge? If you had it all, you wouldn't be spending time here. This is a place to consider in yourself what you are needing. For many of you, it will be 'how to do - [The Power of Focus: 5 Tips to Keep it](https://www.doctorequity.com/the-power-of-focus-5-tips-to-keep-it/) - I was working in the ER the other day and took care of a guy who tried to cut off his finger with a circular saw, you know the kind that has a 7 1/2 inch circular blade and you hold in your hand? Those tools are the most dangerous ones in terms of total - [Why High-Performers Can't Overlook Cost Segregation](https://www.doctorequity.com/why-high-performers-cant-overlook-cost-segregation/) - You know my philosophy about taxes - they are high, but the government gives us incentives to do what it wants. It's giving back your money in return for you doing something. Usually that something stimulates the economy, raises income, and increases tax revenue overall. It's a win-win, and you can't afford to not take - [Join Me for the Bigger Pockets Podcast](https://www.doctorequity.com/join-me-for-the-bigger-pockets-podcast/) - Hey everybody, I've been invited to be a guest on the venerable BP Podcast! This show was instrumental for me when I started investing in real estate. I remember driving down the highway to work in my small rural emergency department and setting up my laptop to play the recordings. No, I didn't have an - [5 Things You Need to Know About Seller Financing](https://www.doctorequity.com/5-things-you-need-to-know-about-seller-financing/) - Sometimes you find that great property you just have to have, but run into a snag. Maybe it is that the bank refuses to make the loan, or the loan rate is too high. Ultimately, you go back to the seller and tell them that the price has to come down. That doesn't sound good - [Hello From SEAK 2024!](https://www.doctorequity.com/hello-from-seak-2024/) - I'm at the SEAK conference on Non-Clinical Careers for Physicians in Chicago! They have a lot of great courses for those interested in doing something different. I'm meeting a lot of great people who, like me, are worried about burnout. Interestingly, most are not ready to leave their clinical practice, but are looking for ways - [The Best Way to Get Started in Real Estate Investing](https://www.doctorequity.com/the-best-way-to-get-started-in-real-estate-investing/) - Of course you want to get started, but you just don't know how yet. The big thing to consider first is whether you are a high performer or not. Read this post to find out. If you are, then continue reading. If not, then go back to Netflix and mediocrity. I won't judge - it's - [What's a Real Estate High Performer?](https://www.doctorequity.com/whats-a-real-estate-high-performer/) - I know I talk about being a high performer a lot. This website is only for them, after all. What is a high-performer, really? First, being a high performer is not about having money. High performers attract money as a side effect, and many people have money but are not high performers. The guy with - [Fed Rate Dropped! Should I Buy Now?](https://www.doctorequity.com/fed-rate-dropped-should-i-buy-now/) - Interest rates dropped 0.5%! That's a big one. I just purchased my 226 unit Bismarck deal and got a sweet 8% rate. It's easy to look back and say "I should have waited." But then my deal would have evaporated. Trying to time the market is foolish for that reason. You just need to adjust - [The DoctorEquity Real Estate Dating Guide: How to Find a Real Estate Partner](https://www.doctorequity.com/the-doctorequity-real-estate-dating-guide-how-to-find-a-real-estate-partner/) - wrote about how to find a partner a while back. There were a lot of reads to it and when I went back to it, I realized I had left out a lot of specifics. So, here's how to find a partner for your real estate deal. First, you need to ask yourself whether you - [What Does Value-Add Mean?](https://www.doctorequity.com/what-does-value-add-mean-2/) - This weekend, I was with a group of friends I hadn’t seen in a while, and of course, our talk turned to real estate investing. One friend asked me what area of real estate I was in. I told him it was value-add multifamily. He asked me what value-add meant. What a great question. I - [What I Learned About REI from Internal Medicine Physicians](https://www.doctorequity.com/what-i-learned-about-rei-from-internal-medicine-physicians/) - I had the opportunity to be invited to the American College of Physicians South Dakota Chapter annual meeting this week. I was asked to speak about real estate investing and how it can help this group of people. The ACP is a group of internal medicine doctors, all highly intelligent and high performers. I explained - [The Benefits of a Personal Financial Statement](https://www.doctorequity.com/the-benefits-of-a-personal-financial-statement/) - A while back, I told you the components of a Personal Financial Statement, or PFS. I still talk to people considering becoming real estate investors and they haven't done this yet. These aren't everyday workers; they are high-performers like physicians. Many of us get out of our graduate schools and immediately go to work, rarely - [How to Take Advantage of the Self-Directed IRA](https://www.doctorequity.com/how-to-take-advantage-of-the-self-directed-ira/) - I recently wanted to transfer some of my IRA money out of a nationally-known broker to a local one. I didn't think the national one was doing as well as they could. I like to keep my money local anyway. Great idea! It's my money, right? Wrong. Frustratingly, they said they 'couldn't' release the money - [How to Get the Down Payment for a Multifamily](https://www.doctorequity.com/how-to-get-the-down-payment-for-a-multifamily/) - Getting started in real estate investing seems so easy, but when that deal actually comes, finding the down payment is hard. That's why you see so many books about investing with no money down. That can be done, but usually either means you get no upside (except for experience), or you take on a lot - [What Does Value-Add Mean?](https://www.doctorequity.com/what-does-value-add-mean/) - This weekend, I was with a group of friends I hadn’t seen in a while, and of course, our talk turned to real estate investing. One friend asked me what area of real estate I was in. I told him it was value-add multifamily. He asked me what value-add meant. What a great question. I - [Update on the Bismarck Deal](https://www.doctorequity.com/update-on-the-bismarck-deal/) - I'm spending almost all my time on the last minute details of getting this deal across the finish line. The Bismarck Deal is a purchase of over 200 apartment units in multiple buildings. The numbers are great and we have been offering a 10% preferred return to investors because of this. We are in the - [Why You Need to Resist the Stock Market Myth](https://www.doctorequity.com/why-you-need-to-resist-the-stock-market-myth/) - I was too lazy to jog outside after working a 24-hour shift in the ER. So, I went to the gym and was forced to watch the screen tuned CNBC as I took the only remaining treadmill, one in between the big lady walking slowly drinking a sugary beverage and the muscular dude who was - [Cash Flow vs. Equity, Revisited](https://www.doctorequity.com/cash-flow-vs-equity-revisited/) - Three years ago, I wrote about cash flow vs equity and I landed on equity as the most important one. The market has changed. Interest rates are through the roof. Signs of a recession are everywhere. Is equity still king? Consider a physician working in the operating room. This surgeon enjoys doing that work and - [Why I Love Multifamily: Economy of Scale](https://www.doctorequity.com/why-i-love-multifamily-economy-of-scale/) - Owning property is either an investment or a full-time-job. It cannot be both. Look at it like a job, and you run the risk of failing at your real job as well as your landlording. You need to seek ways to make it happen with as little of your involvement as possible. Mike Butler, author - [What's Going to Happen With Interest Rates? 2024 Edition](https://www.doctorequity.com/whats-going-to-happen-with-interest-rates-2024-edition/) - Did you see it? The US June unemployment rate rose above 4%. Business Insider reported on July 8 a big list of major US companies that are undergoing layoffs. They include Google, Apple, Tesla, Nike, and Discord. These companies are in different areas of the economy, which is concerning for a wider increase in unemployment - [Does My Rental Have to be ADA Compliant?](https://www.doctorequity.com/does-my-rental-have-to-be-ada-compliant/) - The Americans with Disabilities Act was passed in 1990 and made a lot of changes about how construction is done. The Act sought to prohibit discrimination against individuals with disabilities. It makes certain requirements to have reasonable accommodations given in public places or private places open to the general public. Your rental property applies. As - [Where to Save Up for Your Down Payment](https://www.doctorequity.com/where-to-save-up-for-your-down-payment/) - Once you've decided to become an investor, you've done the hard part. Now comes the details. Often, someone just starting out doesn't have a lot of cash. They've gone through the process of minimizing expenses and so have a monthly amount of cash left over. Where do they put it? It needs to be ready - [Silent Syndicators, Loud LPs, and the Destruction of Deals](https://www.doctorequity.com/silent-syndicators-loud-lps-and-the-destruction-of-deals/) - If you follow the real estate news you probably have run across horror stories about people losing all their money after investing in a real estate syndication. The syndicator (General Partner, or GP) has taken investment money from the investor (Limited Partner, or LP). The GP showed the LP the possibility of making huge profits - [Analyze Deals With the Sensitivity Analysis](https://www.doctorequity.com/analyze-deals-with-the-sensitivity-analysis/) - Real estate investing is all about determining the risk and seeking to minimize it. There is always risk in this work. If there wasn't then we wouldn't make any money. Each of us has to figure out our own risk tolerance. If the risk tolerance is zero, then you should stick to your employer-prescribed 401(k) - [House Prices are Dropping! Is it a Buyer's Market?](https://www.doctorequity.com/house-prices-are-dropping-is-it-a-buyers-market/) - According to Moody's Analytics, nearly half of all US states saw a drop in housing prices in May. These were mainly states in the South and West. Overall, prices rose by 0.12% nationwide. Prices are still rising, but that's a huge decrease from the almost 6% increase we saw last year nationwide. Prices are softening. - [Why You Need to Negotiate After the Inspection](https://www.doctorequity.com/why-you-need-to-negotiate-after-the-inspection/) - It's a common thing. The buyer and seller have gone through so much back and forth to arrive at a price, but there's that pesky inspection contingency left. Now, the inspection is done, and there are some items that don't look right. The buyer is tired and just wants a house, at least one in - [Tips on Finding a Real Estate Investing Mentor](https://www.doctorequity.com/tips-on-finding-a-real-estate-investing-mentor/) - It's hard getting started. There is so much to learn and so many ways to invest that it is easy to get overwhelmed and end up not doing anything. On the other hand, people sometimes just do the first thing that looks interesting, lose a lot of money, then give up investing forever. That makes - [How to Maximize ROI by Investing in Your Area](https://www.doctorequity.com/how-to-maximize-roi-by-investing-in-your-area/) - New investors are often frustrated. They see the benefits of investing and start looking for deals. They go on Zillow or whatever other free website and find that everything in their area is too expensive. So, they start searching for 'how to invest out of state'. This is the worst thing to do. I'm constantly - [How to Get an FHA Loan for Investing](https://www.doctorequity.com/how-to-get-an-fha-loan-for-investing/) - One of the biggest hurdles to investing for newcomers is having cash for the down payment. They see low money down loans advertised and wonder if they can use them to purchase an investment property. This is America! We like debt. It keeps us buying. Of course, there is good and bad debt. Good debt - [How to Get the Down Payment on That First Property](https://www.doctorequity.com/how-to-get-the-down-payment-on-that-first-property/) - Once you’ve got the right mindset going for investing, you have probably found the perfect investment. You need to come up with the money to to put down on that investment and it seems like a daunting task. You probably are doing pretty well in your job or business, but you are finding out that - [Should I Buy My First House Right Now?](https://www.doctorequity.com/should-i-buy-my-first-house-right-now/) - First off, congratulations on thinking about buying instead of continuing to rent. As a landlord, I certainly want to have a supply of renters, but I'm always happy when one decides to own their first home. I've even helped them before. I ended up selling my first rental property to my first tenant after he - [The First Steps When a Syndication is Under Contract](https://www.doctorequity.com/the-first-steps-when-a-syndication-is-under-contract/) - I'm really looking forward to telling you about a new property we just got under contract yesterday - what I'm calling the Kirkwood 226. That's a placeholder name. This is a 226-unit apartment complex with multiple different styles of unit from 1 to 3 bedrooms. It's in a great town, but I can't tell you - [Should I Sell or Rent Out My House?](https://www.doctorequity.com/should-i-sell-or-rent-out-my-house/) - I was asked this question by a non-real estate investor. This is a person who has a passing interest in real estate investing, doesn't know much about it, and is looking to compare the two. They have a mortgage on a 2 bedroom / 1 bathroom house and are planning on upsizing. This person wants - [The Time-Starved Doctor's Guide to Building Wealth Passively Through Real Estate](https://www.doctorequity.com/the-time-starved-doctors-guide-to-building-wealth-passively-through-real-estate/) - A physician reached out to me recently. He is doing great in his practice, bringing in a bunch of money, but like me, he worries about the time when he won't be able to have the same income. He might get sick or injured, or burnt out, which is such a big problem in our - [What are Interest Rates Doing Right Now?](https://www.doctorequity.com/what-are-interest-rates-doing-right-now/) - It's been a consistent upward swing since 2020 - interest rates climbing and climbing as a result of the federal funds rate doing the same thing. Only recently did the increases slow down. In the real estate world, we saw a 1/2 percent drop in commercial mortgage rates and people are still wondering what is - [Real Estate Professional: The Secret to Tax Write-Offs](https://www.doctorequity.com/real-estate-professional-the-secret-to-tax-write-offs/) - Real estate investing gives so many tax benefits. There's depreciation, expenses offset income, and other programs like the 1031 exchange. These are all designed by lawmakers to encourage you, the investor, to put your money into real estate. You need to take advantage of every one you can. The government encourages you to. One big - [What is a Triple-Net Lease?](https://www.doctorequity.com/what-is-a-triple-net-lease/) - In short - it's a way for a landlord to get reimbursed for expenses. But there's much more to it. It could also be written as 'NNN'. Let's start by talking about renting your house: If you rent a single family house you usually turn over all of the expenses to the tenant. The landlord - [What are Real Estate Syndication Fees?](https://www.doctorequity.com/what-are-real-estate-syndication-fees/) - If you are looking to invest in real estate and want to determine what property to invest in, but don't have a bunch of time to manage the property yourself, then a syndication might be right for you. If you don't know what a syndication is, have a read of this post first. At its - [How to Become an Accredited Investor in 2024](https://www.doctorequity.com/how-to-become-an-accredited-investor-in-2024/) - The Securities Act of 1933 was created in response to what was perceived as the Wild West of people creating securities and selling them to unsuspecting people who then lost money. Security is simply a representation of ownership in something. Certain individuals were selling stocks in companies that were never designed to make money. The - [How to Find the Cap Rate in My Area](https://www.doctorequity.com/how-to-find-the-cap-rate-in-my-area/) - Cap rate is short for capitalization rate. It's the percentage of return that an investor expects on paying a certain amount for a given property. It is used to get an apples-to-apples comparison of multiple properties. It's usually used in the commercial (including multifamily) real estate space, but rarely used in single family investing. Read - [Unlocking Opportunities: Master Lease Agreements Explained](https://www.doctorequity.com/unlocking-opportunities-master-lease-agreements-explained/) - A few weeks back, we discussed creative financing techniques. In it, I mentioned the Master Lease Agreement (MLA). I realized that this interesting way to acquire property demands its own post. Let's start by saying that this is a creative financing technique. These are typically employed only when either the buyer or the seller has - [Interest Rates Came Down. Should I Refinance?](https://www.doctorequity.com/interest-rates-came-down-should-i-refinance/) - You've done everything right. You kept investing, even in a depressed market. You just purchased your rental property at a whopping 8.5%, but you did your math, and the numbers worked. You last month, and then the news came out - interest rates went down! Are you a failure as an investor? Don't beat yourself - [How to Vet a Real Estate Syndicator](https://www.doctorequity.com/how-to-vet-a-real-estate-syndicator/) - You are a high performer. You are doing great, but you want to be prepared for the future. You've probably decided you should make some investments, at least beyond what you are doing in your retirement your employer offers. That's smart. Maybe you already have run across some syndications. If not, here is a guide - [How to Buy or Sell a House with the NAR Lawsuit](https://www.doctorequity.com/how-to-buy-or-sell-a-house-with-the-nar-lawsuit/) - Imagine you are looking to buy a new house. You look online and see a bunch, but don't really know if they are right for you. You wonder how to even make an offer and do all the negotiation. You decide to find a real estate agent. After all, there is a big billboard down - [How to Find Deals in a Difficult Market](https://www.doctorequity.com/how-to-find-deals-in-a-difficult-market/) - My partner and I have found two great apartment buildings to put together into a syndication. We've been evaluating deals for the past year. Though we've sifted through hundreds of deals, we haven't found the right one. Part of it is that we are so choosy. It needs to be great in order to take - [Creative Financing Strategies to Win in a Terrible Market](https://www.doctorequity.com/creative-financing-strategies-to-win-in-a-terrible-market/) - Anyone who has tried to buy a commercial property right now has run into issues with financing. Banks still want to make money, and they do it by making loans. But they have to have a certain amount of cash on hand to do so. The rest they borrow. Which is one reason that the - [Prescribing Profits: How to Maximize Cash Flow on Your Rental](https://www.doctorequity.com/prescribing-profits-how-to-maximize-cash-flow-on-your-rental/) - Just starting out, when increasing rent, you don't see that much benefit. An extra $25 a month isn't going to buy you that private island for your retirement, sadly. We often fail to look further than the rent when we are thinking about the health of the property. We really need to be looking at - [Cash Flow: Why You Need to Know It](https://www.doctorequity.com/cash-flow-why-you-need-to-know-it/) - Cash flow seems like a good thing, but it is a little tough to understand. It takes some calculations, so fire up that spreadsheet and let's take a deep dive into this important value for your property. Cash flow is the money in the bank when all is said and done at the end of - [Multifamily Apartments: What Size Should I Buy?](https://www.doctorequity.com/multifamily-apartments-what-size-should-i-buy/) - Multifamily real estate investing is a great niche to get into in real estate. Many investors come to multifamily from the single family space. They were accidental landlords and realized how great real estate is, but they also realized how they could scale much more quickly with multifamily. You first need to know how multifamily - [Should I Invest in Someone Else's Deal?](https://www.doctorequity.com/should-i-invest-in-someone-elses-deal/) - If you are like me, you are getting offers in at least weekly for these *great* deals in Georgia or Alabama or wherever that make some amazing promises. Invest in this project and in the next three months you'll start seeing returns and they predict doubling your money in a few short years when you - [5 Things a Landlord Should Always Do](https://www.doctorequity.com/5-things-a-landlord-should-always-do/) - A couple of weeks ago I told you about the 5 things a landlord should never do. This is the companion article to that one. If you haven't read it, click the link, and then come back. Always do these five things and you'll do much better. Always Buy Value. Even before becoming a landlord, - [My Big Mistake: The Apartment that Got Away](https://www.doctorequity.com/my-big-mistake-the-apartment-that-got-away/) - I've spent the past month working on a 60 unit deal. As is typical for multifamily sales, the seller would only allow us to view a few units prior to making an offer. We looked at three units. One that was fully rehabbed, one that needed the most work of any unit according to the - [How to Do a 1031 Exchange](https://www.doctorequity.com/how-to-do-a-1031-exchange/) - No one likes to pay taxes. I get it. But keep in mind that when you pay more taxes it should be because you made more money. If that's the case, then you really should be happy. This country gives you great opportunity to make money so be sure to pay it back in some - [Multifamily: How to Offer When You Can't See Every Unit](https://www.doctorequity.com/multifamily-how-to-offer-when-you-cant-see-every-unit/) - Consider this: You are looking for a multifamily apartment building to purchase. You've put in a lot of time running the numbers on every listing. Now, you have finally found one that looks like it works. But you don't know how much it will cost to rehab the units. By rehab I mean do the - [5 Things a Landlord Should Never Do](https://www.doctorequity.com/5-things-a-landlord-should-never-do/) - There are a lot of things that make for a good landlord. Doing the right thing is usually the ethical and legal thing to do. It's easy to get angry at a tenant who is not following the rules. There are obvious things you shouldn't do, like break the law. These are a few other - [How Real Estate Investing is Like Running a Marathon](https://www.doctorequity.com/how-real-estate-investing-is-like-running-a-marathon/) - Hi everybody and welcome back from a long week's absence. I ran the Heartland Marathon last week and took the week off from writing. I actually made it across the finish line and I'm very happy. You can't tell it from the picture but I had the absolute best runner's high after the finish. For - [The Difference Between a Retail Buyer and an Investor](https://www.doctorequity.com/the-difference-between-a-retail-buyer-and-an-investor/) - Maybe you wonder which one you are. Maybe you are a real estate agent trying to determine who your buyer is. Maybe you just want to know the definition of each. Well, this is the post for you. The difference comes down to mindset and what is the thing each buyer wants. At its basic - [Should I Buy a Fixer-Upper or Build Right Now?](https://www.doctorequity.com/should-i-buy-a-fixer-upper-or-build-right-now/) - New construction always has an allure. You get everything new and shiny and usually have no repair issues for a while. The downside is the cost. Building Developing land is a big topic and beyond the scope of this post. There are a lot of sites that are marketed as build-ready, which means that they - [Steps to Sell Your Investment Property](https://www.doctorequity.com/steps-to-sell-your-investment-property/) - Hopefully you are not getting out of the real estate business altogether. Hopefully you had a great experience, are ready to move on to the next investment, and want to pull out some cash to do so. Before you do let me ask you one thing - should you sell? Consider taking out a line - [10 Steps to Take to Rent Your Home Out](https://www.doctorequity.com/10-steps-to-take-to-rent-your-home-out/) - You are planning to move out of your house. Maybe you are relocating for a new job or you are changing house size for your family. Take it from another accidental landlord: this is a make or break time in your investing career. Here are the steps to take: Move out of your property. Don't - [The Multifamily Vacancy Rate is Rising](https://www.doctorequity.com/the-multifamily-vacancy-rate-is-rising/) - Here's another one of those prediction posts. I recently received the information from the South Dakota Multifamily Housing Association, and multifamily vacancy is in line with what it is nationwide for Q2 2023 - 6.1%. Here's the nationwide graph: Good ol' FRED, comes through with the data again. That vacancy number is happily low, but - [Should I Buy a House in a Flood Zone?](https://www.doctorequity.com/should-i-buy-a-house-in-a-flood-zone/) - Let me guess: You are asking this question because your prospective investment property was discovered to be in a flood zone. The bank said it won't give you a mortgage without flood insurance. You perhaps asked an insurance broker and were told it would be expensive. Typical hazard insurance doesn't usually cover flood damage. That - [What's Going to Happen With Interest Rates This Year? 2 Predictions](https://www.doctorequity.com/whats-going-to-happen-with-interest-rates-this-year-2-predictions/) - We are already half-way through the year. The rest of the year brings uncertainty. There's a lot of money waiting on the sidelines right now, despite the inflation of the past 2 years. We were up to mid 8%s and everyone was complaining about how high their eggs cost. Now, eggs are still expensive, but - [I Buy Houses; Cash-on-Cash or Cap Rate: Which is Better?](https://www.doctorequity.com/i-buy-houses-cash-on-cash-or-cap-rate-which-is-better/) - You buy houses, you say? That's great. Keep it up. It's a tough market right now but there are still deals to be had. I'd also like to congratulate you for looking to the numbers to help you evaluate your deals. These will help you remove the emotion of buying and focus on the logic. - [Real Estate Investing as a Second Career - 5 Steps](https://www.doctorequity.com/real-estate-investing-as-a-second-career-5-steps/) - I'm often asked how to get started in real estate quickly. Someone has become disenfranchised with their current career and wants to move. Or they got laid off. I'm happy they are thinking real estate. More and more frequently, people seek a second career and gone are the days where people stay at one company. - [Is the Housing Bubble Burst Coming?](https://www.doctorequity.com/is-the-housing-bubble-burst-coming/) - Another good question would be: How can I continue buying houses right now even though the interest rate is so high? 2023 is now half-gone and we find ourselves in the midst of another unusual cycle in the market. The Fed continues to raise interest rates and will keep on doing do, knowing it takes - [The Vacation Syndication](https://www.doctorequity.com/the-vacation-syndication/) - Last week we talked about how syndications work. It got me thinking about an idea I have been kicking around. I'm always looking for interesting perks for my investors. We always send a commemorative crystal piece for the investor, but it would be nice to do something more. Everybody wants to own a condo at - [How Do Syndications Work?](https://www.doctorequity.com/how-do-syndications-work/) - Perhaps you are a real estate investor already. You've done some single-family deals and have realized that the economy of scale is better in multifamily. It's time to make your move, but you are finding that multifamily properties are usually more expensive than single family ones. Suddenly you are priced out of the market. It's - [Should I Put Multiple Properties in an LLC?](https://www.doctorequity.com/should-i-put-multiple-properties-in-an-llc/) - So, you are getting bigger in your real estate investing. Maybe you hold all of your property in your own name. If you are trying to decide if an LLC is right for you or not, check out this post first. If you have decided to use an LLC, or if you already do, but - [6 Steps to Plan Your Medium-Term Rental](https://www.doctorequity.com/6-steps-to-plan-your-medium-term-rental/) - Medium-term rentals, also called mid-term rentals, occupy a specialized niche in real estate investing. The investment strategy is usually a long-term hold, meaning the investor buys the property and keeps it, while renting it out. The number of days rented to individual tenants is what gives it the name 'medium-term'. What is medium-term typically follows - [What to Do When My Tenant Doesn't Pay the Rent](https://www.doctorequity.com/what-to-do-when-my-tenant-doesnt-pay-the-rent/) - If you are a landlord, this will happen to you. The first thing to do is to mentally prepare yourself for this happening. It is a cost of doing business. That doesn't mean to simply accept it and let it go. It just means you need to understand that it will happen and be prepared. - [Would You Rather Be Rich or Wealthy?](https://www.doctorequity.com/would-you-rather-be-rich-or-wealthy/) - When we talk about wealth we often equate that to money. Or maybe the things we have. We like to accumulate things in an effort to show others how rich we are. If you have that kind of money, go for it. I'm not trying to stop you, but I do want you to be - [How Do I Find a Good Real Estate Agent?](https://www.doctorequity.com/how-do-i-find-a-good-real-estate-agent/) - Agents are a dime a dozen right now. There were so many deals going on in the past few years that everyone and their brother took a course and got their real estate license. Deals were easy and commissions came frequently. In the past year, the deals have become few and far in between. Now, - [Running a Business: Be Necessary But Not Sufficient](https://www.doctorequity.com/running-a-business-be-necessary-but-not-sufficient/) - What is this thing? It's a simple bolt and nut. What does it do? It holds things together. It has a job and a purpose. Consider a bolt and nut that will be used in a building. We might put it into something like this: Once it is built, we might use it to hold - [What are Good Loan Terms Right Now?](https://www.doctorequity.com/what-are-good-loan-terms-right-now/) - Good for you, not sitting on the sidelines right now. I'm going to focus on commercial loans, because these are the ones that vary. Residential loans are pretty similar from bank to bank. Banking is a relationship business. Don't lose a great relationship because you want to scrape every last dollar out of the bank. - [How Do I Find a Bank to Give Me a HELOC?](https://www.doctorequity.com/how-do-i-find-a-bank-to-give-me-a-heloc/) - There is a lot of interest in Home Equity Lines of Credit (HELOCs) right now. I think this is due to the fact that interest rates are going up so much and people are trying to avoid refinancing. Here's a quick explanation of why I like lines of credit. HELOC vs Business LOC Similar to - [Update: I'm Doing a Ted Talk](https://www.doctorequity.com/update-im-doing-a-ted-talk/) - I applied for the TedxUSD talk way back last year and I learned that I was selected to speak on the same day Your Authority Problem was published! Now, it's time to speak, and I'm ready. I've applied many principals of Authority, the first one was in getting up the courage to even apply. In - [Why I Wrote a Book](https://www.doctorequity.com/why-i-wrote-a-book/) - Here are a few possibilities: I want to help people. I had an idea that I thought would be interesting and motivational. I wanted to show people that I could write. I wanted to have proof of being a thought leader in an area. All these are true, but want to know the real reason? - [I Just Bought a Multifamily! Should I Raise Rents Right Away?](https://www.doctorequity.com/i-just-bought-a-multifamily-should-i-raise-rents-right-away/) - First off, congratulations! That's really great. Welcome to the very small group who actually own a rental rather than just hope to do so. Sounds like you bought it right: You found a property with sub-market rents (rents are below what other similar units in the area are renting for) and you plan to increase - [Interest Rates are So High! Why Should I Invest in Real Estate Now?](https://www.doctorequity.com/interest-rates-are-so-high-why-should-i-invest-in-real-estate-now/) - The classic question. Except for this one from last year: "Interest rates are so low and that makes prices so high! Why should I invest now?" Or this one: "Prices are going up. Why should I invest now if I didn't last year?" I've got news for you: There will always be a question like - [How to Pitch a Deal to the Bank](https://www.doctorequity.com/how-to-pitch-a-deal-to-the-bank/) - I'm happy to hear you are looking for a loan. Using other peoples' money is a pillar of real estate investing. While not strictly required, it will get you head and shoulders above other people who paid cash for one deal instead of using that same money to get five deals. It might seem easy. - [Introducing BRRRLOC. The BRRRR strategy, but with Lines of Credit](https://www.doctorequity.com/introducing-brrrloc-the-brrrr-strategy-but-with-lines-of-credit/) - Everybody is talking about the BRRRR strategy. Buy a place, Rehab it, Rent it out, Refinance, and Repeat. It's a great way to get started in real estate. It helps the investor start small. It's cozy and comfortable. It's understandable. But it has some flaws. Flaws with BRRRR Refinancing is slow. The investor goes through - [How to Be an Accidental Landlord](https://www.doctorequity.com/how-to-be-an-accidental-landlord/) - Many people are like me: they had no desire or motivation to become a landlord. Maybe they think that landlords are all rich people trying to make a buck off people with less. Maybe they heard a bad story about a broken toilet in the middle of the night and resolved they would never have - [The Secret Reason to Buy When Rates are High](https://www.doctorequity.com/the-secret-reason-to-buy-when-rates-are-high/) - "Why in the world would anyone want to buy real estate right now?" -everyone Here's a February 1st non-surprise for you: The Fed just raised interest rates another 0.25% on Wednesday. We are now at a fed funds rate range up to 4.75% and if you want to borrow from a bank, add a few - [Should I Start an LLC?](https://www.doctorequity.com/should-i-start-an-llc/) - Many landlords when just starting out will purchase a property and start renting. No problem right? Hopefully not, and probably not a big deal at first. As you get bigger, you start to hear people talking about their Limited Liability Corporations and how great they are. You start to wonder why you haven't done that - [How to Build Confidence](https://www.doctorequity.com/how-to-build-confidence/) - I published my book, Your Authority Problem, this week. I'm very pleased with the interest it's receiving so far. One of the main pieces in the book is about how to build confidence. When we fail to take that first step, do that first deal, or make that first offer, it's often because we fear - [How to Find a Business Partner](https://www.doctorequity.com/how-to-find-a-business-partner/) - Woah there, pardner, we'll talk about the real estate kind in our post today, not the kind of partner you might find for love. First, you need to ask yourself why you need a partner. Possible reasons could be that you lack: Money Time Knowledge There's really no other reasons that you should use to - [How to Defeat Analysis Paralysis in 5 Steps](https://www.doctorequity.com/how-to-defeat-analysis-paralysis-in-5-steps/) - You've taken all this time, spreadsheeted the heck out of your deal, you've discovered the magical NOI, cash-on-cash return, and cash flow. But one of the numbers is a little low. This concerns you. What if the deal fails because of this number? Maybe you made a mistake. Now you are back digging numbers in - [How to Take Advantage of Opportunity Zones](https://www.doctorequity.com/how-to-take-advantage-of-opportunity-zones/) - I recently was evaluating a mixed-use investment in Omaha. The listing, like many others, proclaims that the property is In an Opportunity Zone! Opportunity sounds really nice. Just what opportunity are they selling? I did a bunch of research and I'm happy to pass the highlights on to you. Opportunity Zones were created as part - [Predictions 2023: The Year of Back to the Office](https://www.doctorequity.com/predictions-2023-the-year-of-back-to-the-office/) - Raise your hand if you are tired of setting up your microphone and speakers every damned time you hop on a Zoom. Raise it if you ever lamented having to get dressed only because you had to get in front of a camera for a meeting. Let me know if you have been getting up - [REITs are Imploding, Should You Run?](https://www.doctorequity.com/reits-are-imploding-should-you-run/) - The Real Estate Investment Trust (REIT) is a popular investment strategy for high performers. It gives a way to invest in real estate without the hassle of doing all the work. Rather than actual real estate, the trust offers a security, a piece of paper that can be bought and sold, with certain rules. An - [Tenants and Toilets](https://www.doctorequity.com/tenants-and-toilets/) - What's something you love to do but you hate to have to do it? Use the toilet. Like breathing, you'd rather not have a biological imperative to do it, but you are sure in a bind when you can't. And it feels so good when you do do it. Welcome to DoctorEquity's 150th blog post. - [How to Invest in Real Estate Without Becoming an Evil Landlord](https://www.doctorequity.com/how-to-invest-in-real-estate-without-becoming-an-evil-landlord/) - Let's start by saying that you can certainly do this. Most real estate investing will have you taking a landlord role in some way, however. There are a couple ways, but first you need to evaluate why you might not want to be a landlord. Why Don't You Want to Be a Landlord? Being a - [What is an Accredited Investor?](https://www.doctorequity.com/what-is-an-accredited-investor/) - Let's say you are interested in purchasing some shares in IBM. You first need a broker, someone authorized to buy and sell shares for a fee. Finding one might be as simple as one of the online trading companies or stopping by a local branch office. Give a few bits of information and some cash - [How to Evaluate a Triple-Net Commercial Deal](https://www.doctorequity.com/how-to-evaluate-a-triple-net-commercial-deal/) - Where residential real estate is the behemoth of real estate, commercial occupies a smaller space. Multifamily takes the largest chunk of commercial, leaving a small niche area left. These are retail, hospitality, and industrial areas of investment. There's a general theory that this kind of investing is just for 'the big boys' and many investors - [The Secret Reason to Invest When Interest Rates are High](https://www.doctorequity.com/the-secret-reason-to-invest-when-interest-rates-are-high/) - Ever heard this one: "Real Estate is Cyclical"? Not really. It's always changing, new things come and go, and the market is either going up or going down. It's more like a wave. Up and down. It's unpredictable. The investor is like a surfer, spending huge amounts of time scanning the horizon for the right - [Why Should I Get a DSCR Loan?](https://www.doctorequity.com/why-should-i-get-a-dscr-loan/) - DSCR loans are getting more popular now. You'd think they were just invented. They have been around for a long time, just not with that name. This is just a type of loan that underwriting relies on the strength of the deal rather than the strength of the borrower. Let's dig in. What Does DSCR - [Am I Crazy to Buy Metaverse Real Estate?](https://www.doctorequity.com/am-i-crazy-to-buy-metaverse-real-estate/) - Metaverse has seen big air time with Zuckerberg's Facebook being renamed to Meta and their massive billions of dollars of investment in it. The idea is that a person can create an avatar online and do, well, nearly anything programmable. The metaverse is at its basic just a computer game. Of course, Facebook is involved, - [Timeshares: for Real Investors or Just for Suckers?](https://www.doctorequity.com/timeshares-for-real-investors-or-just-for-suckers/) - I'm a very lucky person. I happen to be in Maui this week for a medical conference with Symposia Medicus. I'm having a great time and learning a lot. When the conference got out for the day, there was still time to hit the pool. The hotel allows us to go to the pool over - [How Do I Invest in a REIT?](https://www.doctorequity.com/how-do-i-invest-in-a-reit/) - Before you ask that question, you should ask, "Should I invest in a REIT." Or maybe, "What is a REIT?" Let's tackle that question first. What is a REIT? A Real Estate Investment Trust is a type of company that does most of its business in real estate. My acronym for it is Real Estate - [Should I Find a Partner for My Real Estate Deal?](https://www.doctorequity.com/should-i-find-a-partner-for-my-real-estate-deal/) - Partnership in real estate can open many doors that were otherwise closed. It can expose you to a minefield of risk, but can propel you much faster in your investments. Let's take a look at the reasons to avoid partnerships first. 5 Reasons to Avoid Partnerships Partners take part of the deal. Anybody that you - [How Do I Quit My Job and Go Full-Time Real Estate?](https://www.doctorequity.com/how-do-i-quit-my-job-and-go-full-time-real-estate/) - The first thing you need to ask is ask yourself why you want to be quitting. I was asked this question by a nurse. The world is in desperate need of good nurses right now and they can make a good money. Have you considered quitting your job and becoming a traveling nurse? You could - [How Much Equity Should I Give Away to a Money Partner?](https://www.doctorequity.com/how-much-equity-should-i-give-away-to-a-money-partner/) - Everybody starting out and considering bringing on a partner has this question. First, some definitions: Equity - the percentage of the deal. When the property is sold and the bills are paid, what's left is divided among the partners by their equity percent. Money Partner or Equity Partner - this is a partner that brings - [What's Happening With Interest Rates? My 5 Predictions](https://www.doctorequity.com/whats-happening-with-interest-rates-my-5-predictions/) - According to Reuters, the average interest rate is now more than double what it was a year ago for home mortgages. Many people getting a 30-year mortgage can expect a rate of 6.7% or more. This rate is higher than many home-buyers in the market now have ever seen. First time home-buyers in 2021 were - [Avoid the Void: 6 Tools You Need in Real Estate](https://www.doctorequity.com/avoid-the-void-6-tools-you-need-in-real-estate/) - I fancy myself a good doctor. I like to think I'd be the first person you'd want if stranded on an island and you break your leg. I know a fair amount of survival stuff, but what happened recently made me rethink all that. It's 2 weeks ago and I'm at a family reunion in - [Are You Trapped in the Stock Matrix?](https://www.doctorequity.com/are-you-trapped-in-the-stock-matrix/) - The matrix has you. It surrounds you everyday. It's constantly telling you what to invest in or more likely what not to invest in. It instills fear and makes you freeze. It's always there but you don't even know it. And the worst part is, for most people, they're not ready to be unplugged. Most - [Should I Get into Real Estate or Go to School?](https://www.doctorequity.com/should-i-get-into-real-estate-or-go-to-school/) - You can do both! But it's really about what you want to spend your career doing. I hear a lot about the fact that I'm a doctor that I have it made. Indeed, I have a high income and I'm happy about that. But, there was a price to pay for that. And there continues - [Where are Renters Moving? The Great Migration](https://www.doctorequity.com/where-are-renters-moving-the-great-migration/) - Unfortunately, a hangover implies that the pandemic is over. It's still here but there are signs that the virus is getting less deadly. Outbreaks will continue to occur, but in the minds of renters, it is largely over with. We now have the lasting effects of the pandemic, this hangover of problems ranging from supply-chain - [Why You Need to Understand the Rent Roll](https://www.doctorequity.com/why-you-need-to-understand-the-rent-roll/) - First off - it's not a rent role, it's rent roll. The role of the rent is to compensate landlords for the use of their property as a living space. The roll of the rent is similar to the term 'roll call' in that it is a register of names. It also contains other valuable - [How to Make Sense of the After Repair Value](https://www.doctorequity.com/how-to-make-sense-of-the-after-repair-value/) - I'm working a shift in the ER. It's going well, right up until this 17 year old walks in, holding his arm. He was jumping on a trampoline and fell off. As an aside, trampolines are ravenous for arms and ankles. They are deadly. Factor in the ER cost when thinking of buying one. This - [Why I Love Office Right Now](https://www.doctorequity.com/why-i-love-office-right-now/) - Real estate is cyclical. Most people know that, but when they are in the thick of it, panic sets in, and they lose their minds. What most people fail to realize is that the whole market itself is not cyclical, but every individual part of it is. One area may be up while another one - [Is That Focus You Have...Or Narrow-Mindedness?](https://www.doctorequity.com/is-that-focus-you-have-or-narrow-mindedness/) - I took care of a patient with a messed-up foot recently. He had been driving a 4-wheeler while wearing sandals. There was some alcohol involved. He broke his foot and got a bad laceration. He was taking it pretty well, but had a lot of pain. I gave him some fentanyl to help make him - [6 Steps for Starting in Real Estate for High Performers](https://www.doctorequity.com/6-steps-for-starting-in-real-estate-for-high-performers/) - By now, you hopefully have decided to become a high performer if you aren't already. You've taken back Authority and made the decision for yourself. Now is the time to get started. Take theses steps in order: Read. You already have the mindset needed, so skip over the mindset books you've probably already read, like - [Why the Freedom Number Stinks](https://www.doctorequity.com/why-the-freedom-number-stinks/) - If you have done any research into real estate investing, you've probably run across the notion of the Freedom Number. The idea is that there is a certain amount of money that the investor needs to bring in per year to live comfortably. That person first calculates what they need to live off of then - [Five Ways to Keep from Screwing Up When Forming a Partnership](https://www.doctorequity.com/five-ways-to-keep-from-screwing-up-when-forming-a-partnership/) - I get asked about this a lot. So, I thought I'd write down my answer. I'm never going to be able to give all the details of starting a partnership in a single post, or even 100 of them, so I'll have to keep it to an overview. Let me know your personal situation and - [Why You are Failing: Your Authority Problem](https://www.doctorequity.com/why-you-are-failing-your-authority-problem/) - You have an Authority problem. It's not the Authority problem that the principal yells the kids about. It's the Authority that you foolishly give to others every day you go about your business, without even realizing it. How many times have you had a deal you know is good come across your desk, but you - [How to Lower Blood Pressure Through Thought](https://www.doctorequity.com/how-to-lower-blood-pressure-through-thought/) - Phew! I finally made it home from the vacation to Florida. I had a great time, but now it's time to get back to the real world and prepare for work in the ER tomorrow. That's the thing about vacations - there's always more work to come back to. As a high performer, I used - [Economic Collapse or Chicken Little Syndrome: Is a Depression Coming?](https://www.doctorequity.com/economic-collapse-or-chicken-little-syndrome-is-a-depression-coming/) - I took care of a patient the other day. This young guy came in, tired and achy, wanting detox. He looked disheveled and probably hadn’t showered in a few days. He made poor eye contact and seemed embarrassed to be there. He explained that he was addicted to methamphetamine and needed help quitting. I see - [Help! Interest Rates Higher: Should I Sell Now?](https://www.doctorequity.com/help-interest-rates-higher-should-i-sell-now/) - Help! I dragged my feet and forgot to sell my house for the oodles of money that people are paying and now I don't know if it's worth the trouble anymore. The Theory I'm getting questions about what to do now that the fed rate is higher. It's been almost zero for two years and - [Small, Medium, and Large Multifamily, What's the Difference?](https://www.doctorequity.com/small-medium-and-large-multifamily-whats-the-difference/) - You might be amazed to find there's not a good consensus on which is which. We always seem to want to attach to unit numbers, but I think it's better to look at the type and amount of work that goes into each type. Small Multifamily Residential loans can be issued for houses like the - [12 Reasons I'll Never Quit Semi-Gloss White Paint](https://www.doctorequity.com/12-reasons-ill-never-quit-semi-gloss-white-paint/) - Semi-gloss white. I call it SGW because I use it so much. I know I should be hiring people to do these things, but my motel is 10 miles away from a large community and the nearest painter. It’s impossible to find a good one who doesn’t charge a boatload and is available sometime in - [Making Sense of the Prime Interest Rate](https://www.doctorequity.com/making-sense-of-the-prime-interest-rate/) - Sounds really impressive, doesn't it? The PRIME interest rate. That makes it seem like it is the rate that all others are based on. Kind of, but not really. Banks lend money to one another all the time. They have to keep a certain amount of reserve, by law. With individual peoples' deposits and withdrawals, - [Should You Fear the Russian War's Stress on Housing?](https://www.doctorequity.com/should-you-fear-the-russian-wars-stress-on-housing/) - It's natural to have some fear as war breaks out. Let's take a step back and be thankful for those of us not in the middle of the war. They are the people who have it truly bad. My children asked me why gas prices are going up and I said it was us doing - [Banker's Terms: What is the Rate?](https://www.doctorequity.com/bankers-terms-what-is-the-rate/) - Rate, or interest rate, is the percentage of the principal that is charged to the borrower over a certain time period. Seems simple? Let's look at a hypothetical house purchase: You wish to purchase a house for exactly $100,000 and you found a hypothetical bank that wants 0% down. Your LTV is 100%. This magical - [Bankers Terms: Down Payment](https://www.doctorequity.com/bankers-terms-down-payment/) - Why do I need to pay a down payment? Doesn't the bank have that money they could just lend me? I'm good for it. Banks aren't real estate companies. They don't like owning real estate, and try hard not to start. In order to have some kind of guarantee that borrowers pay them back, banks - [The Absolute Best Test When Evaluating a Deal](https://www.doctorequity.com/the-absolute-best-test-when-evaluating-a-deal/) - "What test should I use when evaluating whether real estate is a good deal or not?" I get asked this question a lot. "Should I use the 2% rule? The 70% rule? The expense ratio? Someone might say, "I don't accept anything with a cap rate that's lower than 7". The list is actually much - [Banker's Terms: What is the Principal?](https://www.doctorequity.com/bankers-terms-what-is-the-principal/) - The fact that you are thinking about going to the bank means you are considering a loan. You would like to have some money lent to you and in return you will agree to pay back the loan subject to certain terms. Isn't the Principal the Amount I Borrow? Most times this is true, take - [Banker's Terms: What is the Meaning of the Term?](https://www.doctorequity.com/bankers-terms-what-is-the-meaning-of-the-term/) - Welcome to the Banker's Terms section of DoctorEquity's blog. I want you to put the best foot forward when talking to your banker. Knowing the same language makes you look like you actually know what you are doing. Term is a simple term. It's how long the mortgage goes before it matures. Maturity is the - [5 Steps to Find the Best Banker](https://www.doctorequity.com/5-steps-to-find-the-best-banker/) - So, you need a banker. Obviously you aren't subscribing to the Dave Ramsey style of never getting a mortgage. He's a smart guy and his stuff is great for 95% of the population that have difficulty setting a budget and paying back their loans. For the rest of us, we see the value of leverage - [Five Reasons You Need to Care About Loss to Lease](https://www.doctorequity.com/five-reasons-you-need-to-care-about-loss-to-lease/) - I took care of this patient once who came in to the ER with chest pain I later found was from a mild heart attack. This lady was mid-40s, and with a few things in her history that would make it more likely to have a heart attack, she was still pretty low risk. Her - [What the Heck is Earnest Money?](https://www.doctorequity.com/what-the-heck-is-earnest-money/) - And how do I use it? You are buying that investment property. You have your terms figured out, but your broker asks you how much earnest money you want to put in. So, what the heck is earnest money? Earnest money is the money that you put at risk in an effort to comfort the - [Why Would I Invest in a Syndication?](https://www.doctorequity.com/why-would-i-invest-in-a-syndication/) - Sounds kind of scary. A syndicate. Maybe even criminal. A syndicate is just a group of people banding together for a common interest. Could be criminal. But we aren't going that route. What is a Syndication Deal? A syndication is a type of real estate deal where investors invest in the deal passively and a - [How High Performers Look at Assets and Liabilities](https://www.doctorequity.com/how-high-performers-look-at-assets-and-liabilities/) - You are a high performer. You either are bringing in a lot of income or you have the mindset needed to do so. Congratulations! But you aren't there yet. Just being a high performer doesn't mean you are all set in your life. You need to start doing the things that high performers do to - [How to Become a High Performer](https://www.doctorequity.com/how-to-become-a-high-performer/) - What is a High Performer? The first thing we need to do is dispel a myth: "The high performer has high income". It's true that high performers achieve a high net worth, but they may have a very low income. Remember what I've said about your real estate investments: The high performer looks for ways - [Is the Housing Market Cooling Off?](https://www.doctorequity.com/is-the-housing-market-cooling-off/) - It's late 2021. For at least four years, people have been crying out that the housing market is due for a crash. "The housing market is cyclical," they say. And they are not wrong. It's just that the cyclical nature of it doesn't help predict when. Even in the last few months, rumors of a - [How to Conquer the Fear of Buying](https://www.doctorequity.com/how-to-conquer-the-fear-of-buying/) - Many people who have a fear of flying got that fear because of a bad experience. One time, the plane jerked and it was scary and caused a lot of fear later. I remember a time I was flying over Iowa and the plane, which had been going smoothly, people enjoying their free soda and - [Killing It In Real Estate With the Amortization Schedule](https://www.doctorequity.com/killing-it-in-real-estate-with-the-amortization-schedule/) - So, you got your first loan on your investment property. You didn’t really think much about it. You assumed you’d have the same amount to pay over a long time and suddenly the loan would be paid back and you’d be happy. Well, it does work kind of like that, but it can get a - [Cash Flow versus Equity, Which is Better for Your Wallet?](https://www.doctorequity.com/cash-flow-versus-equity-which-is-better-for-your-wallet/) - People constantly ask this question. If you can only have one, is a project great if it produces a bunch of cash? Or is it great if it builds equity? Let's get some boring definitions out of the way before we answer. Cash Flow: The 'profit' of the property. This is the money left over - [Welcome to the Refinance Versus HELOC Throw-down](https://www.doctorequity.com/welcome-to-the-refinance-versus-heloc-throw-down/) - Great question! Looks like you are looking to get some more money in your pocket, through a new loan. The answer is, you can do both! I'll assume you own your home and have a mortgage. First, let's define. Refinance This implies that you have already financed your home and you have some sort of - [What to Inspect When Buying Land -or- What to Expect When You're Inspecting](https://www.doctorequity.com/what-to-inspect-when-buying-land-or-what-to-expect-when-youre-inspecting/) - I’m representing a buyer in a land deal. Most real estate investors buy buildings, but a few look for land. These people might be wanting to hold onto the land for a while or develop it immediately. The inspection considerations for bare land are very different from land with a building. This post won’t tell - [Why You Must Have a Personal Financial Statement](https://www.doctorequity.com/why-you-must-have-a-personal-financial-statement/) - You have gathered a list of bankers and are planning to shop around for a loan for your next deal. Without this loan you know you won’t have a deal, so you want to put your best foot forward. You also want to be able to compare different offers from banks. Banks want a bunch - [What is the Debt to Income Ratio and Why Should I Care?](https://www.doctorequity.com/what-is-the-debt-to-income-ratio-and-why-should-i-care/) - The Debt-to-Income Ratio (DTI) is an important ratio that helps a bank in determining whether you are credit-worthy (worthy of giving a loan) or not. It is not the only thing that determines, but if it is not up to snuff, you might find yourself out of a loan without the bank ever having looked - [Why Should I Care About Loan to Value (LTV)?](https://www.doctorequity.com/why-should-i-care-about-loan-to-value-ltv/) - You might as well take the time to familiarize yourself with this term that you will come across frequently in your investing. LTV stands for Loan-to-Value. It is a ratio of how much the lender is putting up (lending) to the value of the property. %LTV = $Loan / $Value Loan The purchase amount is - [What are mortgage points and why are they important?](https://www.doctorequity.com/what-are-mortgage-points-and-why-are-they-important/) - Last week we talked about how to get commercial loans. If you have only done residential loans, you may not have dealt with points. Rarely do points make an appearance in residential loans. Today, we talk about the mysterious system of points. Points explained Points are a way of talking about a percentage of the - [How to Get a Commercial Loan](https://www.doctorequity.com/how-to-get-a-commercial-loan/) - I closed on the Florida Condo last week! Sorry no post for a while due to the headache of that. I bought the place after I worked the numbers on a bunch of condos and found that this one cash flowed. The location allows for short-term rentals, which is part of my criteria. It's great: - [How to Take Over Managing Your New Apartment Building](https://www.doctorequity.com/how-to-take-over-managing-your-new-apartment-building/) - Back in residency, we would take care of twenty patients in the hospital every day. The unfortunate residents who were on-call last night got admissions all night and they are worn out and wanting to go home and though they are dead tired you kind of envy them a little because they are going home - [Four Steps to Find a Multifamily Deal](https://www.doctorequity.com/four-steps-to-find-a-multifamily-deal/) - Finding deals is tough work. When you are starting out, you worry about raising money. That's your biggest fear: What happens if I get a deal under contract and can't get the money?" Hopefully you have a contingency in the contract for that. The deal falls through and you move on. That doesn't mean you - [Do These 5 Steps to Land Your First Multifamily Deal](https://www.doctorequity.com/do-these-5-steps-to-land-your-first-multifamily-deal/) - Found a multifamily deal? Nice work. Believe it or not, that's the tough part. You probably feel like this deal just fell into your lap, but it took a lot of effort, education, and changes to your mindset to get there. Now what? Here are the 5 steps to get that first deal under contract. - [Guest Post: Why You Need a Financial Advisor](https://www.doctorequity.com/guest-post-why-you-need-a-financial-advisor/) - Occasionally we feature guest posts at DoctorEquity. Adam Cox is the Chief Wealth Management Officer at my bank. He also hosts a wealth management podcast. You can find out more about him below. Why High-Performers Should Work with a Financial Advisor Does being exceptional in one area of your life automatically transfer to other areas - [How to Develop Land: The Definitive Guide, Part 1: Introduction](https://www.doctorequity.com/how-to-develop-land-the-definitive-guide-part-1-introduction/) - Welcome back DoctorEquity readers! This will be the first post in a long (in terms of years) series on becoming a developer. Let me start by saying: I am not a developer. I'd like to be. Come along with me on this process and hopefully we will learn how together! Here's some land outside of - [What is the Net Operating Income?](https://www.doctorequity.com/what-is-the-net-operating-income/) - "What's the bottom line for this project?" Everyone wants to know what the bottom line is - the profit or cash flow. It's the money in your pocket after all the total income and expenses are accounted. Yet, we don't evaluate deals based on their current cash flow. Sure, a large cash flow is nice, - [How I Tried and Failed to Buy a Vacation Condo](https://www.doctorequity.com/how-i-tried-and-failed-to-buy-a-vacation-condo/) - Who doesn't want to have a condo planted somewhere far away in a beautiful place, at the ready for any time they want to take a vacay and get away from the hubbub of normalcy? After all, I spend about a grand just on a week's worth of lodging whenever I go. It would be - [Eviction Moratorium Struck Down! What this Means for You](https://www.doctorequity.com/eviction-moratorium-struck-down-what-this-means-for-you/) - Hold up there, pardner. The eviction moratorium wasn't actually struck down. It did have a setback in federal court. Keep in mind that we don't have a moratorium. We have eviction moratoria. Multiple municipalities have enacted their own versions to try to stop evictions and each one is evaluated separately if a lawsuit should be - [How to Evaluate with the Vacancy Rate](https://www.doctorequity.com/how-to-evaluate-with-the-vacancy-rate/) - The South Dakota Multifamily Housing association just released the vacancy rate for Sioux Falls multifamily properties: 6%. This is the lowest it has been in a few years, and completely different from what I thought it would be! Aren’t we in a pandemic? How can people pay their rent when they are getting laid off - [I Started Mining Bitcoin!](https://www.doctorequity.com/i-started-mining-bitcoin/) - I, like the rest of you, scoffed at Bitcoin. It's a strange, nerdy, ephemeral thing that only has value based on what everyone else thinks its value is. Wait a minute - that's just like the dollar! Of course, the dollar has the weight of the U.S. Government guarantee behind it. Though, without the gold - [How to Buy Your First Rental Property in 9 Steps](https://www.doctorequity.com/how-to-buy-your-first-rental-property-in-9-steps/) - I was taking care of a patient last month. He was overweight, a smoker, drank too much alcohol. He came into the ER with a complaint of chest pain. He was worried it was a heart attack. Luckily, he wasn't having a heart attack. He was having a teachable moment. Teachable moments are vanishingly rare, - [Utilities - Why you MUST Implement a RUBS](https://www.doctorequity.com/utilities-why-you-must-implement-a-rubs/) - The Ratio Utility Billing System is a way to bill back utility expenses to tenants for what they use. If your area is like mine, units will have a separately-metered electrical system, but the landlord will pay for water and sewer. Water is the big one. Sometimes there is a boiler system and it's free - [How to Use the Letter of Intent to Buy an Apartment Building](https://www.doctorequity.com/how-to-use-the-letter-of-intent-to-buy-an-apartment-building/) - We spoke before about how to find deals. We've also discussed at length about how to evaluate deals. Once you've done that about 100 times, you will finally be ready to make your offer. Make sure it meets the Expense Ratio rule, then strike! Now is the time to start building rapport with the seller. - [Buy GME? The GameStop Short Squeeze Explained](https://www.doctorequity.com/buy-gme-the-gamestop-short-squeeze-explained/) - Many of my readers have been asking about the short squeeze that is happening right now, driving an unlikely stock through the roof. Do I get in now? Should I wait? Should I get out now? Let's me guess - you are here because you heard about this one stock that's rocketing up and making - [Do These 13 Things in your Due Diligence](https://www.doctorequity.com/do-these-13-things-in-your-due-diligence/) - So, you have found your first deal. At this point, you've spent a lot of time and money and you have finally found an owner who is willing to talk to you. You even found a price that you both agree upon. Suddenly it becomes real. It's so exciting - you might actually be able - [Review: The Millionaire Real Estate Investor](https://www.doctorequity.com/review-the-millionaire-real-estate-investor/) - 2005 was a long time ago, I know. I had just graduated from medical school and real estate was the last thing on my mind. I wish it had been and I could have gotten started sooner. It only took me about ten years to find this book. The author, Gary Keller, had built a - [Saving Lives or Killing Landlords: The Eviction Moratorium (Update)](https://www.doctorequity.com/saving-lives-or-killing-landlords-the-eviction-moratorium-update/) - Two days ago President Trump signed a new $2.3 trillion stimulus bill after threatening to veto. The headline is that most people will receive a check from the government for $600. Ostensibly this payment is to help pay the bills and put food on the table. A less-known part of the stimulus bill is an - [Evaluating Deals Part 5: Profit and Loss Bottom Line](https://www.doctorequity.com/evaluating-deals-part-5-profit-and-loss-bottom-line/) - DoctorEquity explains the bottom line in the Profit and Loss statement - [Evaluating Deals Part 4: The Expenses](https://www.doctorequity.com/evaluating-deals-part-4-the-expenses/) - DoctorEquity explains the Expenses side of the Profit and Loss Statement - [Evaluating Deals Series 3: Looking at the Income Side](https://www.doctorequity.com/evaluating-deals-series-3-looking-at-the-income-side/) - DoctorEquity explains the income side of the Profit and Loss Statement - [Evaluating Deals Series 2: Be Your Own Boots on the Ground](https://www.doctorequity.com/evaluating-deals-series-2-be-your-own-boots-on-the-ground/) - DoctorEquity explains how to evaluate your own deals - [Evaluating Deals Series 1: The Profit and Loss Statement](https://www.doctorequity.com/evaluating-deals-series-1-the-profit-and-loss-statement/) - DoctorEquity explains the Profit and Loss Statement - [Let's Make Sense of Net Operating Income](https://www.doctorequity.com/lets-make-sense-of-net-operating-income/) - Doctor Equity Explains the Net Operating Income (NOI) - [Six Reasons to Love and Hate the 1031 Exchange](https://www.doctorequity.com/six-reasons-to-love-and-hate-the-1031-exchange/) - DoctorEquity Explains the 1031 Exchange - [Return on Equity: Worthless Nonmetric or Easy Effective Tool?](https://www.doctorequity.com/return-on-equity-worthless-nonmetric-or-easy-effective-tool/) - DoctorEquity explains Return on Equity - [IRR Series - The Internal Rate of Return](https://www.doctorequity.com/irr-series-the-internal-rate-of-return/) - The first part in DoctorEquity's IRR Series - [Six Reasons to Love the Vacancy Rate](https://www.doctorequity.com/six-reasons-to-love-the-vacancy-rate/) - DoctorEquity explains the Vacancy rate - [Saving Lives or Killing Landlords: The Eviction Moratorium](https://www.doctorequity.com/saving-lives-or-killing-landlords-the-eviction-moratorium/) - DoctorEquity tells you how to manage the Eviction Moratorium - [The Expense Ratio: The Best Way to Quickly Evaluate Deals](https://www.doctorequity.com/the-expense-ratio-the-best-way-to-quickly-evaluate-deals/) - DoctorEquity explains the Expense Ratio - [Guest Post - What to Bring to Your Banker](https://www.doctorequity.com/guest-post-what-to-bring-to-your-banker/) - DoctorEquity's guest post on what to bring to your banker. - [Finding Diamonds -or- Why Do Those Idiots Buy These Bad Deals?](https://www.doctorequity.com/finding-diamonds-or-why-do-those-idiots-buy-these-bad-deals/) - DoctorEquity explains why people buy bad deals. - [Why I Love the Debt Service Coverage Ratio](https://www.doctorequity.com/why-i-love-the-debt-service-coverage-ratio/) - DoctorEquity explains the Debt Service Coverage Ratio - [5 Things Tenants Want in an Apartment](https://www.doctorequity.com/5-things-tenants-want-in-an-apartment/) - Five things tenants want in an apartment - [Update on Yellow Letters](https://www.doctorequity.com/update-on-yellow-letters/) - Yellow Letters for apartment buildings. New concept. Read my previous post about how I did them. I started with a trial of 100 letters. I'm in a small market and these letters accomplished about half of the geographic area of the Sioux Falls region. There are plenty more apartment buildings, but I am only targeting - [The Gross Rent Multiplier](https://www.doctorequity.com/the-gross-rent-multiplier/) - DoctorEquity explains the Gross Rent Multiplier - [The Best Time to Buy Real Estate](https://www.doctorequity.com/the-best-time-to-buy-real-estate/) - DoctorEquity discusses how buying real estate is like buying a tree - [Evaluating Your Deal With the Cash-on-Cash Return](https://www.doctorequity.com/evaluating-your-deal-with-the-cash-on-cash-return/) - DoctorEquity explains the Cash-on-Cash Return - [IRR Series, Part 5: The Internal Rate of Return](https://www.doctorequity.com/irr-series-part-5-the-internal-rate-of-return/) - DoctorEquity explains the Internal Rate of Return - [IRR Series, Part 4: The Net Present Value](https://www.doctorequity.com/irr-series-part-4-the-net-present-value/) - DoctorEquity explains Net Present Value - [IRR Series, Part 3: The Discount Rate](https://www.doctorequity.com/irr-series-part-3-the-discount-rate/) - DoctorEquity explains the Discount Rate - [IRR Series, Part 2: The Time Value of Mon...Cigarettes](https://www.doctorequity.com/irr-series-part-2-the-time-value-of-mon-cigarettes/) - DoctorEquity explains the time value of money - [How to Use Yellow Letters for Apartment Buildings](https://www.doctorequity.com/how-to-use-yellow-letters-for-apartment-buildings/) - I hope you have had a good real estate week. While you are hunkered down trying to avoid getting sick, hopefully you have been working diligently. Let me help you. This post is for people who want to find off-market apartment deals. What is a Yellow Letter? It's not necessarily yellow. I think that they - [Yellow Letter Update](https://www.doctorequity.com/yellow-letter-update/) - Follow up on how the Yellow Letter campaign is going - [Coronavirus and My Attempt at Yellow Letters](https://www.doctorequity.com/coronavirus-and-my-attempt-at-yellow-letters/) - It's been a couple weeks since we talked viral stuff. I'd like to say thanks to all of you who are working hard to keep everybody else healthy. The stock market has been down, and then rebounded a little. The markets have seemed to respond to government stimulus packages but we should all be wary - [5 Reasons to Be a Syndication Principal](https://www.doctorequity.com/6-reasons-to-be-a-syndication-principal/) - DoctorEquity tells you great reasons to be the leader of an investment, called a Principal. - [The Importance of Moving Forward](https://www.doctorequity.com/the-importance-of-moving-forward/) - Well, I made it through the weekend. The schools are closed and a bunch of other things are cancelled. No coronavirus exposures in the ER as far as I can tell. Used a lot of PPE (Personal Protective Equipment) like masks, gowns, and gloves. Those are on short supply as I'm sure you have heard. - [Update 3/14/20](https://www.doctorequity.com/update-3-14-20/) - I told you that I put in an LOI on a commercial property. The seller allowed the time to respond to expire and we didn't get a deal. I asked for feedback but haven't heard anything yet. The world is crazy right now, so perhaps the seller got cold feet or maybe is sick or - [Coronavirus Update 3/12/20](https://www.doctorequity.com/coronavirus-update-3-12-20/) - Investors, I'll try to keep you updated as I go into the ED tomorrow. South Dakota is preparing to activate its volunteer medical system and I'm signed up to help out. It's now officially a Pandemic. Two states have closed K-12 schools. South Dakota's Board of Regents has 'extended spring break' which is really a - [Coronavirus Update 3/11/20](https://www.doctorequity.com/coronavirus-update-3-11-20/) - It's another day and now South Dakota has had 8 cases of COVID-19. We had our first cases yesterday, a few hours after I predicted it would be here in 3 days. We've already had one fatality. A nearby town closed its school to disinfect after a parent of a student was diagnosed. They are - [Coronavirus and Your Real Estate, 5 Things You Can Do](https://www.doctorequity.com/coronavirus-and-your-real-estate-5-things-you-can-do/) - It’s Tuesday, March 10, 2020 and we have officially known about the novel coronavirus 2019 for three months. Scientists have been working hard and we know more about this virus in such a short time than we have about viruses ever before. But three months is not enough time to know all we need to. - [Finding Diamonds, or, How Can They Keep Buying Those Bad Deals?](https://www.doctorequity.com/finding-diamonds-or-how-can-they-keep-buying-those-bad-deals/) - Seriously, how come I evaluate a bunch of deals like I’m supposed to and never find one that even remotely works, but then I see it get bought up later at some price way higher than I would be able to pay? Are there that many idiots around here? Idiots are there, but not everywhere - [5 Reasons to Invest in Syndications](https://www.doctorequity.com/5-reasons-to-invest-in-syndications/) - Investing in real estate is a great thing. There are so many ways to do it. We have talked about buying single family residences (houses) and apartment buildings. You can fix and flip or make a long term hold play. There is also a medium term sweet spot that takes an apartment building and rehabs - [The Importance of Proper Planning](https://www.doctorequity.com/the-importance-of-proper-planning/) - This one is not going to be for the weak of stomach. If you don’t like the sight of poop, or blood, then you might want to skip this one: The sewer backed up in my apartment building. Sewers are difficult things. They are buried and not readily accessible. They like to back up and - [Don't Chase Bad Money With Good](https://www.doctorequity.com/dont-chase-bad-money-with-good/) - It’s easy to get wrapped up in a bad deal. In poker, they call this following bad money with good. You have a pretty good hand, so you bet high to start. Suddenly you get a bad draw and your hand goes from pretty good to pretty bad. You start to think about how much - [Don't Confuse Easiness with Simplicity](https://www.doctorequity.com/dont-confuse-easiness-with-simplicity/) - I took care of a patient once who didn’t know what pills he was taking. Let’s be honest, this happens almost daily. In the medical profession we are aghast that patients don’t know this very important easy simple one thing – what medications they are taking. It is so important to their health. I asked - [Why Did You Get Into This Business, Anyway?](https://www.doctorequity.com/why-did-you-get-into-this-business-anyway/) - Why did you go into medicine? This question will be asked thousands of times this year. Every prospective medical student and prospective resident physician gets asked this in their interview. It’s just a thing. For those of you who have interviewed applicants (not just medical ones), you know that is not a great question. The - [Analysis Paralysis](https://www.doctorequity.com/analysis-paralysis/) - I didn’t coin the term. I’m not sure who first did. The Analysis Paralysis is a big problem in real estate investing. But first, let me tell you about a patient I took care of last year. My night in the ER Ethan is a 55-year-old gentleman. He was getting up to go out fishing - [Employees and the Hazards of Management, Part 2](https://www.doctorequity.com/employees-and-the-hazards-of-management-part-2/) - A bowl went missing My wife had put an expensive mixing bowl in one of the units. We had gotten it from a family member who had no more use for it and we already had a bunch of bowls, so she furnished the unit with it. She told me that she put the bowl - [Employees and the Hazards of Management, part 1](https://www.doctorequity.com/employees-and-the-hazards-of-management-part-1/) - I fired my property manager today I actually employ a property manager. I don’t contract with a 3rd party to do it for me. I want to have control over every part of the management. I just don’t think that they will be able to do as good as I can. There is a little - [Why Real Estate is Like a Brazilian Restaurant](https://www.doctorequity.com/why-real-estate-is-like-a-brazilian-restaurant/) - Mmm, mmm. I’m excited just thinking about it. The yearly trip to the Brazilian Steakhouse. Remarkably, we do have them this far north. I hope you forgive me for going whole South Dakota on you, but we do tend to love our meats. While meat can come in many types, my favorite is by far, - [What My Car Said About Me](https://www.doctorequity.com/what-my-car-said-about-me/) - Time for a very shallow article! Should this really be in a real estate blog? It would be better in a teen magazine. In the end, it is about people’s impression of you and your business. I had just graduated from high school. I was driving a red Nissan pickup but needed something more suited - [Finances on My First Property](https://www.doctorequity.com/finances-on-my-first-property/) - These days I will walk through a property and I can get a good picture of the number of repairs that needs to be done prior to renting the place out. We will talk in the future about selection of repairs and fixtures for a rental property but for now let’s stick to the details - [Should I DIY?](https://www.doctorequity.com/should-i-diy/) - This topic is a bit of a follow up to my topic Getting Your Real Estate Education from a few weeks ago. I was writing about whether or not you should pay to get an education in real estate and I mentioned DIY. Doing It Yourself has been done for thousands of years but only - [Should I Get My Real Estate License?](https://www.doctorequity.com/should-i-get-my-real-estate-license/) - You purchased and sold your first investment property for a tidy profit. You celebrate and then you start thinking about the next one. You go through the finances, finding all the little details of which you hadn’t thought, and wondering how you might do even better on the next deal. You invariably will come to - [Getting Your Real Estate Education](https://www.doctorequity.com/getting-your-real-estate-education/) - Education is always a touchy subject in real estate circles. Those of us who are high-income earners usually have had years of education. Some people in real estate will tell you how terrible it is to pay for a ‘guru’ to educate you on a particular topic. They tell you: “There are hundreds of books - [Why We Get Inspections](https://www.doctorequity.com/why-we-get-inspections/) - Dumpy turned into a water park: I wish I had images for you. But I was busy playing in the water. And by playing, I mean, yelling for a bucket and running to the main water valve to shut it off. Obviously, some previous owner let the house freeze and the pipes burst. “No problem”, - [My House Flooded!](https://www.doctorequity.com/my-house-flooded/) - They are calling it the “Cyclone Bomb”. Wow. Talk about trying to get page hits, Weather Channel. The weather is so thick, you can barely see Sioux Falls on the map. That spiraly-thing over Kansas does look a bit like something that will bring you to Oz. In reality, it’ll just bring you pain. My - [Making an Offer](https://www.doctorequity.com/making-an-offer/) - Now you have your team together, you have evaluated deal after deal. You’ve gotten discouraged and said that there just aren’t any deals in your area. But you kept going. Meanwhile, your cash reserves for that down payment have been increasing. Then the day comes and that magic amazing deal comes across and you wonder - [Risk, The Final Part](https://www.doctorequity.com/risk-the-final-part/) - It seems like people have this fear of going into real estate because they look at it like my casino example. Remember the one where you have a 99% chance to win $1,000 and 1% chance to lose $100,000? The problem is that they haven’t taken the time to evaluate the deal, and so instantly - [Risk, Part 2:](https://www.doctorequity.com/risk-part-2/) - Gerald was in trouble. Gerald had had a CT-guided lung biopsy and something went wrong. I knew that this was a new, sudden occurrence because the fluid was not present before the biopsy. That left only one possibility: a blood vessel was punctured by the needle and the sac around the heart was filling with - [Risk, part 1: Carpet Stains](https://www.doctorequity.com/risk-part-1-carpet-stains/) - See one. Do one. Teach one. This is the mantra of residency attending physicians everywhere. It is great when you are talking about sewing up a laceration. Honestly, my grandmother could have stitched much more complicated stitches than I. Once you see one demonstrated to you, you can move on to doing one under supervision. - [Evaluating Your Property with the 2% Rule](https://www.doctorequity.com/evaluating-your-property-with-the-2-rule/) - I have a love-hate relationship with the 2% rule: on the one hand, it is a pretty good estimator of the rent you should get based on a purchase price; on the other hand, the 2% part sucks. Sorry about my choice of words. I took care of a seriously drunk late-night bar guy last - [The 50% Rule](https://www.doctorequity.com/the-50-rule/) - Rules. Rules. Rules. It’s easy to get them mixed up. That’s why I’m here to help. Last time, we looked at my first rental through the lens of someone trying to make a profit on a quick sale (a flip). You could look at your properties that way, but do you really want to be - [The 70% Rule](https://www.doctorequity.com/the-70-rule/) - Last time, we yammered on about Cap Rates. These are great for evaluating across multiple deals, but what if you already have your eyes on a deal? I hear you asking: "Will the cap rate tell you if it is a good deal?" Not by itself. In fact, many Investors don't use the Cap Rate - [The Capitalization Rate](https://www.doctorequity.com/the-capitalization-rate/) - The Capitalization Rate (Cap Rate) is another way to look at the return an investor gets on his or her money. Last time we saw a negative impact of using the bank's money. In reality, you will sometimes find terms with the bank that work for your deal; sometimes not. Each deal can be wildly - [Evaluating Your Deal with Maths!](https://www.doctorequity.com/evaluating-your-deal-with-maths/) - I had to put the exclamation mark in there - I think it helps to blunt the boring feeling you get when you know that equations are coming. Great news for you! There aren't any (in this post). Last time you heard about all the troubles with my first rental purchase. I gave you all - [My First House...The Big Reveal](https://www.doctorequity.com/my-first-house-the-big-reveal/) - I gave you all the numbers last time. Not exactly a home-run but pretty good. It would be much better if the financing was different but I'm getting close to having it paid off. At that point I'll decide whether to refinance or not. I like having the line of credit on it. I don't - [Your Team...The Real Estate Agent](https://www.doctorequity.com/your-team-the-real-estate-agent/) - You are soon to be a real estate investor. You may wonder why it took so long to get to this valuable part of your team. I’m not telling you that you have to find these professionals in the order I specify, but you will need to get the others lined up before you can - [Your Team...The Banker](https://www.doctorequity.com/your-team-the-banker/) - If you are more successful than I am then you may not need a banker. I say need in the sense of absolutely requiring one, not in the sense of you really, really should be using one. Because, even if you are more successful than I am you still should use a banker. Come on, - [Your Team...The Insurance Agent](https://www.doctorequity.com/your-team-the-insurance-agent/) - You now should have an attorney at the ready for you. The next step is the insurance agent. Not just any will do. You will need one who specializes in commercial properties. Because you are investing in the name of your LLC, you will be subject to commercial insurance. The insurer expects you, the - [Your Team..The Lawyer](https://www.doctorequity.com/your-team-the-lawyer/) - By now you have hopefully joined your real estate association and have begun networking. At this point I recommend finding an attorney. Ideally, you will do this before purchasing your first property. I didn’t do this. I purchased my first property in my own name and began renting it out after fixing it up. - [Your Group...The Association](https://www.doctorequity.com/your-group-the-association/) - I know now you are starting out. You have the mindset you need and are ready to take the first physical action. What action should that be? You need to start meeting people, networking. A great way to do this is through your local landlord association. Finding one is as simple as typing “landlord association - [Money, Time, Health. The Greatest of These is...](https://www.doctorequity.com/money-time-health-the-greatest-of-these-is/) - You know, I read a lot of books. I can divide them into self-help and others. Of the self-help books there are Mindset books and How-to books. The first part of our articles was the Mindset part. I hope you are now in the right Mindset for this process you will be undertaking. And - [The 7 Steps for High Income Earners to Safely Retire. Step 7. Retire?](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-7-retire/) - Doesn’t retirement sound great? It is this thought in our head about the pot of gold at the end of the rainbow or the beautiful valley or something like that. I’ve said it before, but we are fed this rosy picture of never having to want for anything as long as we stay employed - [The 7 Steps for High Income Earners to Safely Retire. Step 6. Teach](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-6-teach/) - See one. Do one. Teach one. This is the mantra of residency attending physicians everywhere. It is great when you are talking about sewing up a laceration. Honestly, my aunt can throw much more complicated stitches than I. Once you see one demonstrated to you, you can move on to doing one under supervision. - [The 7 Steps for High Income Earners to Safely Retire. Step 5. Build.](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-5-build/) - Wow. It seems like we’ve been through so much together already. I don’t expect you to have Acted in the course of the week since we last spoke, but hopefully soon, you will have. You see, the big problem that we investors run into is we get very focused on one aspect of the business - [The 7 Steps for High Income Earners to Safely Retire. Step 4. Act.](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-4-act/) - Let me warn you: This will be a difficult step. There will be so many things that will conspire against you to get you stuck on this one. Keep going. First, I’d like to remind you why you are here. I was doing my daily exercise. When I’m on the treadmill, I watch Netflix. - [The 7 Steps for High Income Earners to Safely Retire. Step 3. Strategize. Part 2. Your Certain Goal.](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-3-strategize-part-2-your-certain-goal/) - As promised, the highly sought-after Part 2 of Step 3. I’m going to need to make a map at some point. Incidentally, that is what you will be doing here. There are a million books about goal-setting and planning. Many of these are much better than I can teach. Perhaps I’ll write a brief article - [The 7 Steps for High Income Earners to Safely retire. Step 3. Strategize. Part 1.](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-3-strategize-part-1/) - All right! You have Decided that you have a retirement problem and you have Committed to the prospect of retiring when you want with the lifestyle you want through real estate. Those simple two steps put you out in front of probably 99% of the rest of the country. Our education gave us so much - [The 7 Steps for High Income Earners to Safely Retire. Step 2: Commit.](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-2-commit-part-1/) - Wow, article #5, we made it this far. So many to go, but I never said it would be quick. Or easy. Or fun . Or flawless grammar. But the end result will be so great, that it’s worth it for me to keep going. It’ll be worth it for you too. By now you - [The 7 Steps for High Income Earners to Safely Retire. Step 1: Decide.](https://www.doctorequity.com/the-7-steps-for-high-income-earners-to-safely-retire-step-1-decide/) - Oh, man, the wait was so long. You asked about how to get from where you are now to being ready for retirement by the use of real estate. There are 7 steps in this process and I give them to you now: The 7 Steps for High Income Earners to Safely - [Why I'm Writing, part 2](https://www.doctorequity.com/why-im-writing-part-2/) - You do have a plan, don't you? In fact, you thought you did. Your employer encouraged you to participate in their Individual Retirement Account and they would be kind enough to match what you put in dollar-for-dollar as long as you stayed with them for a period of time. Where did that money go? Into - [Why I'm Writing, part 1](https://www.doctorequity.com/348-2/) - I want to be financially independent. Who doesn’t? Going through high school and on to college I had a single strategy: I wanted to be a doctor. It wasn’t about the money; it was about wanting to help people. I’m sure it was the same way for you. 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This ## Lessons - [Set Your Goals](https://www.doctorequity.com/lesson/set-your-goals/) - [Find Your Niche](https://www.doctorequity.com/lesson/find-your-niche/) - [Educate Yourself](https://www.doctorequity.com/lesson/educate-yourself/) - [Budgeting Your Time](https://www.doctorequity.com/lesson/budgeting-your-time/) - [Budgeting Your Money](https://www.doctorequity.com/lesson/budgeting-your-money/) - [How to Cut Expenses](https://www.doctorequity.com/lesson/how-to-cut-expenses/) - [Welcome and Introduction](https://www.doctorequity.com/lesson/welcome-and-introduction/) ## Categories - [Uncategorized](https://www.doctorequity.com/category/uncategorized/) - [Negotiation](https://www.doctorequity.com/category/negotiation/) - [Banker's Terms](https://www.doctorequity.com/category/bankers-terms/) - [Net Worth](https://www.doctorequity.com/category/net-worth/) - [Multifamily Underwriting Series](https://www.doctorequity.com/category/multifamily-underwriting-series/) - [Goal Setting](https://www.doctorequity.com/category/goal-setting/) - 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