As you know, as part of the PhREI network, we decided to start a weekly roundup to share new activity from across the network. Enjoy!
Ian Cook of CarpeDiem MD received advice as a resident: “become a tripod”. Well, Ian took that advice and turned it into even better advice: become a stable table. What does he mean by that? He’ll explain in detail. But, in short, he’s explaining that although there are many different physician financial bloggers out there telling you the “right” way to do things – i.e. right way to save, right way to invest, etc. – there are several “right” ways. Some people might argue that a table has four leg. But, some tables CAN stand on three legs, right? And they’re still stable? Exactly. You get the point.
Daniel Shin of the Darwinian Doctor did some heavy reading so that you don’t have to. Thanks Dan! He details three huge lessons he learned from an even more huge tax book. Here they are:
- Employees have little ability to deduct expenses;
- As your income rises, your tax deductions are limited even more; and
- The tax code favors businesses and real estate investors.
Selenid and I have used direct real estate investing to increase our net worth and further our path to financial freedom. To do this though, we had to find the RIGHT properties. So here are 5 important tips to remember when trying to find the best rental properties!
- Focus on cash flow;
- Trust your numbers;
- Get an inspection;
- Buy vacant properties; and
- Look at a lot of properties.