In this PPhREI Network roundup, we discuss the 8 steps to purchase a short term rental, advice from physician bloggers, and an analysis of 15 vs 30 year mortgages.
This post may contain affiliate links.
Carpe Diem MD
In this post, Ian Cook breaks down eight basic steps to purchase your first short term rental. This is a great “meat and potatoes” type of post that gives more granularity to the intimidating prospect of purchasing a short term rental. It’s great reading if you’re thinking about getting into short term rentals.
Here are the steps:
- Determine your “Why”
- Research your market
- Choose your market
- Research the neighborhoods and local laws
- Build your team
- Purchase the property
- Set up the property and your marketing
- Enjoy your short term rental!
Read the original post on the Carpe Diem MD blog: 8 Steps to Follow to Purchase your 1st Short-term Rental (VRBO/AIRBNB)
The Darwinian Doctor
In this post from Fincon 2022 in Orlando, I collected some advice from three fellow physician content creators. The advice was targeted towards young medical trainees or healthcare professionals. The topics ranged from advice about moonlighting to investment and relationship advice. My favorite pearl of wisdom was from the Physician on Fire, who told me: “It doesn’t matter how much you spend on a ring, it matters who you give it to.” Sage advice indeed.
Read the post on the Darwinian Doctor blog: Four Physicians Walk into a Bar…
The Prudent Plastic Surgeon
In this great analysis, Jordan Frey compares 30 year versus 15 year mortgages. He uses an example from his own portfolio to illustrate the effect on the cash flow between the two options. Unsurprisingly, the 15 year mortgage decreases the monthly cash flow from the property. The advantage, of course, is that after 15 years, the property will be paid off, at which point the cash flow will sky rocket.
I use 30 year mortgages for most of my properties to ensure that the properties will pay for their own debt service. Keep in mind that you can always accelerate payment of the mortgages if you desire.
Read the original post on the Prudent Plastic Surgeon blog: 30 vs 15 Year Mortgages for Rental Properties
Sign up for the free newsletter below so you don’t miss another post!
Want to support the blog?
- Join our investor club at Cereus Real Estate
- Visit my Recommendations page
- Check out my wife’s food blog: Eat Dessert First
- Stay at our luxury short term rentals
- Check out my TikTok channel
- Follow me on Instagram
- Follow me on YouTube
- Contact me with questions
Perhaps you’re more of a Facebook type?
Are you a physician, spouse, or professional and you’re interested in using Real Estate to gain financial freedom? Join us in our Facebook group and accelerate your journey!
