Depends on income and living situation ,. Some residents have more than 1 source of income ., also some people have joint mortgages with friends , family or a spouse.. but overall if you’re trying to get a house on your own as a resident with only 1 source of income ... I would say wait.., but if the house is dirt cheap and you plan to stay for a while + can afford it then go for it ! GREAT VIDEO BTW!
My bf is in anesthesiology residency and we bought a house in his second year in Florida- it’s a new home but not too big, the plan is to rent it out to residents after we leave. We are already renting one room to another resident. We couldn’t afford the house without his parents help- they are the ones that pushed us to get the house. We are very happy with our first home and future rental. :)
You shouldn’t buy a house as a medical student OR a resident. You have $250k+ in debt, you don’t buy a house yet obviously. Pay off the student loans and THEN buy a house. Don’t get “doctoritis” and bury yourself in even more debt buying houses and cars. That makes ZERO sense.
This is not true for everyone - many residents will buy a home and rent out the rooms for extra income. If you know you can afford it and you will stay there for quite a bit of time, it can be a very lucrative investment.
Yeah I agree don't buy a house during your residency especially when if not most medical specialty only take 3 years of training and if know that your training don't last that long after 3 years or if you know that you aren't planning to stay in that location of your residence for that period of time. Its best to probably rent it during residency before you buy a house try to pay off your student debt or other debt you may have before you try to buy a house.
I totally agree. Although I'm an engineering student and not a med student, I still enjoy watching your videos and seeing what it's like to be a doctor. I agree with everything in this video except maybe with the 15-yr mortgage. I think it's smarter to go with a 30-yr and use the leftover money to invest, however, this is not the best choice for everybody. Some people enjoy the feeling of being debt-free and are better of with the 15-yr. While there may be more logical reasons to get the longer mortgage, emotional reasons shouldn't be ignored. It's the same thing with cars. If everyone was perfectly logical, we'd all be driving Toyota Corollas. However, that would be very boring and I personally would rather drive something more exciting (if I can afford it of course). Lucky for you, you'll be able to afford many of the fine things the world has to offer with your salary. Wishing you the best of luck :)
Here's a big tip. If a home rental nets you $150 a month your doing well. My dad a non MD administrator was wealthier than his best friend a neurosurgeon. The surgeon made twice his salary and bonuses. My dad invested and had several single family homes as rental property's. My 2 cents modeling my parents.
We had a few different CEO's and high level business people come speak to our class throughout the semester... ALL of them that had rental property said the same thing which is.. it's a gamble. Your dad got lucky but not everyone who owns rental property is so fortunate, location is also important.
@@333angeleyes my dad paid $70,000 in repairs in one year. So I know there's issues. Over 35 years those issues become worthwhile because of the value and eventually freedom. I had a multi millionaire tell me today about investment property.
When I get into residency I think im going to just buy a van and convert it into a home. It’ll save money so I can start paying off my student loans, I can park my van in the hospital garage and take a shower at the hospital. Might as well since as a resident I will be at the hospital a majority of the time anyways.
Love your videos Dr. Webb! Such an inspiration, I'm proud of you and idek know you personally lol 😭 I know sounds weird, but I wish all the best, well being, health, and financial freedom to you and your family! God bless.
Buy a house by your second year of medical school, and that is only if you are sure you can match at the hospital affiliated with your medical school. Or a residency in the same city as your med school, like chicago and new york have multiple med schools/ residencies. This gives you 3 years in medical school+ 3-6 years of residency/fellowship
IMO, cons outweigh the pros and plus it’s risky esp. with over 200k in debt. Plus some decide to do fellowships elsewhere and finding a job where you finished residency is also very crucial so considering these probably a better idea to wait until you have a permanent job.
Good advice. Even better not to have any medical school debt being cash only and working very hard with your significant other to make it happen. Good advice no debt and investing. Wait till you established your practice to buy. 👍💛☺
this is absolutely terrible advice. no one should buy a house on student loans. every dollar you spend in debt is worth 2x to you, and 1x to whoever you are paying.
@@TheBiggestTruthSpeaker I recommend investigating that a little further. The general rule is 2 years served for every 1 year of study financed. Good luck either way!
. When I work at Grady Memorial as an RN, I also sold real estate. Some lenders have 100% financing. No 💰 down. Those bank I used didn't require a good credit score. That was in the early 90's. Those 🏦 want all of the residents business ie checking, saving, investment.
Yes, Yes, Yes, you always buy when you can. But make certain it is a "Dream Home" something you "Both" love. Our first home was only minutes from the beach. But when our children began to grow and we needed more space, we managed to sell our first home for double!!! Then we were able to sincerely build our own Dream Home. There are things you don't think about when you are younger. We always bought a Home with a pool and fireplaces. But now that we are getting older, it's time to think realistically. Our children are grown, have their own amazing careers and children. Our home is too Large now. So thinking back, I would have built a smaller home, and with NO pool. I would not have two fireplaces to contend with either, however one is fine. Just saying, your both just starting with your little family, make it fun, exciting and memorable. :)
srlsy..dont buy a house when you're still in student loan debt. its simple. dont put your another feet deep down in hell. Cash is all the way and always live below your means till you paid all that loans.
@@seriousgamerrr what you said is true. sadly,not all doctors are financially literate..doesn't mean that more you will get paid..the more you'll be "financially well". It takes time to be discipline and have a growth mindset when it comes to finances. Im sad to know that even doctors struggled to buy a house because of these student loans. We don't have student loans in my country. So it's best to be simple,wise and be practical.
Ej_ L Idk renting house is literally like buying one - mine as well buy one. Heck, a monthly rent would cost more then buying it. I think is just best not to leave your parents home this days - if you parents already finish or are buying the house. This would be much more relief - assuming if they want you there - and maybe the parents would give you the house someday anyway and just remodel it for yourself is one option?
Wow I was just about to step out to the library and study for my mcats now I got nine minutes to kill but anyway I was just thinking about this for with my girlfriend get a mortgage during medical school and then rent to house to people
Im a third year medical student in Mexico City, in case buying a house doesnt work for me very much because i need to be close to the city and publi transportation than living in the State of Mexico where you techically need a car and i cant drive. So i rent an apartament in a great nieghborhood, which is the prodimonately homosexual community.
i’ve watched this channel for a while now. i really wanted to be a doctor but i failed my exams 2 times and when i eventually passed i didnt got accepted to medical school. its sooo sad. what do you think i should doo im 22 yrs old. tskkk.
What house you Americans you all into ( riba) interest your car your education your clothes and everything. Life You just work for banks that’s why you all into medication and stress
@HusseinAbdirahman not if they have student debt they have to still pay off same thing go for if you want to buy ur "Dream House" you can't buy it if you have bad credit such as if you have student loans on your credit report. Its best to invest in yourself and save your money while also paying down your loans
Check out his other social media like LinkedIn 😃. It would be really hard to keep up the charade of being a military vet. You just don't won't people to get scammed, I get it.🤜🤛
I would not want to bind myself to one place. It is still very unclear where you are going to end up. That is why I am renting at the moment. 😅👍
Depends on income and living situation ,. Some residents have more than 1 source of income ., also some people have joint mortgages with friends , family or a spouse.. but overall if you’re trying to get a house on your own as a resident with only 1 source of income ... I would say wait.., but if the house is dirt cheap and you plan to stay for a while + can afford it then go for it ! GREAT VIDEO BTW!
agree
My bf is in anesthesiology residency and we bought a house in his second year in Florida- it’s a new home but not too big, the plan is to rent it out to residents after we leave. We are already renting one room to another resident. We couldn’t afford the house without his parents help- they are the ones that pushed us to get the house. We are very happy with our first home and future rental. :)
Next video: getting into a relationship in med school
It's actually a good thing coz once you start working you won't have any time to meet anyone
@@TheMrgoodmanners think it's opposite in school lab and research gonna eat all your free time out
You shouldn’t buy a house as a medical student OR a resident. You have $250k+ in debt, you don’t buy a house yet obviously. Pay off the student loans and THEN buy a house. Don’t get “doctoritis” and bury yourself in even more debt buying houses and cars. That makes ZERO sense.
Jason Young 😝
I totaly agree!
This is not true for everyone - many residents will buy a home and rent out the rooms for extra income. If you know you can afford it and you will stay there for quite a bit of time, it can be a very lucrative investment.
Yeah I agree don't buy a house during your residency especially when if not most medical specialty only take 3 years of training and if know that your training don't last that long after 3 years or if you know that you aren't planning to stay in that location of your residence for that period of time. Its best to probably rent it during residency before you buy a house try to pay off your student debt or other debt you may have before you try to buy a house.
I totally agree. Although I'm an engineering student and not a med student, I still enjoy watching your videos and seeing what it's like to be a doctor. I agree with everything in this video except maybe with the 15-yr mortgage. I think it's smarter to go with a 30-yr and use the leftover money to invest, however, this is not the best choice for everybody. Some people enjoy the feeling of being debt-free and are better of with the 15-yr. While there may be more logical reasons to get the longer mortgage, emotional reasons shouldn't be ignored. It's the same thing with cars. If everyone was perfectly logical, we'd all be driving Toyota Corollas. However, that would be very boring and I personally would rather drive something more exciting (if I can afford it of course). Lucky for you, you'll be able to afford many of the fine things the world has to offer with your salary. Wishing you the best of luck :)
Paul Kelly what type of engineer do you want to be?
Dang, Dr. Webb, you’ve been pumping out these videos! 💪
I love the interviews you make with other Doctors
shelden kay Hey, thanks!
Here's a big tip. If a home rental nets you $150 a month your doing well. My dad a non MD administrator was wealthier than his best friend a neurosurgeon. The surgeon made twice his salary and bonuses. My dad invested and had several single family homes as rental property's. My 2 cents modeling my parents.
We had a few different CEO's and high level business people come speak to our class throughout the semester... ALL of them that had rental property said the same thing which is.. it's a gamble. Your dad got lucky but not everyone who owns rental property is so fortunate, location is also important.
@@333angeleyes my dad paid $70,000 in repairs in one year. So I know there's issues. Over 35 years those issues become worthwhile because of the value and eventually freedom. I had a multi millionaire tell me today about investment property.
@@333angeleyes thanks for the reality check that TH-camrs love to leave out. Being a landlord is not easy..
When I get into residency I think im going to just buy a van and convert it into a home. It’ll save money so I can start paying off my student loans, I can park my van in the hospital garage and take a shower at the hospital. Might as well since as a resident I will be at the hospital a majority of the time anyways.
Haha good plan
rent. Invest your $ for cash flow. A house that you are living in is a liability, not an asset.
Buy the house if you want to make it into a rental and it is in a good area that will rent easily
Love your videos Dr. Webb! Such an inspiration, I'm proud of you and idek know you personally lol 😭 I know sounds weird, but I wish all the best, well being, health, and financial freedom to you and your family! God bless.
Buy a house by your second year of medical school, and that is only if you are sure you can match at the hospital affiliated with your medical school. Or a residency in the same city as your med school, like chicago and new york have multiple med schools/ residencies. This gives you 3 years in medical school+ 3-6 years of residency/fellowship
IMO, cons outweigh the pros and plus it’s risky esp. with over 200k in debt. Plus some decide to do fellowships elsewhere and finding a job where you finished residency is also very crucial so considering these probably a better idea to wait until you have a permanent job.
Have you heard of the white coat investor? A must read for all doctors!
Yes!! Great book! I talk about it in this video here
th-cam.com/video/k4SpaX1z2s0/w-d-xo.html
broo 2 of my fav utubers, web and ramsey, cool to see u like him man
Thanks 🙏🏾
Good advice.
Even better not to have any medical school debt being cash only and working very hard with your significant other to make it happen.
Good advice no debt and investing.
Wait till you established your practice to buy.
👍💛☺
Thanks!
If it's less than 500k then buy it, if it's more than 1 mil, don't.
this is absolutely terrible advice. no one should buy a house on student loans. every dollar you spend in debt is worth 2x to you, and 1x to whoever you are paying.
alex kroll well I ain’t gon be in student loan debt, military pays for everything lol
@@TheBiggestTruthSpeaker That's a lot of years to serve if you're going to bankroll the military for all of medical school lmao
@@aggressivelyamicable5987 not a lot, only 5 years, and you also get paid and guaranteed a job. also you get officer pay depending on yo rank.
@@TheBiggestTruthSpeaker I recommend investigating that a little further. The general rule is 2 years served for every 1 year of study financed. Good luck either way!
. When I work at Grady Memorial as an RN, I also sold real estate. Some lenders have 100% financing. No 💰 down. Those bank I used didn't require a good credit score. That was in the early 90's. Those 🏦 want all of the residents business ie checking, saving, investment.
@JuniperXL Grady's is in Atlanta. Check with SunTrust to see if they have a resident medical mortgage program.
Omg I was just searching this question this morning..
Yes, Yes, Yes, you always buy when you can. But make certain it is a "Dream Home" something you "Both" love. Our first home was only minutes from the beach. But when our children began to grow and we needed more space, we managed to sell our first home for double!!! Then we were able to sincerely build our own Dream Home. There are things you don't think about when you are younger. We always bought a Home with a pool and fireplaces. But now that we are getting older, it's time to think realistically. Our children are grown, have their own amazing careers and children. Our home is too Large now. So thinking back, I would have built a smaller home, and with NO pool. I would not have two fireplaces to contend with either, however one is fine. Just saying, your both just starting with your little family, make it fun, exciting and memorable. :)
Maybe , but at that time having a big house was important. It's not now.
Can you please elaborate on why you dont think a physician's mortgage is a good idea?
srlsy..dont buy a house when you're still in student loan debt. its simple. dont put your another feet deep down in hell.
Cash is all the way and always live below your means till you paid all that loans.
@@seriousgamerrr what you said is true. sadly,not all doctors are financially literate..doesn't mean that more you will get paid..the more you'll be "financially well". It takes time to be discipline and have a growth mindset when it comes to finances. Im sad to know that even doctors struggled to buy a house because of these student loans.
We don't have student loans in my country. So it's best to be simple,wise and be practical.
Ej_ L
Idk renting house is literally like buying one - mine as well buy one. Heck, a monthly rent would cost more then buying it. I think is just best not to leave your parents home this days - if you parents already finish or are buying the house. This would be much more relief - assuming if they want you there - and maybe the parents would give you the house someday anyway and just remodel it for yourself is one option?
Wow I was just about to step out to the library and study for my mcats now I got nine minutes to kill but anyway I was just thinking about this for with my girlfriend get a mortgage during medical school and then rent to house to people
Eric Manso good luck on your MCAT
If you sit on money, you’re losing it. I invested in my first rent house during undergrad.
Y'all are talking as if you were buying iphones in your residency. Houses are expensive and most people can't afford buying one let alone two
Im a third year medical student in Mexico City, in case buying a house doesnt work for me very much because i need to be close to the city and publi transportation than living in the State of Mexico where you techically need a car and i cant drive. So i rent an apartament in a great nieghborhood, which is the prodimonately homosexual community.
Maybe rent a house instead.
Erin why rent for the same price when you can have mortgages
If they can afford to live there, and know they're going to be there after residency, sure.
Dr Webb can you make a video about your experience as a orthopedic resident in your first year
Hi, here is a video for you but I will keep this in mind. Thanks!
th-cam.com/video/nQcpu8XHhd4/w-d-xo.html
"...nope, the Z-pak still ain't nuthin but a hotdog bun to those guys, or something..."
No
where is the debt coming from i dont understand
Hi Dr Webb I want to study surgery I'm from Yemen I have chance to come us or I must looking for plane b your advice please
Dave ramsey is hilarious
i’ve watched this channel for a while now. i really wanted to be a doctor but i failed my exams 2 times and when i eventually passed i didnt got accepted to medical school. its sooo sad. what do you think i should doo im 22 yrs old. tskkk.
Keep the dream alive.
Don't give up.
Keep the fire and passion you have for the career that is right for you.
So here’s the million dollar question I have lmao.
Can you afford a lambo as an orthopedic surgeon 😂
If you stay with your parents, have not debt, and no loans... then yeah!
Of course it will cost you your entire first years salary
Sibeeria my dr has one. And I live in Tennessee soooo....
What house you Americans you all into ( riba) interest your car your education your clothes and everything. Life You just work for banks that’s why you all into medication and stress
can they buy a lamborghini
@HusseinAbdirahman not if they have student debt they have to still pay off same thing go for if you want to buy ur "Dream House" you can't buy it if you have bad credit such as if you have student loans on your credit report. Its best to invest in yourself and save your money while also paying down your loans
Love from Pakistan
Thank you!
Google “teen doctor love” it’s him. He’s lying.
rigoagui how is he giving off a bullshit vibe?
Check out his other social media like LinkedIn 😃. It would be really hard to keep up the charade of being a military vet. You just don't won't people to get scammed, I get it.🤜🤛
One they look nothing a like, two that kid is in jail, three doctor webb has VIDEOS of him in the operating room AND he has published a book
@@troydennis96 Don't feed the troll my friend
You are so beAutiful and intelligent im crushjng on you hard omg..
Tony Clark 😂 😂 good luck
@@Stoneface_ yeah im a male but he is so hott and i love how he speaks .