Advice for hero-lings (residents)

You deserve it right? You’ve worked so hard for so long and now it is your turn. You’ve watched your friends (in non- medical lines of work) buy cars, homes, etc , and now it’s your time right??? Well, hold on  Doc. I may end up talking you out of buying a home. Let me explain.

Sometimes, buying a home is NOT a good idea particularly for many residents.  Your “portability” has a TON of value.  Every commitment we make, has benefits and disadvantages.  There are many (myself included) who are looking for fewer commitments, fewer obligation and better way to enjoy the little time we have away from work.  For better or worse, a home OWNS you. It demands maintenance, time and money. Time and money are short supply as a resident.

Most residents are not going to live in the same home after residency or fellowship. Young Hero-ling, 100% financing with no PMI is a loan everyone wishes they had access to but it is only available to you. Think about it…. If you borrow 100% of your home’s value, what are the odds you’ll be able to break even in 3-4 years? What about realtor fees (6% of the homes value)?

Generally speaking, selling a home inside of 5 years means you’re going to bring money to the closing table.  There are plenty of execptions to this guide but please think it through… Capishe’?



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