Physician’s Practice reports on one physician who although makes $1.5 million a year, is only a few months away from being bankrupt.
According to the article, he owns “two plots of empty land in Florida, an office building in the most economically depressed county of Maryland, several condos and townhouses for rent in various states, and a few apartments in Shanghai. His real estate investments total more than $7 million; these “assets” are not producing positive income for him. In a good year, they cost him more than $100,000 to own because of taxes, utilities, maintenance, and repairs.”
The physician places too much faith on a housing market that has no guarantee of giving one large returns on investment.
The author from Physician’s Practice has a simple message to doctors: “Your profession is medicine, not real estate. You don’t know what you don’t know. If you have to invest in real estate, try a real estate index fund such as VGSIX or DFITX.”
Summary by MedicalGroups.com
To read more from Physicians Practice, Click Here