#13: How I bought my first rental property ft. Pranay Parikh, MD

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PIMD Podcast episode 13, How I bought my first rental property ft. Pranay Parikh, MD

A physician who is interested in investing in real estate has to start somewhere.

Unfortunately, over time most doctors forget what it’s like to be the new guy buying real estate. That’s why it is with great pleasure that I sat down with Pranay Parikh.

He talked with me about purchasing his very first rental property, which he did about a year and a half ago, meaning it’s still fresh in his mind.

We went through the whole process, what he was thinking and what his next step is.

If you’re considering real estate as an investment tool, then this is the show for you.

Now, let’s look at five things we touched on during this episode.

  • We discussed paying taxes and how real estate helps with them.
  • That you should have as many income streams as you can to feel safe.
  •  If your real estate agent is a friend or family member, you’ll still need to vet them, maybe even more than you would someone else. 
  • You’ll look at 100 properties, then make offers on possibly 10. 
  • We talked about resources that support your real estate learning curve.

Here’s a breakdown of how this episode unfolds…

[01:32]
Because there are a lot of people that are just starting out this journey, and they're just trying to figure out how to get started. I know that you bought your first rental property for about a year and a half ago. How did that all come about? I mean, I guess in terms of mindset, what made you decide, first of all, what you wanted?

[02:04]
You know, so I was trying to figure out where I would put a little bit of excess money I had. I had just paid off my loans and was trying to figure out what to do with it. I was maximizing my 401k and all that stuff. 

[3:10]
Yeah, so the end goal was to, you know, probably own somewhere between five to 10 properties, at least if they were all in Los Angeles. And to kind of have a little nest egg and I really wanted to have something very separate from medicine. 

[03:42]
You know, I had some situations happen at work, and I decided that, alright, the only way that I was really going to be fulfilled in medicine was to have some income coming from outside so that I could shape it. 

[05:26]
Yeah, you know, so a lot of times, you really don't in the beginning, you know, so there's a certain amount of, quote-unquote, rules, like the 1% rule, where you look at a total price of the property, and you want that to be a monthly rent that you can get, which is several properties in California. 

[06:29]
Yeah, so I, you know, the BiggerPockets forums, they actually have a blog. That is amazing. I've actually bookmarked a lot of their stuff. Of course, your blog is great. 

[8:09]
Well, so let me start off with putting an offer if you're not familiar with real estate, is not as big of a deal as you think it is, you know, when I, for example, there's a lot of properties that will not even let you look at it, or send you all the paperwork before you put down an offer. And, if you haven’t done so already, let me know what you thought of this episode in one of our Facebook groups: Passive Income Docs or Passive Income Professionals

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