doctors / residents question for you

look 171 · 09-04-2013, 10:46 PM

Where did you stay when you were paying your dues doing your residency. I am asking because I like to buy a ratty property near a major hospital. Go through it and make it really nice so I can rent to the residents. Others that have experience are welcome to give me your two cents please.

some of you may remember I wanted to purchase a big house from the owner as soon as it comes up for auction. Will that didn't work out. it got bid up from 460k to over 700k. I am out, they can have it.

aap1966 · aap1966's Garage

I tried to stay on site.
Other than that somewhere with a (to me) acceptable mix of:-
1. cheap (low Resident wages, and you won't be there much)
2. walking distance to hospital. (Walking distance after a busy 36 hour shift, that is)
3. quiet, so you can sleep. (Ah, sleeeeeepppppppppp............)

Tobra · Tobra's Garage

I found the second place I lived during school on a bulletin board at UCSF, first place located by driving around in the 'hood I wanted to live. If you are looking to rent to residents, they often have someone who helps them locate places, perhaps investigate this.

During residency, I rented an apartment in the sketchy part of Houston, with a room mate, to save money. Ate as many meals as possible at the hospital. If a house, you want the yard as low maintanence as possible, maybe just include that in the rent.

Noah930 · Noah930's Garage

I always lived within walking distance of the hospital, but that was also because I lived in Boston. In LA, all residents will have a car, so super-close proximity might not be as important. Parking, though, will be important. For example, the majority of med students at USC and residents from LA County will live in the Pasadena/South Pas neighborhoods.

Each residency program in the hospital (internal medicine, radiology, surgery, OB/GYN, etc) will have its separate program office. There will also be a separate office for GME (Graduate Medical Education) kind of overseeing all of those individual programs. You can contact each of those offices to see if there's any way they can help you advertise your property. If there's a med school, nursing school, PT school, OT school, pharmacy school, or social work school, they'll also have their respective offices attached with the parent university. You can contact them, too, to see if they can help get you in touch with prospective tennants.

Moses · 09-05-2013, 10:02 AM

I rented a great place close to the hospital. Not a great neighborhood but it was clean and safe. The owners were great They ONLY rented to residents. They are great tenants. They pay their bills, generally take care of a place and stay at least four years.

I got my place because a Chief resident was leaving it. Lucky.

fireant911 · 09-05-2013, 05:39 PM

We bought a foreclosure. Because of that, we owned two houses which was double the maintenance for me. Upon my wife graduating from medical school, we sold our other house and now we live together (yea!!!).

See if you can become acquainted with one of the current residents so that they can see your place and possibly stick up a posting at the hospital. Third and fourth year medical students are great candidates too because ultimately they will be having to interview at various residency programs and the housing issue is a huge part of their decision making.

Most hospitals have requires that the resident must live within X minutes of the hospital so that should also be a factor for you in your purchasing decision. As you undoubtedly already know, residents are generally low-maintenance because of the 80-hour work week... work and sleep, work and sleep...

look 171 · 09-05-2013, 08:36 PM

I am thinking about some of the older places near the General Hospital in LA that need a lot of work. A duplex with parking is ideal. Put up a big fence and make sure their personally belonging are save at all times. Nothing like having your own covered parking. Go in and do a complete renovate and rent to the residents only. I know they only work and sleep. Most do not make much money as a matter of fact, they may owe lot of money from their schooling. I am just afraid they only rent cheap places just to sleep so a nice place isn't that important.