Ramsey Tate, MD, CallMeDr.us on Physician Financial Success podcast

LogoPlease join us as Dr Ramsey Tate, board certified pediatrician in pediatric emergency medicine and creator of CallMeDr.us talks to us about:

  • How to master interviews and make yourself the person they can’t afford not to have in their program
  • Mistakes many make when creating a CV and the strategies to maximize your CV effectiveness
  • Why knowing the amount you owe in student loans is crucial to your financial goals
  • Her battle with burnout and the method she developed to bulletproof herself from it and how you can do it, too

Josh Mettle: Hello and welcome to the Physician Financial Success Podcast. My name is Josh Mettle, and this is the podcast dedicated to advising physicians how to avoid financial landmines. Today, we’ll be talking with Dr. Ramsey Tate. Dr. Tate is a board certified pediatrician currently wrapping up a fellowship in pediatric emergency medicine. She’s a blogger and author at CallMeDr.us, her website dedicated to helping other women build successful, rewarding careers in academic medicine.

Frustrated by the lack of financial literacy among physicians and alarming rates of burnout in her colleagues, Ramsey started CallMeDr website to share finance, career, and productivity tips for young academic physicians. She believes that better balance is possible for physicians and we are happy to welcome her to the show and hear all about that. With that, Ramsey, good morning and how are you today?

Ramsey Tate: Good morning, Josh. It’s such a pleasure to get to speak to you.

Josh Mettle: Likewise, I’m excited. I loved your website, and I love the concept of a residency, fellowship, and balance, so I’m excited to jump into that.

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Ramsey Tate, MD, CallMeDr.us on Physician Financial Success podcast

LogoPlease join us as Dr Ramsey Tate, board certified pediatrician in pediatric emergency medicine and creator of CallMeDr.us talks to us about:

  • How to master interviews and make yourself the person they can’t afford not to have in their program
  • Mistakes many make when creating a CV and the strategies to maximize your CV effectiveness
  • Why knowing the amount you owe in student loans is crucial to your financial goals
  • Her battle with burnout and the method she developed to bulletproof herself from it and how you can do it, too

Josh Mettle: Hello and welcome to the Physician Financial Success Podcast. My name is Josh Mettle, and this is the podcast dedicated to advising physicians how to avoid financial landmines. Today, we’ll be talking with Dr. Ramsey Tate. Dr. Tate is a board certified pediatrician currently wrapping up a fellowship in pediatric emergency medicine. She’s a blogger and author at CallMeDr.us, her website dedicated to helping other women build successful, rewarding careers in academic medicine.

Frustrated by the lack of financial literacy among physicians and alarming rates of burnout in her colleagues, Ramsey started CallMeDr website to share finance, career, and productivity tips for young academic physicians. She believes that better balance is possible for physicians and we are happy to welcome her to the show and hear all about that. With that, Ramsey, good morning and how are you today?

Ramsey Tate: Good morning, Josh. It’s such a pleasure to get to speak to you.

Josh Mettle: Likewise, I’m excited. I loved your website, and I love the concept of a residency, fellowship, and balance, so I’m excited to jump into that.

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Steven Podnos on Common Asset Protection Mistakes Made by Docs

Steven Podnos MD, MBA, CFP(R), principal of Wealth Care LLC, fee only investment advisor and physician, talks about some common asset protection mistakes that doctors make.

Josh Mettle: I’ve heard hundreds of stories about good landlords and business owners who lost their assets due to one insanely frivolous lawsuit or another, so I’ve been scared to death by the concept of frivolous lawsuits and losing your assets.
I think that physicians particularly need to have a higher understanding of those risks and take steps to protect their assets. I wonder if you’d walk us through your article titled, Are you Protected: Six Common Mistakes Made by Physicians.

Steven Podnos: Sure, Josh. As you’ve stated, the physicians should have in general a very high attention paid to asset protection issues, obviously primarily due to malpractice risk. It’s a somewhat unique risk in a unique profession that is a severe problem in many states, especially in Florida for instance where I practiced.

Just about every physician I’ve ever met practicing in Florida has had at least one lawsuit. It’s an incredibly common problem and asset protection is key. But there are other reasons to worry about asset protection. With anybody that has any substantial asset or future income, so I find that almost all of the families I work with it’s a significant issue, whether or not it’s appreciated. I do see a lot of mistakes happening in the planning process and then follow-up made that I think need to be paid attention to and getting good and impartial advice is crucial.
Some of the things I went over the article was I see two big mistakes in families with asset protection issues. One is that assets are titled in a way that expose them to creditors. The most common way you see this as an accident is just owning something by yourself rather than jointly in many states where a certain type of joint ownership gives you really good asset protection against individual creditors.

The classic example would be a physician wife and a non-physician husband. Physician wife puts all the assets in the husband’s name to keep them away from malpractice exposure, but now you have all these solely held assets held by the non-physician husband exposed to his risk, to their joint risk, and a tongue-in-cheek, to divorce, everything is owned by the other party. Instead, they really would have been fine for the most part just owning it together or in a structure than having it in a single person’s name.

Along those lines, the same lines, one of the biggest mistakes I see is people think that their revocable living trust offers them asset protection. I will commonly see families go, “Oh, well our stuff is held in trust, so it’s protected.”

Well a living trust, which is pretty much what everybody is talking about is revocable, meaning you can put things in and take things out, and so can a judge. It offers you zero asset protection. I find families are consistently surprised by that but it’s in fact the truth. Given a lot of the changes in the state tax law in the last few years and such, there is very little reason for high-risk people and families to own things in living trusts until they’re very advanced in age in my opinion. I can’t practice law, but in terms of the balance between protecting assets and estate planning, that’s my opinion.

People also think corporations protect their assets, so a physician will say, “Well, I’m incorporated in my practice, so I’ve got asset protection.” Well, that really protects your assets zero. It is protecting you from liability of the other shareholders perhaps.

What is a typical real estate deal that realtymogul.com sees?

Real estate dealJosh Mettle: Talk to us if you would just maybe what a typical deal would look like. If someone hasn’t been to your website, hasn’t seen the offerings, what types of investments are available. You’ve kind of touched on it. I understand that you could invest either as an equity or a debt partner. Just explain those differences to us if you would.

Lawrence Fassler: Yeah. We have two different lines of business essentially. One is the debt offerings where you’re essentially becoming like a bank. You’re lending money on a project. These tend to be shorter-term loans usually to individuals who are rehabbing or renovating properties what we call fix and flippers. Somebody who looks at a single-family home, that’s a little beat up or maybe he bought out of foreclosure auction and looks to fix the roof and get the heater working again before he resells it or maybe rents it out to renters. These people usually need a short-term loan to get the repairs made. They’re often not handled by banks because banks already in order to get the Federal guarantees to backstop these loans, they need the roof already fixed, so these guys typically turn to private lenders.

Our feature I guess, our distinguishing advantage is that by using a lot of technology, we’re able to really accelerate the application speed for these borrowers, really get an answer back to them fast and get the money in their hands fast. That’s the one part of the business.

Then the equity transaction is where you’re acting more as an owner of a larger commercial real estate project or part owner. These tend to be a typical transaction for us – for example would be say a $15 million strip mall on the corner. The sponsoring real estate company looks to acquire it with maybe a $10 million bank loan. He’s going to put in $1 million himself and he’s looking to raise the remaining $4 million. We will come in with maybe $1 million or $2 million of that $4 million, but again that $1 million or $2 million will be made up of 60 or 70 different individual investors coming in at $10,000, $20,000, or $30,000 each. That is kind of the typical transaction that we see.

Please click the chat button above with any questions you have for us, call Josh Mettle at 801-747-1210, or you can email us at josh@themettlegroup.com. We’d love to hear from you.

Breathtaking drop in foreclosure inventory

CoreLogic-Foreclosure-Inventory-0215According to the latest CoreLogic National Foreclosure Report“approximately 552,000 homes in the US were in some state of foreclosure as of December 2014”. This figure is down 34.3% from the 840,000 homes in December of 2013. December marked the 38th consecutive month in which there were year-over-year declines.

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Seamless loan process

Seamless loan processWe’ve read the horror stories, read about clients’ frustrations and the lost time and money when a mortgage loan goes south at the last minute. That is why we are continually improving how we operate and how we interact with our valued clients.

Here’s what a recent new homeowner had to say about his experience with our team:

“From my very first email/phone call to Drake, he was professional and courteous. He understood and had compassion for the ‘time crunch’ we were under and seamlessly made our loan happen! He was always available by phone or email and we could not be happier with the service we received from him directly and all of his colleagues at his firm. We will most definitely recommend Drake to others!”
Dr. Kristophe Karami, Neurosurgeon, Kaiser Permanente OR

October- November Report Cards

Our October/November report card is finally out!

For those of you who are reading the report card for the first time, allow me to give you some history. I write the report card, directly from the client questionnaire that our clients fill out at the closing of their loan. This is raw, unfiltered feedback from our clients. Most of the time they tell us they loved us, sometimes they tell us we suck. Oddly, we learn more from the latter, and that is the reason we publish these reports and the actual client questionnaire forms. We do this for two reasons.
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FHA announces their 2015 county loan limits!

???????????????????FHA_ApprovedFHA has announced the 2015 county loan limits. Please click here to see them.

If you have any questions regarding FHA loans, please call Josh Mettle at 801-747-1210.

Common Physician Retirement Planning Mistakes

Dr. Steven Podnos MD, MBA, CFP(R) talked about common physician retirement planning mistakes when he visited with Josh on the Physician Financial Success podcast.

Click here for transcription

Realtymogul.com – crowdfunding democratizes real estate investing

Listen in as Lawrence Fassler, JD, MBA, reveals what makes realtymogul.com a great investment opportunity for accredited investors and why:

– You can diversify into smaller minimum investment amounts across lots of different properties and across lots of different geographies
– The ability of smaller investors to conveniently access deal flow enables run-of-the-mill accredited investors to invest in larger or higher-level real estate projects than were possible before

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