Welcome back to the Side Hustling DPT! As may of you know prior to COVID I was also a traveler! The market changed dramatically following March of 2020 resulting in me leaving the travel field. At the time I was unsure whether it would be a full time change or just a temporary change! Well, here we are in April of 2022 and I have yet to return to travel and still do not know if it will be a permanent or temporary change! During the pandemic the focus was on improving the housing options available for our medical travelers! During this time I have been considering purchasing another property and in this post we will look at buying a home and the challenges that have arisen since the COVID Pandemic! Lets look at some of the experiences I have had while trying to purchase a home post pandemic.
1. Self-Employed Income: If you guys follow this blog and my additional blog, Nomadic Entrepreneur, then you know I have several side hustles that bring in passive income streams. When I first started looking at purchasing another home I assumed that these multiple revenue streams would improve my ability to purchase an additional property....that assumption was incorrect lol! So, I work as a W2 employee for one home health company and as a 1099 contractor for one home health company. In addition to these two positions I won two small businesses and am a partner owner in two outpatient orthopedic clinics. In During my final phase of qualification the bank requested Schedule C for all side hustles, Profit and Loss Statements for all side hustles, two years of tax returns and two years of income history for each side hustle. The issue arose here because I did not have two years on all of my side hustles! So if you are self employed in any form you will want to make sure you have two years of documented pay with each side hustle you plan to use for qualification purposes. 2. Expenses: To Deduct or Not to Deduct: Depending on your plans in the next 24 months whether you chose to deduct all your qualified business expenses or not may impact your ability to buy a home! In 2020 the medical housing business had an expensive year due to building a guest house! An exciting addition to the Emerald Coast Medical Housing business but also an expensive endeavor. Due to not planning to buy another property in 2021 our account deducted all qualified expenses for building the Guest House in the 202 Tax Year. This helped greatly with the tax bill for 202 but it was a big issue when I was attempting to qualify to buy another property in 2021! Instead of being able to use income from this business the deductions from building the guest house resulted in the business showing a loss for year! This means the bank viewed the business as a loss and not as a positive source of income! So think carefully about your plans for the next 24 months before you decide what deductions you should utilize with self-employed income! 3. Type of Loan: Ok, lets look at Loan type!! Many buyers think they have to have a large down payment to purchase a home but this is not always true! Important things to consider when looking at loan types include the fact that some loan types have limits on borrower income while others have limitations on geographic region that you can purchase in. One common loan type that many first time buyers chose is the FHA loan which allows the buyer to purchase with 3.5% down! The caveat with this type of loan is that you cannot have purchased a home in your name or been on the title of a home in 3 years. There are also income limits for the FHA however they are usually limits that are not restrictive for most buyers. The FHA income limit varies by state and often by county. In Florida the average income restriction is $420,680 in many of the counties! So this makes the FHA an appealing loan type for many! In 2022 if you wish to qualify for an FHA loan you will need two years of documented self-employed income with fully documented income, most recent 2 years of tax returns, and 3.5% down. you will also need a minimum credit score of 500 and you cannot have applied for bankruptcy in the previous 24 months! Click the link below to access current information for the FHA Loan and self-employed individuals. www.fhalenders.com Thank you for joining me today! If you have any questions about self-employment and buying a home with side-hustle income please don't hesitate to reach out! shana@h-s-m-s.com
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Welcome to 2022! What are your plans this year to grow your side hustle? Will you start your first side hustle this this year? If so what will that look like! As clinicians we are often stressed and feel overworked making the thought of developing a side hustle stressful. Well, here is the good news- getting a side hustle doesn't have to be stressful or require a lot of time! My first side hustle started while I was still in PT school. All of my clinician friends can appreciate the struggle of being a very broke PT Student trying to complete your program! I was also a single mom for much of my PT program which made the financial challenge even a little crazier! So let's talk about the mobile dog care app called Rover!
Rover is a mobile app that allows pet parents to schedule a background checked contractor with Rover to come to their home and either walk their furbaby, feed their furbaby or housesit the furbaby while the owners are out of town and much much more! Have you heard of Rover? If not it is worth learning more! While I was in PT school I frequently dog sat in my home while dog owners traveled. You would be surprised but I made great money just for letting someone's adorable pups keep me company while I studied imaging and did Cardiopulmonary homework! This was my first side hustle! The only out of pocket expense was the background check you pay for which is about $75 dollars! Your pay is direct deposited and you get to hang out with pups all day! ' Whether Rover is your first side hustle or you have some other amazing side hustle idea I would love to hear from you! Lets use 2022 to build your side hustle game! The Side Hustling DPT Welcome!
Hello everyone and welcome to the Side Hustling DPT Blog! I started this blog to help our profession learn how to develop and implement alternative income sources to avoid the dreaded PT/PTA burnout that is so common in our field! Long days, ever increasing productivity standards, micromanagement and decreasing pay for clinicians has many in our profession looking for alternative careers. Prior to COVID19 I worked as a travel DPT and enjoyed the freedom and pay greatly. However, during that time I found many clinics I contracted for were plagued by all the same issues as clinics where staff PT/PTAs were working. These realizations resulted in a growing passion to help those clinicians I worked side by side with to develop alternative revenue streams. My Current Side Hustles I am a firm believer in developing multiple streams of income and utilizing those income streams to fund additional side hustles. My husband and I opened Emerald Coast Medical Housing in April 2019. We started the business with two rooms available. In the past three years we have grown from two rooms to four bedrooms, a guest house and a private apartment. I initially utilized my travel PT pay to fund the purchase of the property and furnish the rooms. However, when COVID happened the travel market shut down and a different approach had to be taken. Once COVID happened I left travel healthcare and took a home health position. I was able to negotiate a PRN position that provided great pay but also allowed me the flexibility to work 20 to 25 hours per week. While treating in home health I began to start teaching Orthopedics, Therex and Modalities at a local PTA Program. This venture led to me beginning to develop continuing education courses for Allied Health and the PT Learning Lab. One side venture can often lead to multiple other side ventures! So what's next!??? Well, my husband recently opened a small handyman business. While treating in home health I began to notice several of my patients needed home modifications to decrease fall risk and improve safety to live independently. This led to me discovering a certification called Certified Aging in Place Specialist! This fall I will be completing this series of courses so I can work in partnership with my husband to improve patients home safety! If you are new to developing side hustles and are looking for some advice please don't hesitate to reach out!! I would love to help you brain storm your next great income producing side hustle! My email is shana@e-c-m-h.com or you can email my personal email at DrCarterDPT@gmail.com Until Next Time- Keep Side Hustling! |
AuthorShana is currently a practicing Doctor of Physical Therapy with several small business side hustles! Shana is involved in ventures including developing continuing education courses, teaching at NWFSC and short term real estate ventures. Archives
April 2022
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