Money Checkup Podcast

Episode 31 on the Money Checkup Podcast. Short-Term Rentals and Life Beyond Medicine with David Draghinas of Doctors Unbound

Episode 31: Short-Term Rentals and Life Beyond Medicine with David Draghinas of Doctors Unbound

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David Draghinas is the host of Doctors Unbound, a podcast for and about physicians who are doing extraordinary things inside and outside the medical field. He practices clinical medicine as an anesthesiologist in the Dallas area on top of spending time with his wife and their four children. 

“I think you have to be honest about the whole thing. The great things, about how it’s a privilege to positively impact people’s lives, to be able to help them when they’re at their most vulnerable and take them through a difficult surgery… But also the downsides of what it’s like to practice medicine, the challenges of the business side of it, the corporate side of it, the stressors, the burnout, the financial burden.”

David and his wife manage two short-term rentals in the Dallas area that have helped set them on the path to financial independence. They are currently searching for a third property to add to their portfolio. 

KEY RESOURCES REFERENCED IN THIS EPISODE

ABOUT THE GUEST

David Draghinas is an anesthesiologist in working private practice with Metropolitan Anesthesia Consultants in the Dallas area. He is a graduate of the USC Keck School of Medicine who started his career as a U.S. Navy physician in San Diego. David and his wife have four young children.

Social, website, book link:

Follow David on Twitter at @ddraghinas. 

Learn more about Doctors Unbound at www.doctorsunbound.com

EPISODE HIGHLIGHTS:

  • As Dr. Dragahinas met more and more physicians, he found that many of them had fascinating stories outside their work in clinical medicine, from founding companies to running for office. He launched Doctors Unbound to share those stories. 
  • More physicians than ever are talking about burnout, which gives physicians more power to adjust their practice or their finances to reduce or eliminate the causes of burnout. 
  • David started in short-term rentals by offering a home they already owned on AirBnB. About nine months in, they felt there was enough demand to purchase another home to market exclusively as a luxury AirBnB. These two homes generate 8 to 10 times as much revenue as standard long-term rentals. 
  • Initially, David planned to develop a long-term rental business, but he found it would be very difficult to cash flow more than $200 per month per unit. Their AirBnBs can cash flow as much as $2,000 per month per unit. But when he purchases a home, David considers its viability both as a short- and a long-term rental in case local regulations change. 
  • David and his wife do due diligence on their guests and share their cell phone numbers with their properties’ neighbors. When guests seem like they might be rowdy or upset neighbors, they leave money on the table rather than jeopardize relationships. 
  • David seeks to practice “work-life harmony” rather than “work-life balance.” He tries to batch his projects by, for example, spending a full day working ahead on Doctors Unbound so he can step away from it for a month. 
  • David and his wife both aim to spend quality one-on-one time with each of their kids at least once per quarter.

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If you loved this episode, here’s another I know you’ll enjoy too! Episode 25: Cashflowing Rentals, REPS, and Financial Freedom with Semi-Retired MD 

QUOTES FOR SOCIAL SHARING

“When I was finishing my residency training, my financial education was just beginning.” 

“When physicians are able to properly manage their finances and move toward a path to financial independence, I think that affects their burnout as well.” 

“When you’re buying your property, make sure it can cash flow as a long-term rental. Then when you’re using the short-term model, it’s all basically just gravy on top.”

“All these different aspects [of my life] are never going to be in some kind of perfect balance, but the emphasis is going to ebb and flow from day to day.” 

“My kids call me out when I stray, and I don’t get mad at them, because I realize that they’re young and what they’re seeking from me is time and attention. How will I feel if, in 10 years, they don’t want to spend any time with me and now I’m fighting to get their attention? I just put that phone down. Let’s be present and give you the attention that you need and deserve.” 

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