Some of us have to learn the hard way… through the school of hard knocks and through our own mistakes.
Others of us embrace our mentors. Sometimes it may take a kick in the rear end or sometimes a moment of epiphany.
Our next guest has experienced all of this and has some incredible words of wisdom for us.
Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances.
Our next guest has not only been a physician, but also has created a side-hustle focused on concierge real estate for physicians called Curbside Real Estate.
A little bio on him… he is practicing, full-time, anesthesiologist. He lives in beautiful Sunny Southern California, my birth home. Go Lakers!
I mentioned that he has this passion from real estate that stemmed from his own frustrations and failures.
I know he has a ton of wisdom to share with us and with no further adieu…
Please help me welcome Dr. Peter Kim!
In this episode, you will discover:
– The moment his engagement changed his perspective on finances and his management of money (Hint: It had to do with his father-in-law)
– The number of credit cards he had & why he fell into that trap
– How he hustled and got it all paid off within 1 year
– How his frustration with real estate led to a side hustle & how he is monetizing the side hustle without physicians paying out of pocket for his services
– The non profit that is close to his heart & why he is donating to this cause
– Why he thinks entreprenuership isn’t a special characteristic trait & why he thinks any physicians can do it
– Learn how he is reducing his clinical hours & his plan for the future
– Discover the role of real estate in his portfolio & his goals
Resources Mentioned In This Podcast
Dave: Hello my friends, this is Dave Denniston hope you had an awesome holiday season where we’re back with a brand new Podcast episode. And I have a question for you? Did you notice something different? We have a new, a couple of new intros that I am trying out. You should have noticed a quickly little episode earlier this month, with two of these intros. I would love to know from you, which of the two introductions do you love the best? I’m going to kind of take a poll from the audience. So, whatever you guys like, better, is the one I’m going to go with. Make sure to Email me – email@example.com, firstname.lastname@example.org, and tell me which one you like best? The gal with the English accent. Or the guy with the deep voice. Which of those two do you like better? Let me know, and I will go and the rest of the year with the winner of that little contest we’re doing. So, secondly, also we also have new Podcast artwork. So, I had the audience kinda vote on that. I went to a group of doctors and asked them what they thought and they helped me pick the new Podcast artwork. So, if you’d like to go and check that out, if you haven’t seen it yet? And in this new year my friends, We’re going to be doing some new stuff, trying some new things. And I’m bringing on some other special guests that I’m so excited about. We’re going to be trying to do some more “Fireside Chats.” And in the conversation we have today. We are joined by Dr. Peter Kim. He is someone who is an anesthesiologist, in Los Angles California. And he started, “The side hustle.” And learn how his relationship with his dad, led to his passion for medicine. But, at the same time, He had this gap financially, that his dad and parents didn’t really fill. And so, you’re going to discover about how he learned this revolutionary way of managing money, that he ended up learning from a different relative. And my friends, a lesson in the Podcast today, today you’re going to learn the lessons that Pete learned growing up, and how debt impacted his future. We’re going to talk about and learn the number of credit cards he had. And why he fell into that trap. And we’re going to discover how he hustled. And how he got all of his debt paid off within a year. And finally, you’re going to learn about why my wife and I differ about the way we grew-up. So, I know you’re going to love it. Here is the Podcast, with Dr. Peter Kim.
Dave: My name is Dave Denniston, your host and welcome back to the latest episode of the Freedom Formula For Physicians Podcast. And welcome back my friends to our monthly “Fireside Chat with the physicians.” You get to know their journey, their joys, and their struggles with finances and outside of finances. This show is not always about actionable content. But, today, today, is a chance for you to see behind the curtain. To walk in another doctor’s shoes, to experience their lives. Now, our next guest he, is not only a physician. He has created a side hustle. And this is focused on concierge real estate for physicians, called, “Curbside Real Estate.” That little bit of a bio on him. He is a practicing full time Anesthesiologist. He lives in beautiful sunny Southern California. My first home, Quakers. And did I mention a few seconds ago? He has a passion for real estate. That stems from his own frustrations, his own failures. And so, I know he has a ton of wisdom. And a great amount of mentorship, to share with us. With no further ado, please help me welcome, Dr. Peter Kim.
Dave: Welcome Pete.
Pete: Hey, thanks for having me Dave. I’ve been listening for the show for a while. So, it’s an honor to be here.
Dave: Oh no, man, it’s an honor to have you. You know, it’s so fun getting to know and talk with so many different kinds of people. And I think what’s so cool about, you have this whole side hustle, and I want to get into that here in a little bit. But, as you know, this Podcast, it’s about empowering physicians with knowledge of how they can slash their debt, slash their taxes. And live a liberated life now. But, before I get into the content, I just love to know, to know about my guests and their influences and what’s brought them up. So, could you tell us about, where did you grow-up, what your childhood was like?
Pete: Sure. I live in Southern California now. But, I grew-up most of my life on the East Coast. I was born and raised in Baltimore Maryland, I did all of my schooling there. And I never really left that 20-mile radius there, where I never moved outside of my whole life. I had a great childhood. I mean, my father was a surgeon, he is a surgeon, he hasn’t retired yet. And you know, I was born and raised in residency. So, I do remember moving around quite a bit. We lived in smaller apartments. We lived in a different state for a while. His fellowship he did in another state, and ended up in Maryland. Yeah, I do remember moving like I said, every couple of years. He kind of moved to a different location for different parts of his career. We moved into a slightly nicer neighborhoods, slightly nicer homes. And a lot until then. We lived there until I remember middle school, through high school. It was a great life. I mean, we lived in neighborhoods with a lot of other kids, just had a great time, it was very free. And I just hope I have some children as well? I hope my children can live that kind of life. So, really, not much to complain about.
Dave: So, tell me more about that? Your dad was a surgeon, was that something where, medicine, where you were in there with him at the hospital, saw him at the hospital, or what was that like growing up as a child.
Pete: I mean, yeah, I remember seeing him at the hospital quite a bit. I mean, he worked in a smaller, it’s not a tiny. But, a smaller community hospital. Where all the doctors know each other. I mean given all the nurses know the families, the doctors. I remember going to the hospital quite a bit, spending time there, eating in the cafeteria, on a plate in the cafeteria. At the hospital they had a little children’s area. I remember playing in that whole play area with the other kids. It was kinda like a playground to me.
Dave: Wow, that’s fun. Actually I was a sponsor at the Minnesota Medical Association Conference here. And they had V. Doc. Come on and I was just thinking of him and his story. We talked about his dad, also being in medicine. And there was this pressure, kind of, and on him to be a doc. Did you feel that at all, for yourself at all growing up?
Pete: Actually, I have several doctors in my family. My mom’s side, I was fortunate on my mom’s side to have, her father was a physician as well. So, it was just kind of the only thing I knew growing up. I don’t think there was any particular, I don’t remember my parents, or my grandfather telling me, “Look it, you have to be a doctor or this is the best thing! It’s what you have to do!” It’s just kind of the life I grew-up in. You know, you try to model yourself after people you look up to. For me, that was my father, my grandfather, and that sort of thing. And so, I just being a doctor was part of it. So growing up I always saw myself like them. Which was following their footsteps into medicine.
Dave: So, were you six years old in the hospital with the Stethoscope around your neck. And you were like, I know I’m going to be a doctor. What was that journey like for you? Or did you decide not to go into medicine?
Pete: Yeah. I think if anybody, again, as far back as I can recall? Anytime anyone would ask me what I wanted to be when I was going to grow-up? I just always assumed I was going to be a doctor. I mean, I still remember on my wall, growing-up. You know you had those posters, I had my Baltimore Orioles, a Cal Ripkin poster, was there. And on the other wall, I still remember this, I had a poster of the GI Tract. And that’s probably, my dad probably put that up. He was a rectal surgeon, so he just had to put that up on my wall, the G.I. Tract, I don’t know if he was trying to influence me or whatever? But, I always had that on my wall. And I kept that
Growing-up. And I believe it is just something that brings back fond memories for me, you know, that’s a hard step. Stethoscopes are around the house, and that sort of thing. It was all just very normal for me growing up.
Dave: So, you decided this from a super early age. You go to Under-Grad, you still knew you wanted to be a doc. at that particular point?
Pete: Yeah, I kinda chose my Under-Grad. you know, expecting to be a physician. I mean, I went to Johns Hopkins University. I mean, I was right down the street from high school. And obviously well known for their Med. Program, right. I mean, their Pre-Med. and their medical school. And I went there with the intension there of getting a good education. And hopefully that will be a good pathway for me to hopefully end up in Med. School. And the
University of Maryland their Med. School, which I was up the street as well. So, everything worked out in the end at the end of the day. I ultimately had that path in my mind the whole time. I mean, there were a few times during Under Grad. I felt a few of my friends. You know, they were going into business, and some wanted to become entrepreneurs. Talk about some of the businesses they wanted to start. And, I always had a little bit of that spirited in me. And so, there were times when I kinda wavered slightly, thinking about it. But, by the end of the day, I always, I never deviated too much from the path.
Dave: Interesting. So, close to home, I mean, you were staying around your folks. And Medical School wasn’t too far away. And then, what happened with residency? Or could you afford residency? I, I mean, I met my wife in Medical School. We went to different Med. School, but in the same city, and she’s from L.A. So, she kinda threw a wrench into the plan, that’s her. Nah, I started to get a little bit serious. You know, she started to put it out there, that hey, maybe would you consider going back out to the west coast? At least try for residency. You know, if you don’t like it, than she’s interested in possible us both settle back east. And she said, “Why don’t we just try it for residency? Of course, my folks wouldn’t necessarily thrilled with that idea, you know? I’m sort of like a mamma’s boy of sorts? So, I stayed really close t home. But, I said, hey, let’s give it a shot. And luckily we both naturally meshed, in L.A. So, that worked out perfect. And so, we gave it a shot. We ended up out here for residency. And I guess she kinda already knew it, in the back of her mind. The minute when I ended up out here, there’s no way I was going back. So yeah, within a couple of months, I was sold.
Dave: Yeah, yeah. No doubt. Sandy beaches, surfing, and hanging out, and obviously, there’s some great medicine there. A lot of universities. Now I know that when it comes to money, obviously your family had some sort of wealth? In terms of your dad being a doctor in the golden age of medicine. What were some of your experiences with money? At this particular point in your journey. And now you’re in L.A. and you’re a resident.
Pete: Well, I mean, I guess it’s funny growing-up. We never talked about money. Yeah, it was just not something we talked about in our family, I mean, it’s just when they talk about what kind of career life I would have. We talked about the noble sense of medicine. And that great feeling of being a physician. Providing a great service to the community and feeling good about what you do in life. But the money outfit was never really talked about? I think they were really doing that to shield me from the whole thing. I mean, they just, they didn’t me having that burden of, you know, thinking about money growing up. So, they wouldn’t even talk about it quite a bit. And, so honestly, it was never really something I was in my mind, growing up even. I mean, I took some student loans, here and there. Obviously, I hadn’t considered that, you could defer them off to other people. It really wasn’t unfilled residency, maybe way in Med. School. Somewhere in the middle of residency, I actually started to think about it. Oh, man, I have to figure out what I’m going to have to be doing, my finances, what does a physicians make? How do they think about retirement? All you think about, it didn’t pop-up until residency at for me.
Dave: So, did you start leaning on your dad, at this point? Can I ask? Are you asking him advice? You know, what was that like? You know, did you forget yourself? What was that path like, to thinking about money and figuring out about money then?
Pete: Yeah. I did start asking him a little bit about it. I started asking him about, did you deal with financial advisors? I started asking him, you know, did you incorporate yourself? How are you set-up for retirement? Basics, I didn’t really get too much into the technical aspects of it. It was funny, I don’t know, a little uncomfortable for me to ask my father about money at times. It’s never really been a part of our relationship. And so, I don’t know, I just never really, it was a little hard to have that discussion. And I didn’t feel like I got great details. But it funny, because my, at this point I was married, in residency, I made my life. And her father was an anesthesiologist as well. He started to kind of talk about finances with me.
I think he was trying to make sure I took care of his daughter, you know? So, he would start to give me, he would talk about finances quite a bit. And he, it would not be like to criticize. He saw some of the things I was spending my money on, and doing this. And he tried to give me his own fatherly advice. He would say, “Hey look, Peter, you’ve got the most important thing you can do is to save money. And be careful how you spend money.” And that sort of thing. So, he started telling me what he did for retirement, and he ended up doing a lot in real estate. And so, he started kind of letting me know what his, kinda whole plan was all along. And how it’s led him up to the point he is today. So, he was a big influence in my life in terms of finance as well. So, I don’t care, I’m really lucky to have him.
Dave: Because it’s so interesting I think of the Asian culture, and the stereotype of, you know, the Asian grandma hoarding money right? You know, like, under the mattress. So, it sounds like that stereotype didn’t really play into your world until your father-in-law, relationship.
Pete: Yeah, it’s kinda funny. I don’t know, I think my father and I, we’re pretty similar. In fact, even on the phone, we sound the same. We kinda have the same personality. He has a little bit more of a, he’s so focused on his surgeon kind of career, surgeon life, and trying to be the best surgeon he can be. Obviously very well known in the community. He’s very involved in the church, and all that kind of thing. I think he was very, very focused on those things. And the financial part, he did his best to you know, provide for his children. He made a job for us, obviously we had everything we needed, or wanted growing up. I think he was just so focused on that. And, I don’t know, he was just so focused on that, we just never really talked about the financial parts. But, unfortunately, he’s still working today. And I see where he is with his retirement. I think he’s close to where he needs to be, but he’s not quite where he should be, in my opinion, ya know? And to where as my father, and I are on a kinda different situation. And it’s not to criticize my father, or say one is better than the other. I think they just chose different priorities in life? So, what I’m trying to do is? Trying to blend the best of both worlds, right? And luckily I have both of those ones in my life.
Dave: So, what does that look like to you? You know, is it, what’s important to you? Compare these two role models, right. You have one, that was super successful in real estate, from what it sounds like, focused on saving and wealth. You have your dad, incredibly hard working, good guy, loves medicine, passionate about his job. What does that look like for you? In terms of what you want to do, and where you want to go?
Pete: Yeah. And so, again, I’m trying, I get, I try to learn from both of their successes, I don’t know about failures? But mistakes? And so, I mean, it’s nice for me to have that, to have both sides of that, and their both positions. I can see how voices early on in your career. And ultimately wind up where that might put you at the end of your career. So, what I try to do is from my father-in-law, really, really learn from him. I guess, the influence I got from him is, to really, really, save your money, and put it into some sort of company producing assets. And that’s always been a focus for me, and that’s from him. From my father, I’ve really taken the side of like, you know, taking medicine very seriously. And understanding how important it is to our lives. And the noble part of the profession. And how we have to hustle, work hard, to kind of get everything in life. Again, to get his background, is and he grew-up very poor. So, a, poor, and middle class.
You know, the first of his family to end up going to college and university. And so, he scraped and clawed to ultimately get where he got. You know, he tells these amazing stories of how, in his village there’s only, at that time, there was only, I think 3 universities up there in Korea, 3 major ones, 1 kid from his you know, town, gets to go to each of those 3. And at that time, medicine, of course would be the highest achievement of anybody could have. So, really only like 3 kids in his whole village get to go to the major universities. So, he hustled, and he clawed, and scrapped to get where he was. And he moved from there to America to hopefully find, as he tells his story. So, I think he tried, as an immigrant. He tried to shield, he wanted the best life for me. And again, he tried to shield me from all that. So, money for me and him, it’s not that I haven’t learned anything from him? But, for me, I try to provide that sight and safe life for my children. While being smart on the back side of it, and investing and preparing for my future as well. So, luckily, I’ve gotten both, both sides I’ve really learned from.
Dave: That’s awesome, boy. I think there’s so many good, good lessons in that. I fairly believe money is in everything, it’s a tool, right? It’s a, just depends on how you want to use that tool. But, as you know, for me, I love talking about figuring out debt. And, so many of our colleagues, we have our friends that are in the medical profession that are struggling with debt. So, you did mention you did have some student loans. So, let’s take a look at that? How was debt part of your journey in medicine?
Pete: Well, one of the downsides for me, growing-up. The fact that I didn’t learn about finances, money is that, I didn’t really learn about debt. And again, how debt impacts you. And impacts your future, right. And so, for me, in college, I don’t know if it’s still the same case? But, there are credit card companies all over college campuses. Just with tables and desks, you know, trying to give you free stuff to sign-up for credit cards. I don’t know if it’s the same right now, but? I mean, for me, if there is anything free? I sign-up for everything! You know, if it was like, a free $10.00 gift card for coffee. I’m telling ya, I’ll sign-up for it, the credit card. It’s a big deal, ya know. Free t-shirt, baseball, that sort of thing. So, I found everything under the sun that I could just to get the free stuff. And again, I didn’t really understand how I knew nothing about credit scores? I knew nothing about, again, exactly interest rates. Seriously, I had zero sense when it came to those things. So, I remember at one point, was collecting them. They would, you could put your favorite sports team on it, you could put your university on it. So, I like collected these, like trading cards, ya know. I remember I had somewhere between 6-8 credit cards when I was in college. And I would just put money on them. And just pay for stuff, and you know, revolve, they send you these little checks so you can do balance transfers. So, I would just move it from one to another. So, by the time I had finished college. When I closed them, I had over $20,000.00 in credit card debt. And that was, I was just paying the minimums at that point. I had all these little odd jobs in college just to be able to pay the minimums in them. You don’t understand the impact of, you know, the interest. And I was just like, as long as I cover the minimum, I thought I’d be fine, you know? And so I carried my amount of debt, even into medical school, credit card debt, even that was growing, and growing. And of course, I picked up some student loans. And honestly, and luckily for me, I ended up going to my state school. And that was one of the biggest kinda, kind of things I look back at my financial career, life. That really saved me, in a day because my first year in medical school. It only cost me about $12,000.00, right?
Dave: Oh, my word.
Pete: Yeah, which is ridiculous, right? I mean, it’s nothing when you think about it? And of course over the course of medical school, the tuition doubled. But, that was my first year, and that’s where anything. And I know that people are in situations where you know, they pay
$60 to $70 per year. So, I got lucky. You know, so I took student loans out for that. But, again, luckily the small modesty of student loans. And so, I carried those all throughout medical school. My credit card debt, I carried it all throughout medical school, probably, it grew and grew, and grew. I got fortunate, because after my first year, my intern year of residency. I was actually a year ahead of my wife, through residency. So, I took off a year after my internship to get my life with her, before we came out to California together. And I just moonlighted, and so I moonlighted for a year. I hustled, I took calls, I worked 5 days a week, I took calls in-between, I took odd-jobs. And honestly, I was able to pay off all my credit card debt that long. And luckily.
Dave: Wow! And you, did it, did it real, when you were done with residency you said?
Pete: Yeah, right after my internship. Yeah, I mean, after intern-year you have a medical license and you are able to do, honestly a lot of things look innocent. So, you can work in a clinic, in an official health clinic, again I was taking calls, at night for one of the hospitals. At least covering some of the ER patients. And so, I was hustling, working hard. Not to pay off the credit card. At that point it kinda hit me. Alright, I probably shouldn’t have this much credit card debt. And so, I worked really, really hard to kinda really get rid of that. And I was also able to save for an engagement ring. And so, that year was huge for me.
Dave: So, was there a moment you know where, you can remember, you’re looking at the credit card bills or something? And you’re like, “This sucks! I’m not doing this any-more.” When was that juncture? Do you remember what that moment was like?
Pete: Yeah. I think it’s kinda like dating my wife. You know, pretty seriously. Somehow, we can on the, you know, we started talking about credit cards debt, or she asked me? Then she saw a bill lying around, or something like that? And she was shocked, you know. And she came from that typical Asian family, were you don’t have credit card debt. And if you do, you put it on acredit card, you pay it off immediately, you know. And she kinda in questioned me, why are you carrying this debt? Why don’t you just pay it off? And I said, nah, no, no, no, no, no, you pay the minimum and you’re good. And she was like, no, no, no, no, no, you pay it off, otherwise you accumulate the interest on it. And again, to me, remember it hit home. And I didn’t realize for people who are out there, that are paying off their credit card debt. They put “X” amount on it, and at the end of the month they pay it off. And to me that was like a really foreign concept. Because myself a lot of other of my friends just like credit card debt was a way of life. And I think that’s just like the American way. And so, just started telling me, and started pounding that home, okay, here’s what’s happening to you, bla, bla, bla, bla. It’s actually growing. And somehow, it got it into my head, I guess. I had, had enough. And I took ahold of it. And at the end of med. school. And I said, gosh, I need to do something about this. So, luckily I had this opportunity after internship to do that, and I seized it. And luckily, one of the smartest things I’ve done. So.
Dave: Wow. Thank you for getting so, vulnerable. What a great story and I’m sure there’s someone that’s out there that’s listening to this right now, that can relate to going through that. I’m sure that had to be a moment that changed your life beat, huh?
Pete: Yeah, I hope it, you learn from it. I mean, again I hope, I think people are probably smarter than I was? Again, I’m, I don’t even know what I was thinking. Again, it’s, they send you credit cards, free t-shirts. Again, I don’t know, what the hell I was thinking? And I hope people are smarter than me. But, again, it was super, I just know, that once I paid off, and since that point, to be honest with you, I’ve always paid off, whatever I put on my credit card. I’ve always paid it off when that bill came, the next month. In fact, I was kind of automated it to that. I’ve automated it to the point, you know, you can put it on, at that point, we necessarily have all the online paid that we have today? But, today, I put it on, you know, pay the balance, click that button, “Pay the Balance” every single month. And that’s the way for me to keep myself accountable. I made sure I do it, make sure I have enough money in my checking account to do that. I know I can easily fall into that same trap again. You know, once you start paying off the minimum, it’s so easy, you know, It builds and it grows. And so, from then on, from that point on, to be honest. I have to actually carry the balance since that point.
Dave: That’s awesome, that is so good. That, I mean, I think, that so many of us, that we have to get to that moment, like you had, with your girlfriend, at the time, and now your wife. And you just had that eye-opening second. I remember, reading a post on the, “White Coat Investor” recently. Where a, there was a couple, that had everything leveraged up. $100’s of $1000.00’s of dollars of credit card debt. They got to a point, where they were just sick of it! And then they just made the decision. And it sounds like for you? Kind of a similar thing happened to you. Luckily it was earlier. And before you start transitioning to a practice, which is huge to have those. The earlier we have to have these awakenings, the better. Any feedback on that Pete?
Pete: Oh, no. Absolutely. Again, I feel like that was a pivital moment for me, it taught me a lesson. Again, it could have been ended much worse. Obviously it could have spiraled a lot more out of control. I think that’s a part of my personality. And I’m lucky I had a gap here. Again, I feel so fortunate that, again, think people get brought here for a certain reason? And hopefully, in some ways, opposites attract, and the way we handle money, is total opposite in so many ways. I was just so lucky I had my wife, she’s a huge influence on me today. I intend to judge my method, and again I learn everything by her. So, thankfully I have her to do that. And I think for a people again, it’s that it’s never obviously too late, to kind of make a decision. I think at some point you just have to do it. In mine, I don’t remember it being super intense. I remember sitting there going, uh, I need to do this. I just something clicked somewhere. And I don’t remember the exact moment? Something clicked somewhere? I just started throwing all my money at my debt. Luckily I was able to pay it all off.
Dave: Yeah, and I know things work the opposite way too. Where I’m sure you’ve had influence on you. I know I, in my situation, obviously, I enjoy talking about it. Finally, I have a passion for it. My wife is the opposite end of the spectrum. She the artist in our family, right? So, she loves this thing, money isn’t something that, she was taught, and growing-up as much. You know, her parents are great people, but it just wasn’t something that was as much value in. I know for me, she brought more spontaneity into my life, right.
Normally, I’m just cool, sitting at home, you know, or working out, or whatever you know. But she brings up that spontaneity into my life.
Pete: You need that balance in your life. So, I mean, that’s why I think partner spouse is more than itself.
Dave: Absolutely. I did mention in the intro, you have this Concierge Service. He started this side hustle, curbside real estate. I know our good friend Knee Darko did a great interview on how you got started. So, I don’t want to regurgitate all that stuff. So, I definitely encourage everyone to listen to that interview, of how Pete got started, and why he named it, “Curbside.” But, for those of you who are not familiar with the service? Just give us a quick thumb nail sketch. What is this all about? And how did you get started on it?
Pete: Right. He went deep into it, so, I’ll leave it to that. Just a brief, again, when I went to buy my own home. I had a lot of difficulty figuring out the whole process. Nobody teaches us it, you’re kinda on your own. I had a difficulty time, you know, a difficult time finding a good loan for me. Again, finding a good realtor figuring all this whole process. And again, you really have the time, right? As a busy physician, your trying to get out to your practice. Or your residency or whatever? And so, it was really born out of my own frustration. I kinda figured out, and again, I learned the process. And I started sharing it with a lot of my friends. And then the next thing you know, I started exchanging with their friends. Just started growing organically. And a lightbulb went off in my head. And I said, “Look, there needs to be something that’s more of a formalized service.” And so, I put it together, I called it, “Curbside Real Estate.” Where, again, my tag line is, “Where the physician’s curbside consult for real estate.” And what that ultimately means? Is that we’re kind of a professional, professional consult or consulting service for physicians to help them, and match them to the right physician’s loans. And ultimately help them match to the right realtors as well. So, they can have a really smooth, easy, home buying service. I mean, that’s really our goal. I call it, “Concierge real estate service for physicians, at no cost.” And that’s really what my goal had been the whole time. I want them to have this added value, this, somebody holding their hand along the whole process. But, I didn’t want them to pay anything extra for it. And through out company, and through our next work of realtors and lenders. Again, that’s why it’s secure, some fee or commission from them. They need to be a part of our service. And that’s allowed me to monetize this whole thing, without actually asking the physician to pay for anything. And so, we’ve done that. And again, something that’s been, we started doing it actually this year, we added a social component to it, ya know? I think that’s the point I am the most proud about at this point. Where, again, trying to help physicians, and that’s where my passion. But, I always had a passion to do outside of myself, some sort of greater good. And we’ve been able to do that, and integrate it into a business. Where every transaction that we do, what any physician does with one of our network realtors. We’re able to provide a child a home, who doesn’t have one. And so, when the process, and hope and maybe by the time this Podcast has ended out. Out first rescued orphan will be here.
And the adult, and yeah, exactly. And we’re doing this, and we’re going to keep doing this. And so, I’m really proud of that, and really excited about what we’ve been able to do.
Dave: Well, here’s what I’m wondering about, right? I mean, you’re choosing to do this, side hustle. And obviously, there’s a lot of ways to make money, right? I mean, as a physician, as an anesthesiologist, you could do locums, you could do all kinds of stuff. Where did you find the time to carve out to do this, and what’s really keeping you going doing it? As opposed to being in the medicine? Why the interest in this other thing?
Pete: Right, I kinda eluded to it before. But, you know, in college I always felt like I had a little bit of the entrepreneurial spirit in me, that I never got to full fill. And so, I always carried that with me. And so, when this opportunity presented itself. I just ran with it, ya know. It’s nice because I kinda blended, I get to work with physicians and I understand the medicine component of it. I understand the lives of physicians. But I am also kinda able to blend in and kinda fulfill that again, that spirit that’s starts something that really prepares and provides some value and some service, in terms of company, right? In terms of like a start-up. And plus, it’s something I’ve always wanted to do. And I think I wanted to do a side, I didn’t want to do anything again, specifically in medicine. I mean, I think, it’s easier for me in medicine, that just exactly staying. Plus, I have a very good job, I’m very happy doing what I do, I love it, right. It actually restricts me from doing anything else in medicine. I’ll try it at my group practice, in fact it was written into the contract itself. So that actually made it easy too. So, if I’m actually going to do another side hustle? It kinda has to be something outside of medicine. And so, again, I was always interested in real estate, I was interested in real estate investing, and these kinds of things. So it, this just fell in my lap, I just feel like the perfect blend. It blends medicine, physicians, real estate. And because I’m passionate about it? I do find time for it. you know, obviously I’m busy. My full time job, I have a family, I have 2 children. And so, finding time for it? It’s not easy, but, it’s funny, anytime from. Ask anybody, I’m busy, right? You know, this, anytime you are passionate about something, you want to do something. You need to make time for it. And you’re going to find yourself fighting to become more efficient in all and other aspects of your life, you know. I used to spend a lot of time, get home, and I used to sit on the couch, watch a lot of TV, and that sort of thing. I find that time being reduced, yeah. A lot of time that I did waste, it is essentially waste, not being productive. But now, you know, now that I have a family, my job, as a physician. This job, “Curbside” dedicated to Curbside. You know has been really intentional in how I spend my time. And sometimes you actually find more time to do the things you love, in a way.
Dave: Well, I find for me, doing the Podcast for example. I just enjoy this connecting with people. I mean, you and I would never have had a chance to have this conversation, if it wasn’t for this.
Dave: Having the Podcast. Do you find kinda that connection part being an important part thing for you, or? Or am I off base there? In terms of what you do?
Pete: No, it’s awesome. I mean, and again, I connected with a lot of physicians that I would never have connected with. I mean, again, I’m an anesthesiologist. So, work with a lot of anesthesiologist, you know, some surgeons, I do a lot of Obstetrics, so I work with a lot of OBGYN’s. But I thought of that, I don’t really talk to other physicians, right? In different fields. So, because of this, I became a physician, I don’t know? Internal medicine, radiology, all sorts of different types of field. So, I get to work with a lot of different physicians, which is awesome. So, I get connected with, again, there’s enough, this is one of the biggest moments people buy right? Especially physicians, right? Besides finishing practice, you know, having children, you know, one of the big accomplishments, in any physician’s life? You want to kind of get to, it’s like, look I want to buy a home, right? And settle.
Pete: Kind of start my life. And so, I get to be a part of that?! And so, it’s been really exciting. You’re kinda like, it’s really fun, to be a part of their lives. And it’s hopefully something you’ll always remember.
Dave: Well, that’s awesome. I think that there’s some good stuff in there for people to think about. One of the questions I’m trying to bring up more recently when we do these interviews is? I hear this all the time. Like this tone of regret in someone’s voice that, then maybe you could describe it as, a little bit of longing that, I wish I had this business education. No one ever taught this to me. And I was checking out your website. And you and I were talking, it might be renovated by the time this Podcast time is up? It’s gorgeous, you could, you’ve obviously spent some time, and had someone build it for you. And I would love for you to talk about some of these business lessons. That would be awesome to pass onto others and physicians. That you’re learning, that they would never learn, if they were just doing clinical medicine. So, what does that look like, Pete? In terms of some of the business lessons, that you’re learning that we can Pass on to others?
Pete: Yeah, I think, we’re lucky, with the internet, all the resources that are available to us. Even something like this Podcast, right? This may not have been around 10-15 years ago. The resources are all out there. And it’s just a matter of you looking, and being a little aggressive and looking for these things. I mean, there’s books, there’s Podcasts, there’s amazing blogs out there. So, all the information’s out there. And I don’t think it’s, you know, some people have told me, I not born with it. I’m not that type of personality. I actually don’t think you know, it’s, there are some people that are typically more natural at being out there. But I think it’s a matter of a mindset, you know? And I don’t think it’s anything special, that I have. Or some of the other guys that have come on here, on the Podcast necessarily have, It’s innately special with them? I think it’s just a mindset. It’s a decide, look, I’m going to do this. And axle and additions, we all have the hustle in’s. We wouldn’t be where we’re at if we didn’t have that kind of hustle. Or that ability, to kind of really grind and get there, you know. It’s a work ethic, there, and I think that’s what really ultimately makes people successful, is that they have the work ethic. And they just have the mindset, and they go for it, right, and they are persistent. And so, I think we all have that within us. So, and the resources are out there. So, I think it’s a decision. I think it’s pretty much of a decision. And it’s something that anybody can do, any person can do. You don’t necessarily need to do real estate?
Or anything like that, whatever your passion maybe? I personally know physicians that are doing all sorts of different stuff, as well. Anything that kind of follows it, your passion. I know people that are doing photography, or woodwork, or something, you know. Which is crazy to me. I know there are physicians that are doing all sorts of different businesses. Where they are investing in restaurants, starting franchising them, that sort of thing. So, it’s just a matter of what you want to do? And it’s all out there, the opportunities are out there. But, the cool thing is? That as physicians we always have our day jobs to fall back on, and I think it’s very steady, I think it’s busy. So, that’s a steady job, and we can do these all these things on the side. Without having to take a good amount of risk, in my opinion. I mean, we all have our good stable source of income. I think we are going to be able to provide for our families, at the end of the day, no matter what. But, we’re, it doesn’t hurt to try and take a risk, you know.
Dave: Here’s a point that really comes up to me, that when we know that obviously, that a lot of businesses never make it. You look at Podcasting, or blogs. You know the vast majority do like Podcast, is like 4 or 5 episodes and then, they fall always, they never hear from it again. Blog probably has 4 or 5? But, those that are successful, those that do make it. Whether it’s photography, or a business like this. At some point, there gets to be this tension, right? Where you have the passion, and you have the regular income. And you start to have to make this choice of where am I going to spend my time? So you, doing what you’re doing? You see there being a point, or maybe you’re already headed there now where? I’m going to have to reduce my clinical hours because I’m getting enough income and business from my side hustle. So, it’s taking more-over, it’s no longer a side hustle, it’s actually a job. What does that look like for you?
Pete: I think that’s actually, a good problem to have, right? If you’re side hustle is growing to the point where it’s providing income and it’s competing with the income you’re getting as a physician, and it’s demanding some more of your time, that’s a good thing. And so, I gradually, starting actually reducing my clinical hours. But, not until the job started, until, the “Curbside” some other side investments or side hustles that I have, started producing the income. That way, I wouldn’t necessarily have to put my family, my family lifestyle, and that sort of thing, you know. Worry about my wife, worrying about whether we’re going to be able to put food on the table? That sort of thing, I’m going to, right? I think again, for this type of unique opportunity to kind of build something, a side hustle slowly, and as it grows. And if it demands more time, maybe more money, sure, reduce your clinical hours. Ultimately, that’s kinda the way I place I’m trying to go to, and been able to do it, and continuing to do it. I don’t think I’ll ever give up medicine all together. I just really want the choice. And I think that’s what it is at the end of the day. I want the choice, if I want to do a little bit more outside of medicine? I can, and still feel confident that I can support my family financially. But, if I want to do some more medicine, I can do that as well too. And finding that right balance, there is a right balance somewhere in there. And I’m kinda moving towards it. So,
Dave: So, in your situation, I think of your wife, also being a physician, does she, is she practicing still at this particular point? What does that look like in your case?
Pete: She does, and she works part time. She has clinical time called, quite a bit, which is nice.
Dave: Okay, good. So, now you have the choice to where as she’s helping to raise your young family? And, but she’s still working in medicine. So, in a sense, when you have this true vision, as in your particular case, you have some leeway right? Where, you have either lever you can pull down on, if you have more passion for some of this other stuff.
Dave: Which is a blessing. That, I know there’s awful lot of true vision household that I work with. And a lot of other people have that there. Maybe can you talk about real quick feed in terms of, what has been the impact on your family as you found your time. Being more compressed, you find yourself being more productive doing these other things. Talking about the impact on your family of doing this stuff?
Pete: I mean, I hope, I have to ask my wife to get through the answer. But, I think it’s only been good for our family. Because what’s been happening, is that, you know, as this side business, and this income has started kinda been able to bear fruit. I’ve been able to reduce my clinical hours. And a lot of that involves night calls. So, what’s that’s said is, it’s allowed me to kinda be at home a little bit more, you know, for dinner, putting the kids to bed. And also the next day, and you got those out there listening post call, you’re just like a wreck. You know, you’re mind isn’t in the right place, you’re exhausted, tired from the night before. You just don’t feel right, especially when you’ve been up the night before. And so, in kinda reducing my calls at night, has really given me, you know, time and days back to kinda spend with my family. And especially if it’s a weekend day, and again, I try not to work on any side hustles if I can? Especially when my kids are out of school. I really want to have both the time to my family. So, honestly, it’s freed up a lot of time ultimately for me. And my wife, seems happier. I think ultimately I’m happier, and healthier. And you know, these night calls can be brutal at times. So, I think it’s only been good for the family. I mean, really, it’s been amazing.
Dave: That’s awesome. Well, you would since earlier, and I want to touch on this. Because this isn’t something we cover enough. I don’t think, in this Podcast. Heck, maybe you can come back another time? We can talk more about this? I would love with your experience, giving other people advice on buying, like, houses. It sounds like rental properties have been part of your investment plan overall?
Pete: Oh, it’s definitely been, in fact. It’s probably been, in terms of where I spend my investment, we know, my savings, and check my portfolio. It’s actually nice, it’s weighted very heavily in real estate. I may have invested in the market too, but a majority of, a good portion probably more than a typical financial advisor, might advise. But, I’ve gone really heavy into it in real estate.
Dave: So, what does that look like? Like, what does, what has been some of your greatest successes and failures? If you could just share just a quick couple of four minutes on that.
Pete: Sure. I mean, I’ve been out of practice about, I’m into my 6th year at this point. I think the goal for me has been to try to pick-up a new, or sort of an investment property, in terms of averaging out, probably one per year. That’s been about the goal for me.
And I kinda set that in my mind. And so, it’s, looked different, you know, from year to year. I mean, I’ve been very fortunate, that we have a you know, at this point it’s just my portfolio I have a condo that I rent out, in like a professional district. I bought it this past year. Then I bought a single family home, out of state. And I’m with a partner of mine, who happens to be a physician. We bought a small apartment building last year. And it has been an amazing experience. You know, again, we’ve made mistakes, you know, we’re learning this all as we go. We joke like, that this is on our real life NBA, ya know, you learn as you go. Possibly we lost a little money, we spend a little bit more money than what we need to. You know, there’s this whole mess, I can go through some other time, with our contractor we have. We ended up having to fire our first contractor. And these are things you can’t know about, until you actually do it. And so, that was a little bit of a mess. But then, it’s on the job already. And at the end of the day, you know we look back. And now that it’s all settled. You know, we’re cash flowing. We have a good amount of income, coming in from that. And it’s only growing over time. And I think ultimately for us, we both feel as partners, like this was the best investment we ever made actually. And, you know, we hope to do more together. I’ve also invested in some real estate syndication. Where you buy an actual shares of some apartment building. Anything in time doing it in real estate I actually just tried it. Because I think it’s the best way to learn, right, you got to try. And you can read about it all you want. And, you know, this is my main Podcast, there are some amazing resources out there online, but you got to try. Now, again, the biggest failures, for us were, it’s almost impossible to know, you know, how to deal with somebody’s contractors vendor person, and that sort of thing. But, you eventually get better, you learn on the job. So, yeah, we made mistakes. We made a lot of silly little mistakes, we probably wasted some money as we go. We haven’t been the most efficient. We even had to learn how to work as a partnership. Which has been amazing. You know, again, it has not been easy, right. But, we had to learn as we go. And honest, at the end of the day, yet my focus has been on line properties that cash flow. And so, at this point, it’s nice. It provides a nice little side cash flow. A side that allows me to ultimately again, reduce my clinical hours, and that’s what I’ve been doing.
Dave: And that’s great. And obviously you got some bumps and bruises along the way. Which means, we’re going to have to do another time. We’re running out of time for today.
Pete: Oh, absolutely.
Dave: But I just wanted to, I think that the main thing, I just from what you’re say is, you’re not afraid to fail. And I believe that you really, and in many cases you have to fail to success. Which as a physician that’s like the complete opposite of what you’ve been taught, right?
Dave: You know, you don’t fail your ways of healing a person. Can you talk about that a little bit? I’m curious to hear your take on that.
Pete: Right, I mean, it’s not, this whole thing in surgery, then again, I’m not a surgeon. But, they say, measure twice and cut once, right. Where you know, I think physicians are, you know, you analyze and you analyze it, and you analyze and you make sure you have it right. You’re right, and you take your step right? Because the stakes are so high, right, especially in medicine.
Pete: You’re health. And you go by all the evidence, space. You go back and you research, and you look at all the papers from the past, you know, 15-20 years on those subject. And you read, and read, and read, before you make a decision, right? Unfortunately, in real estate, or certain other fields it’s not quite that way, you know, there’s so many ways, and different variables. And the thing is you can analyze forever. The thing is, sometimes you analyze it to death. They call it analysis at times? Where you can analyze, and analyze, and analyze, and analyze, and analyze, and you never make a decision. Fortunately, if five years you’re in this, you end up in the same place. You know, where you never bought an investment property. Or you didn’t do it. And that, now you’re looking back 5 years later and saying, “Man, I’ve done nothing” ya know? It’s in the past 5 years I’ve been looking for that perfect, perfect, perfect, opportunity. Where I have everything just lined up perfectly. Unfortunately, life doesn’t work like that, right? Any part of life, it’s not, you can avoid something, or you can’t do it. You know, when you choose your spouse or your partner. I mean, it’s impossible to know, every single little thing, until you’re in it right? And so, I think you do your best. And you find out all the information you can. And you do your, you know, and after some point, you just got to make a commitment and go for it, right? And sometimes, you know, again, you learn a lot along the way, you know. And the next time, you get better at it. So, for me, I kinda made that decision where. I made my analysis, and we go for it. There’s going to be a lot of unknowns. And, that’s okay. And so, I’m just going to keep moving forward, you know, and luckily, it’s worked out so far. And I think we’ve been in a good market for the last 5-6 years. So, it’s kinda made everybody look like a genius in so many ways. You know, even with the stock market. And so, who knows when the next correction comes? Which people say may be pretty soon. You know, I might have to come back to this Podcast and say, here’s all the mistakes I made. But, a yeah. At this point it’s been good. There’s been some bumps, but overall it’s been an amazing success. And I don’t regret it. I love it.
Dave: So, you sell everything in Southern California, and you buy everything in the mid-west, see. So, that way.
Dave: That way, you don’t have to leave the east coast. That’s the answer, alright. We’ll keep. As we wrap up this interview, I’d like you to ponder this question for us, a second. I want you to imagine you’re not a practicing physician, you’re a resident. So, if you could sit down with younger person, he’s a, that is working his way out of credit card debt, doing extra shifts. You’ve had that moment. What advice would you love to sit down and give to younger Pete?
Pete: One thing I didn’t do enough of, and I kinda wish. Is that we’re so focused on the medicine, medical aspect of our training. We’re seek out all mentors there that are in kinda the position medically. But, something we don’t do is? Kinda like out for people physicians that are in a good place to be, like in overall life, right. They have that nice balance between having good finances in life. And I know there are a lot of physicians along the way. I remember in my training, that seem to have it all together, right. I mean, they were happy doing their job as a physician. They seem they got a very good life style. They talk about their family.
And they got good family life style. They go and take family trips, they travel. And they seem to have it all together. Funny, I never approached those people about asking them about what they did to find that balance, you know. You know, what did they do financially, you know, how did they set themselves up financially when they first time at a training. What did they do, how did they allocate their funds, how did they save. I don’t ask them. They are the best people to ask. I now regret that because it’s almost easier to learn from your peers. And again, even in the medical school, you just learn from reading. But it’s so much easier to learn from these practice physicians who have been in there done it. You learn from them hands-on. And I wish I had done that. And I really wish I had kept, and sought the advice of mentors. Not just in the medical field but, in terms of finances, and just life overall, a life balance. And that’s what I would tell myself. If I could go back, I would say, “Look, you see those people there, that are successful, that seem successful in your mind? Just approach them and ask them about their lives, you know. And just try to get as much information, and wisdom as possible.” And that’s something I regret not doing. And so, that’s what I would tell myself.
Dave: Do you think, he could have been, money just being a taboo subject. And I guess my question to you is? How would you advise yourself to approach these people, what does that look like?
Pete: Like in terms of like, if you, how you make the most money? How are you driving that nice car? How can I drive that nice car? You know, that would probably rub the people the wrong way. I mean, if somebody asked me that? I wouldn’t know where they were getting at? And I’m okay with it. But, in terms of more, your focus is more on that balance. You know, if you ask them, how do you balance everything in life? You know, between taking care of your family. Being a physician with the fate of medicine that it’s in, finding that happiness. Where you have a, and are able to devote time to your family. You know, how do you find that balance. And I think money ultimately will be a part of that, I mean, it really will, it has to be. And so, you learn that on the back end. But, I think if you approach anybody, or any physician, attending in that way. I think people are more than willing to share, you know. So, that should be your focus.
Dave: Great mentorship there. No, there’s so much there, that we’ll be glad to have you back on, again, on cover some of that specifically. That rental stuff, I’m just fascinated by that. I would love to have you back on in the future. But, at the end of the day, any closing thoughts to make folks aware of?
Pete: Yeah, I think we talked about it quite a bit, or made or beat it to death. But, the biggest thing that again, when I talk to my friends and colleagues who do approach me, and they have ideas, and things, and again there’s this presence certainty. Because they feel like, oh, I don’t have the training, I don’t have the business, when I was growing-up, I didn’t take the courses in college. And I told them, look, the opportunities are out there, and you see it. And so, don’t be afraid to take risks. I think the bigger risk is just staying in medicine. And putting all the eggs in one basket. And expecting that to kinda get you to the place where you want to be in life. In terms of your balance. You really put your hand, put your life in other people’s hands, right? It’s like, tell them, look, just don’t be afraid to take a leap, really pursue those opportunities. And at the end, have no regrets, you know, at least you tried.
And hopefully Podcast like these, that you’re doing? E-Mission Dark Horse – Starts Outside of the Box Podcast. But, hopefully things like that will continue to give people the courage to try and get out there, and try some of these different things. Now I’m still learning as I go, I make mistakes. But, again, I don’t regret it one bit. It’s been amazing for me, I mean, journey.
Dave: And for me, personally those are great words. And what great lessons I think, in my opinion. Physicians are the smartest and brightest we got, when you look out there. And as hard as you guys work to get through medical school, to get through residency, to be an attending physician. Your skills are so much more valuable than just medicine, in my opinion. So, whether you own a practice, or you do real estate, or you have a side hustle like you had. I really want to encourage everybody, that you are the best and the brightest. This stuff that you can do. Any other thoughts Pete?
Pete: Yeah, I mean, I’d say, but I don’t want to toot my own horn. I think, you know, people, medicine obviously, you know, we spend so much time, and dedication to kinda train and work where we’re at, yeah, and they have the opportunities out there for them. And I hope, here’s my nickel. I want people to stay in medicine. I just want to let you know that. Saying all that, I’m not trying to tell people to leave medicine. I’m really trying to hope that they stay in medicine. But, they find other additional sources of income. So, that they can kind of support their own lifestyles and find balance.
Dave: Thanks so much for being with us Pete. And people have more questions. How can they get in contact with you?
Pete: Yeah, they can just check out my website, our company website is – www.curbsiderealestate.com. Again, our focus on that web site to connect people to this network of lenders and agents. But, also again something that we’re continually trying to do, is add more resources, in terms of education. And I think the education is really important for physicians so that they can make a good impression and informed decision. And so, hopefully by the time this Podcast comes to an end. We’ll have a fully flushed out educational site. There is an Ebook that I have written. That I’m continuing always trying to improve. They can also just download that for free. Again, it’s all in the name of being informed and making good decisions. So, they can contact me there too, there’s a form there. Or you can reach out to me, I answer all Emails, phone calls, happy to do that.
Dave: Awesome. Well, thank you so much for being with us. Pete, that wraps up for today. In the next Podcast, my friends, I would love to tell your story. Since Peter has done a distinct, and so vulnerable and opened and honest with us. I know we can learn from your journey too. And it’s going to help other doctors. So, to make sure to contact me,
David, “Doctor Freedom Formula for Physicians Podcast” on my website – www.doctorfreedompodcast.com for the Freedom Formula for Physicians Podcast, this is
Dave Denniston. Remember my friends, remember – Slash your debt, slash your taxes, live a liberated life. Also, if you gain something out of this Podcast? I would ever be so eternally grateful if you could take 5 minutes, and review it on iTunes, or Google Play. Because reviews help more and more physicians become aware of this Podcast. Thank you so much for joining us. Make sure you subscribe, check in again soon, have a good one.
Alright my friends, that wraps up the interview for today. I hope you get some great stuff out of this. I just love learning about physicians. And everything that they encountered. I believe we can learn from these experiences. And my friends, you may have heard me talk about the last couple of months, about my friend Amanda Lou, who passed away. Well, in dedication to her. I’ve created a brand new resource The Physicians Guide to Retiring by 45. So, whether you are 35 or 30, or 50, or 55, this document gives you a roadmap inspired by Amanda. And all you have to do, grab your copy. Is to make sure to text – retirement roadmap – to – 44222. Again, text – retirement roadmap – to 44222. Thank you again, so much for everything that you do. From the bottom of my heart, I believe in you. I believe you have a great financial future ahead of you. apply these lessons my friends, that you learn in these Podcasts. And don’t be afraid to ask for help. And as always I would love to know your feedback, your comments, true to Email me at – email@example.com and I promise I will get back to you, within 2 business days, whenever you Email me. But whatever you got, whatever is on your mind, let me know, I’d love to talk to you, loved to help.