E219 Tom Burns - Why Doctors Don’t Get Rich, Understanding HUD Loans for Multifamily Acquisitions and Development, and Traits of the Wealthy-Minded

Tom Burns is an entrepreneur and an orthopedic surgeon in Austin, Texas. He is currently a physician for the United States Ski Team and travels worldwide with them. He has over 25 years of real estate experience with multiple asset types. In addition to co-founding and managing a free-standing full-service hospital, he has acquired and developed $400 million of real estate locally and internationally. He is also the author of Why Doctors Don’t Get Rich.

Tyler and Tom discussed why doctors (and many high-income earners) don’t get rich, Tom’s path to passive income, what it takes to be wealthy-minded, HUD loans and more. Highlights include:

• Tom’s trajectory of learning and pursuing real estate investing while working as a physician
• Tom’s experience of buying the first-ever purchased Rich Dad, Poor Dad book, and his meeting with Robert Kiyosaki
• Why doctors don’t get rich trading time for money
• The simple, yet hard-to-execute traits of the wealthy-minded
• Acknowledging that off-market deals aren’t necessarily great deals
• The nuances, benefits and downsides of FHA HUD loans, including 223(f) and 221(d)(4) 
• How Tom’s team structures private equity 
• Why Tom’s team likes the build-to-rent space
• Why you need to surround yourself with people who are smarter than you

 

Connect with Tom:

 

Website: http://www.richdoctor.com
LinkedIn: https://www.linkedin.com/in/tom-burns-9744304/
Facebook: https://www.facebook.com/tomburnsmd

The following books were mentioned in the show:

7 Steps to Creating Wealth on a Busy Schedule

Why Doctor’s Don’t Get Rich by Tom Burns

Rich Dad, Poor Dad by Robert Kiyosaki

Cashflow Quadrant by Robert Kiyosaki
Who Not How by Dan Sullivan and Dr. Benjamin Hardy
Atomic Habits by James Clear
Goals by Brian Tracy
The Gap and the Game by Dan Sullivan and Dr. Benjamin Hardy
The Obstacle is the Way by Ryan Holiday
Happiness Advantage by Shawn Achor

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