Using life savings to pay off student loans vs starting REI
Hi,
I was hoping to get some advice from BP members. I love this site and have learned so much already. I've always been interested in real estate and would love to get started with buy-and-hold investing. I want to have a semi-passive source of income, which I hope to grow and be able to retire early (for me that would be when I hit 40k per year in cash flow).
I just graduated from veterinary school with $180,000 in debt. I have a job in the central valley, CA that pays ~$100,000 per year. I have $40k in savings and very low living expenses. For my loans, I'm currently on an income based repayment plan with monthly payments of $1000 for 25 years.
My question is, should I use my savings to help pay off the loans or would it be smart to use it to get my foot in the door in real estate? I'm not very excited about the market here in California, and with my busy schedule, I'd be looking at investing in turnkeys (right now looking at Atlanta, Austin, Chicago but much more research is needed). I'm currently looking at areas that cash flow well and also show some hope of appreciation, and ideally MFR.
Thanks for any help!