Hey! I am an eager 4th year medical student who wants to begin his real estate investing career. I will be graduating in May, and will begin working for a hospital in July. After I graduate I plan on buying a home, but in the mean time, I want to try to do a deal as soon as possible so I can learn the process sooner. What steps would you take to achieve your first deal if you were in school and have no income yet?
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
5y
First step is to define your goals and what you have to work with. What kind of deals do you want to do? How much capital will you have to bring to the table? How about time and availability?
From conversations I've had with my investors and friends who are physicians, the common threads tend to be 1) more money than time 2) concern about liability 3) med school debt.
You will have income very soon. You can learn a lot of real estate investing information for free. Join online networking events (BP Events section, Meetup.com, etc), read blogs, watch webinars, etc.
@Taylor L. thank you for my first response back on BiggerPockets haha! I've been reading books, listening to BP podcasts and webinars. I want to start out with single family homes that need more cosmetic rehabs and work my way up into bigger rehabs once I have people and systems in place to help with that process. That is how I see my first couple of years with real estate investing. Does medical school debt factor significantly into private money lenders willing to lend you money?
Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
5y
Dr. Rehab is a lot of work. It's having two conflicting high touch businesses, with one that took 10 years of school, residency, and debt for the price of admission...and the other that takes many years to achieve meaningful scale (some of us never get there). Most high net worth individuals invest more passively in NNN, syndications, stocks/bonds, etc.
To answer your question, maybe spend your time researching the house you plan to buy and consider house hacking (and/or a fixer). Good way to start.