Saint Petersburg, FL · Member since 2016 · 9 posts · 2 votes
I'm 29 yo, living in St Pete FL.
Recently graduated from medical school, general practice.
300k student loan debt, several loan at 7.9%. I realize I can't make this return. But I genuinely enjoy real estate and have been waiting a long time to get my foot in the door.
I have 30k in savings
Thinking about purchasing a property 20% under market value...10% forced appreciation like in Brandon's book.
In St Pete, 100k or less 3/2/2 put 10k into it.
B neighborhood.
I would do FHA loan, 30 yr fixed.
Thoughts? Give me your guidance! THANK YOU
Investor · Chattanooga, TN · Member since 2012 · 227 posts · 114 votes
10y
first of all - congrats that you are actively looking and ready to pull the trigger on your first RE investment.
I didnt see what the end game is? Are you looking to build a RE investment portfolio with long term holds?Or is this for you and your family? You need to get a strategy and goals first before you look at purchasing- let us know...
As far as business advice... I will suggest you pick a high paying specialty. Forget being a General Practitioner.
You might want to consider getting a 2,3, or 4 unit property instead. As far as the loan will be concerned they will be "single family." You could rent the other's out. Eventually move and rent out all of the units.
As far as business advice... I will suggest you pick a high paying specialty. Forget being a General Practitioner.
You might want to consider getting a 2,3, or 4 unit property instead. As far as the loan will be concerned they will be "single family." You could rent the other's out. Eventually move and rent out all of the units.
Thanks Michael, I'm looking for that type of property now. It's tough to find that in this area. I do like house hacking better though.
Investor · Chattanooga, TN · Member since 2012 · 227 posts · 114 votes
10y
first of all - congrats that you are actively looking and ready to pull the trigger on your first RE investment.
I didnt see what the end game is? Are you looking to build a RE investment portfolio with long term holds?Or is this for you and your family? You need to get a strategy and goals first before you look at purchasing- let us know...
You have come to the right place for RE investing lot's of great info and advice from the BP community. Here are some links that I have put together for you, hope it will help you on your path of REI. I hope this will answer so of your questions.
You have come to the right place for RE investing lot's of great info and advice from the BP community. Here are some links that I have put together for you, hope it will help you on your path of REI. I hope this will answer so of your questions.
Columbus, OH · Member since 2015 · 210 posts · 80 votes
10y
for your situation, you definitely don't need LLC only for a multi unit, just get umbrella insurance to cover it. Research the cons and pros for LLC ( there are lots of discussions here), you will see one of the cons is the financing options.