Med school, Real Estate, and moving. What would you do?
Hello BP,
I am looking for advice for if you were in my shoes.
This would make for a better conversation, but I have nobody to talk to aside from the good folks here on BP so bare with me.
I am 23 years old and married.
My wife is currently in her last year of premed and next summer we will be moving to wherever she gets accepted into medical school. (Not sure where that is)
I make about 60k a year and put 10% into my 401k and she works summers only and makes say 5k. I am on a 3 week on and 3 week off schedule where I work overseas, so I can move wherever I want and keep my job (layoff and contracts permitting of course)
So far we have payed for her schooling out of pocket and haven't taken any loans, however when she starts medical school in about a year we will have to take out student loans which will be pretty substantial. (I do have a truck loan for 285 a month)
I have about 20k in the bank and about 30k in my 401k. In a years time I hope to have an additional 10k saved.
When we move I want to buy my first house. I have been reading BP books and have been listening to the podcasts so when the time comes we can purchase our first house with exit options (flip or hold) depending.
Only one med school she applied to is in Oregon, so if she doesn't get into that school we will be moving out of state, possibly as far as Ohio or Texas. If we do move out of state at this point we want to move back at the end of her 4 years in med school.
Has anybody else bought investment properties while their SO was in school? Should we just focus on our first house for those 4 years or do you think investing is still an option. If we do a FHA loan with only a 3.5% down we would have to pay PMI but we would have enough left to buy an investment property depending on how expensive the city is.
So there are the basics. Feel free to ask questions as I am sure there is a lot to add. I want to make sure I am taking everything into account and have every angle researched by the time we make our move.
Thank you for all your time, I really appreciate it! ~Steve