37 year old married dentist trying to crest financial freedom

[Ramin M.]

Hey y’all! I’m 37 years old. Graduated dental school in 2019. My wife and I got married last April. She’s PACU nurse. We are in the grind to start saving and begin real estate investing on path for financial freedom. Any guidance help would be awesome. Started Brandon Turners book today, so hopefully I’ll gain more knowledge soon. Brief about me: my credit was **** from mistakes I made. I was a late bloomer to dentistry and prior to that I was trying figure out my path. I’ve spent a lot the past 2-3 years and rarely saved. Wedding, honeymoon, full landscaping reno, my taxes etc… but past three months my wife and I are saving around 10-12k a month in a high yield interest savings account. November 2021 we bought a house. Now before anybody judges me there is a reason why house was bought all cash. Essentially my mother, god bless her, bought an investment condo in 2014 for 579k and sold it 2021 for 840k. She wanted me to have that money to buy a house for my engage wife and I ( yes she is amazing). My credit was **** and still is not great (getting better around 690 right now) so we couldn’t get a loan. I know it wasn’t ideal but we bought house all cash for around 850k. Now what’s done is done and I have this brand new development home and my only expense is 178 a month hoa and around 10k yearly taxes. In September we are relocating back to boston and will rent it for probably 4500 a month. I’m going to work my butt off for a year and then my intention is to buy an existing dental practice rather than continue associateship. Long term wise I don’t want to work as a dentist daily past 45 hence why I want to focus on real estate. I need help, mentorship, knowledge. I got so many little questions. Any help would be great. Thanks so much for reading. 

[Alfath Ahmed]

Quote from @Ramin M.:

Hey y’all! I’m 37 years old. Graduated dental school in 2019. My wife and I got married last April. She’s PACU nurse. We are in the grind to start saving and begin real estate investing on path for financial freedom. Any guidance help would be awesome. Started Brandon Turners book today, so hopefully I’ll gain more knowledge soon. Brief about me: my credit was **** from mistakes I made. I was a late bloomer to dentistry and prior to that I was trying figure out my path. I’ve spent a lot the past 2-3 years and rarely saved. Wedding, honeymoon, full landscaping reno, my taxes etc… but past three months my wife and I are saving around 10-12k a month in a high yield interest savings account. November 2021 we bought a house. Now before anybody judges me there is a reason why house was bought all cash. Essentially my mother, god bless her, bought an investment condo in 2014 for 579k and sold it 2021 for 840k. She wanted me to have that money to buy a house for my engage wife and I ( yes she is amazing). My credit was **** and still is not great (getting better around 690 right now) so we couldn’t get a loan. I know it wasn’t ideal but we bought house all cash for around 850k. Now what’s done is done and I have this brand new development home and my only expense is 178 a month hoa and around 10k yearly taxes. In September we are relocating back to boston and will rent it for probably 4500 a month. I’m going to work my butt off for a year and then my intention is to buy an existing dental practice rather than continue associateship. Long term wise I don’t want to work as a dentist daily past 45 hence why I want to focus on real estate. I need help, mentorship, knowledge. I got so many little questions. Any help would be great. Thanks so much for reading. 

Jamin, Congrats on the marriage and the new house. An investment is an investment no matter how you structure it. For you case, many people buy homes cash to get a better price because a cash offer is always more appealing than an FHA/VA/Conventional loan. You can always pull a Heloc or Re-finance you current home taking into consideration that the property would still cash-flow positive.

Both the Boston market and San Diego market is very expensive. Yes, you will get appreciation but you will almost always cash-flow negative. I suggest looking into the Columbus, OH market. We are booming here right now in terms of appreciation and rent-growth. I am personally working with a lot of California investors and helping them find amazing off-market deals that they are buying pennies to the dollar. 

Let me know if you want to connect over a zoom call and I can definitely guide you in the right direction in terms of investing.