How to start when in (Dental) School

Question

Hey everyone! I've been learning about real estate for the past several months, but I'm new to Biggerpockets. I'm a first year dental student living on student loans. I'm hoping to do my first Wholesale at some point this year, and was wondering what some of you might suggest in order to make that a possibility. Thanks!

Marcus Brown · Answer

I would contact local experienced and reputable wholesalers and see if they can legally pay you a fee for finding properties. Let's say you find a house that looks vacant, take pics, talk to neighbors, and pass that info to the wholesaler you choose to work with. If they get a deal from it, they'd pay you a fee. It's a good way to get started without having to manage your own campaigns, taking calls, meeting with sellers, etc. I'm not trying to deter you from wholesaling, but it would be a nice way to make some side money while getting your feet wet and learning as you go.

Michael Boyer · Answer

Kolten! I would focus close to 100% on your human capital for now (dentistry)... If you end up like any of our dentists or orthodontists, you will be doing well (like really well) in a few years... Think: a good used car price for the braces....do a few hundred of those a year and you see the best investment right now is in Kolten (I would not even play any reckless sports where the deca-million dollar hands could get injured)

Your future earnings are where the big bucks are at in my view...

So you could be picking up pennies (with wholesale deals) and passing large fat bars of gold (gained from going all in on dentistry).

But you can always read up and maybe buy a place to house another dental student for kicks and learning  (as long as a maintenance issue or tenant problem won't keep you from passing root canal class or whatever)...

Then, once you are all established, you may want to be a real estate investor--with the assets and being more established in your career. It might be a fun and profitable side line.

You might even buy your dental building and rent out parts of it to others in the medical field.

Some of medical professionals in my city own residential and commercial buildings. Often a spouse or top notch property manager handles the day-to-day (again, because of opportunity costs for a medical professional--you don't want to pass up a few grand you could be billing on Tuesday painting a wall  or showing units).

Best of luck!

Elizabeth Wilson · Answer

@Kolten Astle -  Best advice is to read all the forum posts on wholesaling and go to as many local REI networking events as you can.  See if you can find an investor who needs some part-time help; you'd probably learn more from that than trying to find and market a wholesaling deal.      Also find out what the local rules and laws are regarding wholesaling - states have specific law in regards to real estate contracts and transactions.

Kolten Astle · Answer

@Elizabeth Wilson

Thank you that's great advice :)

Kolten Astle · Answer

@Elizabeth Wilson

Thanks for the response! So I definitely plan on acing dental school, having a profitable practice, and owning Real estate and income properties later in life, but in the meantime I want to try and get some experience and raise some money on the side so that I can do some investments while I'm in school and start young. With wholesaling what I really want to learn now is how to write a good contract, how to put together a team, and find buyers. So I'll welcome any advice.

Thanks for the wishes!

Elizabeth Wilson · Answer

@Kolten Astle - Hi!  Wondering why you are wanting to wholesale while you are in dental school?  I'm projecting here but I'm guessing it isn't going to be worth your time.

What are your goals?  I'm assuming the first is to ace dental school and have a profitable (and awesome) practice?  I would focus on that and once you start making some money then look at how you can invest?

Another option is to househack while you are in school; there are lots of podcasts and forum posts about that.

While you might not think it, you are investing in your future by becoming a dentist.  I can't imagine all you need to learn both about the medical side and the business side.

I hope that other professionals will chime in on your post because I can only offer an outsider's perspective.

Best of luck! Keep us posted!

How to start when in (Dental) School

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