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Updated about 5 hours ago on . Most recent reply

User Stats

20
Posts
15
Votes
Elisha Johnston
  • New to Real Estate
  • Los Angeles, CA
15
Votes |
20
Posts

Medical student - Financing options for a househack

Elisha Johnston
  • New to Real Estate
  • Los Angeles, CA
Posted

Hi everyone, I'll be starting medical school in Worcester next year in August and am planning to do a house hack when I get there. I am fairly sure I will be able to save up for the down payment beforehand, but there's a chance I won't be able to do all $35-40k on a tri/four-plex. I get access to the student loan funds in August, but if I'd like to purchase the place in June, what do you guys recommend doing to cover the remainder of the 35-40k for those two months? Even just having access to 10k cash for those few months would be tremendously helpful if that is what it takes. 

FYI: for medical school, students can take out up to the cost of attendance in loans at 8% interest right now, so once in medical school, I could keep the portion of the loans dedicated to housing in my pocket (assuming I break even on the househack). I also won't be actively managing the property most likely. My wife will be taking care of management things while I'm in school.

Thoughts?

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