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Updated about 1 year ago on . Most recent reply
New to the community, looking for guidance
Hello everyone,
My fiance and I are new to the BiggerPockets community and are looking for some general guidance. We have a vague idea of what we're looking to do, though it's so early in the process we are amenable to change.
We are both medical professionals (doctor + veterinarian) in our early 30s, no kids. I (medical doctor) am not currently practicing, instead choosing to start a business while doing some consulting work on the side. She is currently practicing full-time as a vet.
Ideally, we are seeking to purchase a multi-family property (i.e. duplex, triplex) in the San Diego area. We would live in one of the units, while renting out the others. After some basic research, it seems to me that an FHA loan or, potentially some type of physicians loan may be the best option. The physician's loan may be tough to qualify for due to our particular circumstances - me not currently practicing and her being a veterinarian (i.e. not an MD).
We have a combined income over $250k at the moment, which could increase as my business grows or I choose to return to full-time work unrelated to the business in the future. We can comfortably provide a down payment over $100k, have a few hundred thousand in assets (i.e. equities, no property), have good credit (both over 750), no credit card debt. Our student loans are almost entirely federal with a couple thousand a month in payments if that matters.
We have so many questions...any guidance would be greatly appreciated!
Is this a reasonable strategy? What other strategies would you recommend?
What type of loan should we pursue? What would we even qualify for at this stage? How can we increase this in the future?
What can we do to better plan and prepare for an eventual property purchase in the next 12-24 months?
Honestly, the only non-negotiable is location. We are not in a rush and are looking to learn from the community.
Thank you in advance!
- Arman