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Updated over 13 years ago,
Med student financing?
Hey guys, I'm just getting involved in the real estate game and trying to figure out how to finance deals. Here is my situation.
I am currently a fourth year medical student with ~$150,000 debt, some of which is at 6.8% deferred, some subsidized/deferred. I do not have to begin paying off loans for another 15 months and will consolidate them for a better rate at that time if possible. My sources of income are as follows:
1) Online poker. Was earning about 50k a year for past two years playing online, payed taxes, played ~500 hours/year, have tons of documentation. Recently online poker has been shut down to US players and is having legal issues so I have retired from that and don't consider it a fixed/stable income anymore.
2) Land contract. I bought a house for cash and sold it on land contract. I will be receiving a $613 each month from this. The house is probably worth about 40k
3) I have about $35,000 in the bank.
I am now looking to finance a house for somewhere between $50,000-100,000 all in. I would be living in the first house I purchase for 1-2 years. I would also be interested in purchasing other investment properties but starting with the homestead would be a good start.
I have found some great programs for resident physicians who have secured residency positions but I am about 7 months away from being in this position. I have been told I won't qualify for conventional or FHA loans based on my debt/income ratio. It is possible I could get family member to help cosign but my family is currently looking to sell their own house and possibly take out their own mortgage on another house in the near future.
Do I have any options for getting financed? Thanks a lot guys!