Real Estate Newbie with goal towards financial freedom

[David Chen]

Hi everyone!

I just wanted to introduce myself to the BiggerPockets community.

I'm a newly graduated Family Practice Physician currently practicing in Collegeville, PA (suburb right outside of Philadelphia). I'm saving up now and starting my journey towards financial freedom. I'm looking forward to meeting everyone on here and to learn as much as I can from everyone here too.

I've been looking at properties around university areas and thinking of renting out to university/grad students. Are there any other areas that you guys recommend looking into too? 

Thanks!

[Kevin Uzelac]

@David Chen it depends on your price range. Rental property near Saint Joes is pretty expensive. You could get some good deals around the temple area and rent out to students by the bedroom. You can cashflow pretty nicely right off the bat in that area. Obviously you have La Salle, UPenn, Drexel etc but rentals in those areas are hard to come by. 

I think the play would be to buy a near turnkey student rental for your first deal using hard money. Cash out refi after a year or so and pay that hard money loan back. This way you have some cash flow coming in to put towards your future projects.