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Updated almost 2 years ago,
Moving to Goodyear/phoenix AZ, starting a DPT Program
Hey all and thank to all who read/respond in advance.
I am 25, did 6 years in the Army Reserve, plan to use my VA loan or FHA loan whichever makes the most sense.
I am planning to start a doctorate of physical therapy program in goodyear arizona in august. I currently live in New Jersey and work at an insurance brokerage as a customer service rep. While I am on track to get a producer/sales role and would love to continue that, I will do so in addition to the DPT program if possible, but the DPT path is my current career priority. (Unless otherwise enlightened in the next 5 months)
With that, I live and work in NJ right now, so it is my understanding after speaking with a lender in Arizona that I would need a letter from my job stating they would allow me to work remote, or an offer letter for another job in arizona; essentially so that the lender could justify my purchasing a primary residence in Arizona.
With that, I have about 5-6 months to be moved to have my current job approve of this, get my loan approved, and get moved to Arizona. I am completely transparent with my employer and will be having a meeting in the next week or two to talk my plans over. It is unlikely that I will be able to stay with them as a W2, so my savings and student loans will have to carry me through the 2 year program. My tuiton total for the accelerated 2 year DPT program is approximately 105k and i will be able to max out my student loans if needed to 184k over the two years, leaving me with 79k in loan value over that duration. I will have around 30k liquid at the time of the program as well to be conservative in cash.(before purchasing property)
My plan is to get a mortgage now, move to AZ, work remote until the program starts (hopefully work through it in some capacity however unlikely), and rent out the additional rooms.
My question then is very open ended. Are there any obvious flaws with this plan? Is this market difficult to execute this strategy in? Any and all suggestions welcome.
Thank you!