Hey you all. I have an interesting situation!!!
I am currently going for my masters in nursing, going to have my nurse practitioner license in 5months or so. in my neck of woods we can make halfway decent in my area (75000-150000) but usually 80-120 per year. i love my clinicals and will love this job when i graduate. So even the tough days are ridiculously fun. I hope to gain this type of excitement also from the world of real estate, which so far seems to be a blast to me. As they say, and I wholeheartedly agree, don't do something unless you enjoy it, otherwise the hard times will break you. I love these words and live by them.
i currently have around 15k in savings, probably at least 10-20 k in assets, an entire home worth of goods from when i lived in a condo a few years ago in my parents basement (i am living at home at the moment, FREE of course, the greatest benefit)
the final semester of my program is relatively laid back, with 300 clinical hours and a research project and a couple exams. I play on having a large amount of spare time.
If need be I could relatively easily acquire a job paying 50-60k per year @ a 40hr workweek as a staff nurse at a local hospital.
I live 55 miles south of knoxville, which is where i would like to buy a home, which essentially, will be my first investment property a year or two down the line.
I plan on living in what I buy while i finish up clinicals in knox (would save me driving time)
Down to the numbers, there are several homes (just by simply looking at the MLS), that would probably make suitable places to live in and in the future transition into rentals.
I have a decent idea that around the UT campus area rents range from 400-800+ depending on what you are renting of course with 400 being an efficiency apartment.
I would not spend over 30 grand on a home, would like to buy one which needs maybe 5-10k of fixing up. knox has a large amount of homes in this number bracket.
My idea would be to either owner finance a home, or pay a large payment down and receive a loan from either a bank, or use some other options I have regarding acquiring the money (too many details).
What do you all think of this idea? It is rather broad, my question, but basically I am asking if it would be a wise idea to use my money to acquire a home and live off of my student loan money (which i can accept up to 50-60k if needed. I would NOT use the loan money to purchase (it is illegal I believe, even though I am not considering this an investment property) but it is not illegal to use my money and live off of loan money (7.9%).
I currently have 30k in loans, which isn't very much considering the pay off of my degree.
Beats the heck out of renting in my opinion, especially if I can owner finance.
cheers,
Anthony
