All Forum Posts by: Darin Dutson

@Colleen F. I am working on a couple of things to get pre-approved, simply because I was curious what I could get. My wife and I wanted to move forward with the idea and do all the research we could before making a decision. 

@Caleb Heimsoth I don't have much of a choice at this point. I got in and it's extremely competitive. I would have re-thought it a while ago but I have based my life's work on this idea. Starting out in NV I can be making 110K.

@Cherie Orellana I have a realtor, but he has mentioned a couple times that they don't really build duplexes in the Henderson area. Your idea was my original idea as well; however, I have been unsuccessful in finding anything. As of right now, I wouldn't qualify for an FHA loan because my wife doesn't have a full-time job, and I will not be able to have a job while in school.

SHORT VERSION:

I have saved $30,000 during my undergrad, but I will have to go into debt for my graduate degree in Physician Assistant studies, which will amount to about $145,000 for the program alone. I have applied for a number of scholarships with no success. What do you think about investing the money I have into buying a condo / townhouse instead of renting and throwing my money away? I have heard good things about the Las Vegas housing market, and if I buy real estate my thinking is at least I will have something when it is all said and done.

LONG VERSION:

My name is Darin Dutson and I am 26 years old. I am married and my wife just had our first child in January. I graduated with my 4-year degree at Brigham Young University in Utah, and I have been accepted to a Physician Assistant Studies graduate program at Touro University Nevada.

An approximate estimation of tuition cost is $100,000 and housing/living ~$45,000. My wife and I have saved up $30,000 during my undergraduate program, but it seems we will find ourselves in an immanent large amount of debt for grad school.

My question is about my housing situation. I would like to invest the money we have saved in a condo or townhouse of some sort, which will require us to make a down payment of 15 to 20% because we do not qualify for a first-time-homeowners loan. This would leave me with a $5000 to $6000 emergency fund and some real estate. If I do not do this, I will have to rent, which is an automatic $30,000 down the tube (in Henderson, rent ranges from $850-$1200 per month plus utilities). I have attempted to find other ways of living a little cheaper to no avail (e.g. contacting bishops from my church who potentially had ideas where members could house my family for cheaper).

Keep in mind that I will be paying my mortgage with the student loan money I receive, NOT rent if I happen to buy a house. My wife is going to try to work from home while taking care of our young son, but we are not sure how much she will be able to do yet.

Would you lean toward either one of these options, or scrap them both altogether? I have looked into and applied for a number of scholarships with no success. My wife and I continue to work to save as much as we can before we move down to Henderson, NV.