All Forum Posts by: Dylan Rossi

@Dylan Rossi As a retired MD I applaud you getting financially educated, which most docs lack. I feel you would be better off paying down the student loans as they will weigh on your ability to get real estate loans. As the White Coat Investor urges, if you live like a resident for several years after you become an attending you will be able to get rid of the albatross of the loans faster, then concentrate on your real estate portfolio. Good luck.

Thank you, Dennis! So far what I've gathered has been exactly what you've said; focus on delayed gratification, avoid "doc-itis" and resist lavish lifestyle changes in the future, pay down my debts, then look into real estate. Appreciate your advice.

Dylan

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Originally posted by @Theresa Harris:

Rental properties require regular maintenance and can have unexpected expenses. Ask yourself what you'd do if you had an unexpected, large repair bill or several months where you couldn't rent out the unit.

As for student loans, try your best to save money or rather not spend money. When I was a grad student I bought a condo as it was cheaper than rent. If I wanted, I could have rented out the other bedroom lowering my costs. I know of a few students now whose parents bought a house and they rent out rooms to other students. It takes some work, but can pay for itself if done right.

If you did buy a place now, will you be in the same city for your residency and internship or will you need to move? If so, would you keep the place or have someone manage it?

Thank you for your reply! Unfortunately, there is a great deal of uncertainty in this point regarding my living situation. There are no guarantees as to whether I will be able to pursue residency in the same city as my school. Would you only recommend buying with the intent to stay with that property for a long period of time?

How would a medical student with no income purchase a condo? Would banks approve my loan, given my excellent credit rating (I've been working on my credit since age 18).

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Originally posted by @J Chad Davis:

Dylan,

As someone quite a few years on the other side of medical school and residency, I’d be willing to discuss with you. Send me a connection if that would be helpful.

Chad

Thank you, Chad! I look forward to speaking with you!

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Hi there,

I am freshly new to biggerpockets and very interested in exploring the opportunities of real estate investing. However, there is a major "roadblock" in my near future as a pre-medical / medical student: the massive mountain of educational debt I'm staring at.

How massive...? Well, to the tune of roughly $80,000 - $100,000 / year per year for 4 years, up to about $400,000 of educational loans by the age of 28. Another challenge is that my income will be virtually $0 until the age of 28 when I start residency training, at which point it would increase to about $50,000 / year for 3-5 years. Then, finally after 7-9 years of training, increase to about $200-$350k (I will be roughly 31-33 years old).

I understand this is all futuristic thinking, but it's tough to avoid thinking long-term in my situation. I'm hoping that I'd be lucky enough to stumble upon some sort of valuable advice throughout these forums with regards to how I should approach real estate investing given my situation.

Should I even TRY to get into real estate as a student, or just wait until residency?
With 400K+ in debt at age 28, does it even make financial sense to invest when I could be paying down debts?
Should I pay as much as fiscally possible towards my loans during residency / first few years of being an attending to become debt-free then look at real estate?
What about Lease options, sandwich leases (I just learned about these, but am very new to the idea).

Thank you all for reading my post. I am happy to be here and look forward to any advice you're willing to share with me. Thank you in advance.

Dylan

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All Forum Posts by: Dylan Rossi

Dylan Rossi has started 1 posts and replied 4 times.

Post: Seeking Advice: Real Estate Investing as a Broke Medical Student

Post: Seeking Advice: Real Estate Investing as a Broke Medical Student

Post: Seeking Advice: Real Estate Investing as a Broke Medical Student

Post: Seeking Advice: Real Estate Investing as a Broke Medical Student