All Forum Posts by: Hau N.

Thanks @Rob D.  That's an extra $6-7K in the bank for just in case something were to happen.  This is good to know.

Where you get in medical school will dictate whether you can invest or not.  I don't see how you can invest if you were to get in NYU, Columbia, UCSF, USC, UCLA, etc.  But if it were in a location that would generate cash flow easily, I'd go for it.  

@Matt K.Yup, free tuition and get paid >$1,000 a month to become a doctor scientist.  It's funded by the federal government.  

@Carlos Cevallos If you go for MD/PhD, you get a monthly stipend for >8 years and free tuition.  @Terrell 

@Terrell Garren is right on the spot.  If you're thinking of doing primary care, then it'll be easier than another competitive specialty such as derm/orthopedic/ophtho/anes, etc.  If you're aiming for competitive residency in a highly competitive field, then being a landord would be a bad idea.  

I knew someone house hack while he was in medical school.  It can be done, but Andrew does have a very good point.  

Thanks for the suggestion.  I'll look locally first as this quote was just from one bank. 

@Chris Mason Thanks.  You're right about the down payment and cash flow.  It was 25% not 20%.  Cash flow dropped about $100 instead of $250/mo.  Good catch for my miscalculations. 

@Dan Schwartz  The loan originator didn't mention anything about paying for points.  

@Chris Williams  Thanks in advance.  

Hi BP members,

I'm trying to line up my financing for my first investment property (possibly a triplex).  I'm hoping to see what you thoughts are on this financing deal provided by Wells Fargo over the phone.  I didn't expect this high of an interest given my credit score 800+ and decent income.  I didn't account for the half a point or so as it will be an investment property (not second home).  This high of an interest cut the cash flow from $500 to $250.  If you have any advice of lenders you've worked with that may provider better rates, please let me know.  

Purchase price: $260K

Loan amount: $195K (down 20%)

Closing fees: $4,235

Prepaid interest/escrow/reserves: $4,421

Interest: 4.750%

APR: 4.865%

AM: 30 year term

Principal and Interest: $1,017

Real estate taxes: $270

Insurance: $82

Total mortgage: $1,370/mo

Thank you in advance for your input.  

HN

@Graham Nash My goal is to have 10-20 properties when I retire. So no, this won't be my first and last. You make it an interesting offer there. I would take it up if I was more experienced in REI but I'm still looking for my first. I can screw up my money all I want but not others. Thanks though.