All Forum Posts by: Steven Torrez

 I have been thinking a lot about that and am completely up for doing it. The biggest thing is the small window from when we get out of Oregon to when we need to be moved in for the start of her medical school. 

Hello BP,

I am looking for advice for if you were in my shoes.

This would make for a better conversation, but I have nobody to talk to aside from the good folks here on BP so bare with me.

I am 23 years old and married. 

My wife is currently in her last year of premed and next summer we will be moving to wherever she gets accepted into medical school. (Not sure where that is) 

I make about 60k a year and put 10% into my 401k and she works summers only and makes say 5k.                 I am on a 3 week on and 3 week off schedule where I work overseas, so I can move wherever I want and keep my job (layoff and contracts permitting of course)

So far we have payed for her schooling out of pocket and haven't taken any loans, however when she starts medical school in about a year we will have to take out student loans which will be pretty substantial.    (I do have a truck loan for 285 a month)

I have about 20k in the bank and about 30k in my 401k. In a years time I hope to have an additional 10k saved.

When we move I want to buy my first house. I have been reading BP books and have been listening to the podcasts so when the time comes we can purchase our first house with exit options (flip or hold) depending.

Only one med school she applied to is in Oregon, so if she doesn't get into that school we will be moving out of state, possibly as far as Ohio or Texas. If we do move out of state at this point we want to move back at the end of her 4 years in med school.   

Has anybody else bought investment properties while their SO was in school? Should we just focus on our first house for those 4 years or do you think investing is still an option. If we do a FHA loan with only a 3.5% down we would have to pay PMI but we would have enough left to buy an investment property depending on how expensive the city is.

So there are the basics. Feel free to ask questions as I am sure there is a lot to add. I want to make sure I am taking everything into account and have every angle researched by the time we make our move. 

Thank you for all your time, I really appreciate it! ~Steve

I still need to show him how home ownership will be beneficial so he has something to work towards. Basically he's looking at his feet instead of looking ahead. I asked him what his 10 year plan is and he told me he doesn't have one, just living one day at a time. 

Even if he has to wait a couple years, at least he would have a better idea what he needs to do now to get there.

Hello,

My fatherinlaw lost his house about 5 years ago to forcosure. He has been renting ever since. I was talking to him today and he said he will never buy again because he has been burned. He's living month to month and has very little savings. 

How can I show him how buying makes sense in the long term? He is in his mid 50's and is convinced he will be working to the bone until he dies. He's so defeated and it breaks my heart to see it. His wife doesnt work, but i think when getting the alcohol under control she has the ability to step up.

Does anyone here have links i can show him that have simple breakdowns and arguments to why he should buy (and buy right) vs rent. He respects me but wont take my advise unless i can back it up with facts. He would rather avoid the conversation than actually think it over.

Id love to hear your suggestions! 

Thanks, Steve

Hello BP,

I need some direction on what the better use of my money is. Currently I put 10% of my gross income into my 401k and in just a few years I already have 30k in there.  So my question is, would that money be better left alone or should I cash half out to use as a down payment on a rental property? 

Thanks, Steve

Hello BP,

I have always been interested in Real Estate Investing. I haven't however been serious about it until recently. I joined BP and have read their free books and listened to a few podcasts this week. I know analysis paralysis is a big hurdle for new investors and I wanted to know, how long should the average person studying an hour a day take to have enough of an understanding to get into the market? For example, if i have been taking a hour a day to read and network with investors and in 6 months still haven't gotten pre-approved for a loan would you say I've hit that analysis paralysis wall? 

Looking for a basic timetable of how much everyone studied before jumping in. 

Thanks, Steve

 Thanks Sergiu,

I had to inventory our "pod" of parts today at work so I just put the podcasts on and listened to 3 of them. And I downloaded a bunch more to listen to on the plane ride home Thursday. I've always been interested in REI but have never been so encouraged and excited about it until now. I hope to keep in touch and see how you're doing and support you as you transition into taking all that information and applying it.

Cheers, Steve 

Hello,

My wife and I live in Monmouth OR and would love to know as well. I have been reading a lot lately and have been listening to podcasts so I'm excited to network and follow other local people making it work. We are about a year out from when we will be making our first purchase, if everything falls into place. 

Cheers, Steve 

Hello, my name is Steven Torrez and I am from southern Oregon. While i don't have any Real Estate experience I am looking forward to getting into it. I am a A&P helicopter mechanic, but i do fly privately as well. I work 3 weeks on (out of country) and then I have 3 weeks off. My wife is going to school full time to become a doctor. We don't know yet where her final 4 years of school will be, but we know it will most likely be in a larger city. So when we move in about a year and buy our first house, it needs to bought with an exit strategy in mind ie renting or selling (after she graduates med school and we move back to southern Oregon). I hope to be able to build connections with everybody on here so I can get started on the right path. Thanks so much for your time, Steve