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Quick Start Guide? Or... where does a beginner begin?

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  • Quick Start Guide? Or... where does a beginner begin?

    Hello all,

    I'm currently a third year resident, soon-to-be-fourth (thank god!). My loan burden is relatively small and with interest rates frozen until October, I have basically been just saving up a ton of money. I will probably pay off most of my loans as soon as the interest rate is no longer 0%. In the mean time, I have been spending a pretty considerable amount of time thinking of extra ways of making money. The market has taken a down turn and honestly, based on how things are looking, I do not anticipate this to change in the near term. I know literally nothing about real estate. I have never started a business, have never taken out a non-student loan (I am actually appalled at how relatively easy it is to take out a student loan compared to a non-student loan). However, I am extremely interested in real-estate investing; I am particularly intrigued by owning a multi where I can reside in part of the building and the tenant will effectively be paying my mortgage (I understand that I should still set aside ~10 months' worth of expenses in case something happens).

    Basically, where do I start? What do I read? Is there a quick-start guide? I am not afraid of making mistakes. I understand the risk-reward concept.

    Thank you!!

  • #2
    The wci books are probably a good start

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    • #3
      If it not prudent to own a house during residency, RE investing seems much more risky. Try to house hack on a multi x ?.
      Rent is the max and mort + maintenance is the minimum. Not sure you can calculate a new roof or HVAC.

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      • #4
        Bigger pockets.

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        • #5
          Originally posted by Peds View Post
          Bigger pockets.
          I glossed over the post and didnt realize RE specific. Yeah, BP is a great starting spot.

          Comment


          • #6
            Originally posted by geraltofrivia1 View Post
            Hello all,

            I'm currently a third year resident, soon-to-be-fourth (thank god!). My loan burden is relatively small and with interest rates frozen until October, I have basically been just saving up a ton of money. I will probably pay off most of my loans as soon as the interest rate is no longer 0%. In the mean time, I have been spending a pretty considerable amount of time thinking of extra ways of making money. The market has taken a down turn and honestly, based on how things are looking, I do not anticipate this to change in the near term. I know literally nothing about real estate. I have never started a business, have never taken out a non-student loan (I am actually appalled at how relatively easy it is to take out a student loan compared to a non-student loan). However, I am extremely interested in real-estate investing; I am particularly intrigued by owning a multi where I can reside in part of the building and the tenant will effectively be paying my mortgage (I understand that I should still set aside ~10 months' worth of expenses in case something happens).

            Basically, where do I start? What do I read? Is there a quick-start guide? I am not afraid of making mistakes. I understand the risk-reward concept.

            Thank you!!
            1- re: the stock market, people said the exact same thing on3/23/2020... and well, none of us have a crystal ball
            2- re: real estate- you admit you know nothing about it. Its fine to think about and learn about it so that eventually you can build a real estate empire, but hold your horses for now. Financially you will be infinitely better off if you rent so you can just focus on your studies so that you match into a good residency and then look like a star during residency. DO NOT sacrifice that for real estate investments. Once you're an attending, if you're still interested, sure go ahead and start on your real estate empire.
            Dr. Cory Fawcett has written a lot about real estate. Also bigger pockets, and other podcasts are out there. Esp in the last few years interest in it has picked up again- not quite to pre 2007/8 levels but getting there.

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