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I have a question.

Here we go, I have some cash saved up and need some advice.

I have enough as to where I plan to buy a 175,000 home during dental school. However, after that I will be at 0.

So, should I buy a home now with cash and then apply for loans?
Or apply now and then buy a house after I get the loans. Or will I even be able to get loans since I have money?

I really dont know what to do. However, I do know that I am NOT going to pay someone rent over 4 years as it would have to be cheaper to get student loans and just buy a home that would appreciate?

What would be the best way for me to use this $175k ???

I know its a great problem to have but money causes problems and this is mine.

Thanks for your advice.

VB
 
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vertical bite said:
I have a question.

Here we go, I have some cash saved up and need some advice.

I have enough as to where I plan to buy a 175,000 home during dental school. However, after that I will be at 0.

So, should I buy a home now with cash and then apply for loans?
Or apply now and then buy a house after I get the loans. Or will I even be able to get loans since I have money?

I really dont know what to do. However, I do know that I am NOT going to pay someone rent over 4 years as it would have to be cheaper to get student loans and just buy a home that would appreciate?

What would be the best way for me to use this $175k ???

I know its a great problem to have but money causes problems and this is mine.

Thanks for your advice.

VB

bump me baby!
 

denty

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:confused: :scared: 175 K!! i only have 5 grand to my name!!! :(
 

crazy_sherm

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Forget the house. Spend the cash on a 911 Turbo so you can roll to school in style. Whatever's leftover, you can blow it on some coke.
 

mccarth2

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Personally I would wait to have the security of loans before I make the investment of buying a house, but if you would rather buy a house now and your parents are willing to help you out if you need it then I guess you could do either. Also, if you are going to have roomates I wouldn't suggest putting down all of the money on the house. Take some of it and invest it somewhere else and have them pay off the rest of your morgage/house insurance/taxes. With that nice chunk of change and your parents help for the morgage loan you could even buy two houses that would have low enough morgage payments that would make them cheap and easy to rent out. Although this could be too much hassle though if you're going to be in dental school. I know in Florida this would be the best way to go (real estate appreciated 20% in our area last year).
 

IWuvTeef

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vertical bite said:
I have a question.

Here we go, I have some cash saved up and need some advice.

I have enough as to where I plan to buy a 175,000 home during dental school. However, after that I will be at 0.

So, should I buy a home now with cash and then apply for loans?
Or apply now and then buy a house after I get the loans. Or will I even be able to get loans since I have money?

I really dont know what to do. However, I do know that I am NOT going to pay someone rent over 4 years as it would have to be cheaper to get student loans and just buy a home that would appreciate?

What would be the best way for me to use this $175k ???

I know its a great problem to have but money causes problems and this is mine.

Thanks for your advice.

VB

pay for dental school so you won't have loans haunting you when you get out. :D
 

The Godfather

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As a home owner/investor since 1997, I'll give you my take. Buy a house, but don't pay it off. Put enough down so that you don't have to pay PMI (personal mortgage insurance, which is money that goes straight to the insurance company to secure the loan; it can add hundreds to your payment), at least 20%. Student loans have such low interest rates, it's almost like stealing (and your personal home is not included when figuring your EFC for financial aid). Take out as much as you feel comfortable with. You'll have those student loans paid off within ten years out of school. If you don't mind having roomates, get some and chances are they will be paying enough that they will pay your mortgage (so you are living for free, and you own something that is gaining in value). With the extra money buy a lot (maybe somewhere where you would like to set up p practice, if that's your druthers) and throw some in some Tbills, bonds, and stocks. After you get out of school, sell the house which will have appreciated maybe as much as 10% a year, or keep it and rent it out (if you are near a school, there is always a need for rentals). Use the equity built up in the lot you bought (which will have appreciated over the years as well), and borrow against that to pay for building the structure for the practice, or sell it. Real estate is always the way to go - "God doesn't make any more." The whole idea here is to use other people's money to make money. You talk to anyone who makes money in real estate and they will tell you that the worst thing for someone who is not 80 years old is to pay off your mortgage. While I'll admit having a mortgage paid off might make you sleep a little better at night, the earnings that are possible by investing your money wisely will make you sleep a lot better. I know I threw a lot of info at you, and this is only one path you could take. Ask around (parents, any rich un-biased friends) and don't enter into a decision lightly. It literally could mean the difference between adding 1000's or tens of 1000s to your portfolio. You could get that CEREC machine all the sooner! :thumbup:
 
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IWuvTeef said:
pay for dental school so you won't have loans haunting you when you get out. :D



I do plan on paying off dental school. After I graduate, Ill sell the house pay off school and take the rest and start a practice.

what would be the benefits of paying 800 a month for rent for 4 years???

thats like 38000 ill never get back.
 
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denty said:
:confused: :scared: 175 K!! i only have 5 grand to my name!!! :(


It adds up. Especially when you have rich relatives kick the bucket.