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I am a 28 years old and currently have a job as a resource room teacher at a public high school in NYC. I am considering going to medical school in the next two or three years. I am taking some pre-requisites and boosting up my GPA before then by taking some courses in the evening while I work.

I'm also considering on purchasing a property in the South because it seems really affordable and I'm getting approved for a mortgage to do so. Do you think it is wise to purchase a home or condo NOW if you have these professional school aspirations (medical school) in the future?

2006-11-26 03:50:22 · 6 answers · asked by krazymack 2 in Business & Finance Renting & Real Estate

6 answers

You have to look at the condo as you would any other investment. Do the condo rules allow you to rent out the property if you needed to relocate for school? Would such an asset disallow you from any low rate student loan programs for medical school? Can the property be sold in a timely manner if you needed to liquidate? Are the property values rising at fast enough rate to justify the initial investment? I realize these are more questions than answers but they are all important to your issue. The most important one is the last one because real estate is just like any other investment if you are looking on a short term basis.

2006-11-26 04:56:09 · answer #1 · answered by linkus86 7 · 1 0

I would say that it depends on how much income you will have while you are in medical school. Will it be able to cover the costs of not only your monthly mortgate, but also regular and emergency maintenance and repairs, plus property taxes? If you think that it will, then buying now would be smart. But if you don't think the income will cover these expenses, or you think you could cover them, but money will be extremely tight, then I would recommend continuing to rent for now. The one thing about renting is that when something goes wrong with the property, it generally is not your responsibility or financial obligation to fix it!

2006-11-26 04:58:34 · answer #2 · answered by Anonymous · 1 0

in case you're in basic terms staying for a month at a time then a lodge is the greater appropriate determination. they have motels for each funds over there. each little thing from boarding homes/teenagers hostels, to 5 megastar motels like Manila lodge on Roxas Blvd around the line from Rizal park. certainly if I have been you i might in basic terms lease a lodge. components numerous flexibleness each time you pass you may stay in a distinctive portion of the Philippines then you actual can see the place you like it maximum. Manila lodge has the ideal buffet on the city. greater appropriate than Belagio Las Vegas yet no longer as costly.

2016-12-13 14:32:01 · answer #3 · answered by ? 4 · 0 0

If you want to go to medical school unload every thing in your life, no property no girl friend or wife much less kid. There are plenty of women just be careful there. Also you will have lot debit. oh about 225k worth.

2006-11-26 09:40:57 · answer #4 · answered by Anonymous · 2 0

If you plan on living in the house or condominium I think it is a good idea. Otherwise, it could be a distraction dealing with renters. You have to live somewhere and at least you will be building equity and have a tax shelter if you buy a home.

2006-11-26 04:24:56 · answer #5 · answered by Flyby 6 · 0 1

yes just do it

2006-11-26 04:43:42 · answer #6 · answered by pattibcacl 6 · 0 2

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