Need advice on purching vs renting in my situation

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Good luck to you

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SundayFunday

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Nice try Johnny Manziel.

Slipped in between a double post

I doubt you would be able to get a mortgage with student loan as your income even with your parents co signing

Well that was my first concern as well but the realtors I've been speaking with were assuring that this is a common thing with the incoming students in the Shreveport area.

So, to educate myself further, assuming I could get a loan, would this be a wise decision to pursue or would spending quite a bit per month in rent for a small apartment be a better decision?

My wife and I just moved from Shreveport last year after she finished med school. You can easily find a decent place to rent for under $1000/mo. We rented in he south highlands area, and there were many 2 bed/1 bath apartments in the $700-$900 range.

"with no way of getting that money back" - You more than likely will not get your money back if you buy and are only there for 4 years. A majority of your mortgage in the 1st few years will be made up of mostly interest and little principle. Add on top of that the cost of owning a home, taxes, and closing costs when you sell and move for residency, and you'll most likely come out ahead by renting.

and lastly, the short time between your match and moving for your residency are not conducive to selling a house. There's a good chance you don't sell it right away and have to double up on living expenses when you move...and a resident salary aint that great.

i wouldn't buy during med school or residency personally. You don't want the hassle and expense of yard work, home maintenance at that time during your life and it's a great feeling to just pack up and move to wherever you need to go for residency and after that your first job. Don't become an unintentional landlord by buying and not being able to sell when you do residency somewhere else.

I did med school in Houston and residency in Nashville so my situation was a little different due to higher real estate prices, but I wouldn't do it any other way if I had to do it again.

I will present the other side. I bought during both med school and residency. At the end of med school, I got a $10,000 check for selling my house (not great, but also a nice start in residency). In residency (5 years), I was able to get a 2.75 interest rate and will likely have 30,000 in equity by the time I am finished.

I enjoy owning a house. I don't mind yard work. I also enjoy minor handy work. On the other hand, my residency isn't that hour intensive (60 hour week average). Just some things to think about.

The star is where we lived.. less than a mile from the Hospital/School.

My recommendation is check out craigslist in that area or your best bet is just to drive around the area and look for "For Rent" signs in the yard. Thats how we found our place and it was great for the time we were there.

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SundayFunday

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Congrats on getting into med school! Wish you guys could have made it to the boil last Tuesday