Updated over 5 years ago on . Most recent reply
Looking to invest in West Dallas w/physician loan
Hi all,
I am a newcomer on this forum and new to REI. My gf and I want to invest in real estate (I.e townhome, small home) in the oak cliff, bishop arts, trinity groves, or other developing areas in Dallas. We want to live in the property and maybe flip it 5-7 years (in case we have kids by then) or rent it out. We have been looking into a physicians loan, because we don't have 20% down (she will graduate at the end of this year, and I have been only working for a couple of years). Ideally we would like to be able to put 0-10% down with no pmi, and purchase a home with great potential. We will both be making over six figures, so paying the monthly mortgage shouldn't be a problem.
With that being said, do you think it is a wise decision to be looking for a lender who can provide this loan or should we save up for 20%. We are aiming for a home around $300-500k range. Also, would the west Dallas/bishop arts/oak cliff areas be a great place to look? Specifically, we have been looking at homes constructed by soco monolith in the south Dallas area. They’re contemporary homes in the $400k range. Any information will be greatly appreciated.
Tl/dr - my gf and I want to get a physician loan, put 0-10% down, invest in a contemporary home with upside in the ($300-500k) range. Looking in the oak cliff/trinity groves/south and west Dallas areas.