All Forum Posts by: Terry Cu

Hi Guys,

I was wondering how many of you guys owned a primary residence prior to flipping/rental properties and etc? For those who did not own a primary residences prior to REI, what was your experience. Thach Nguyen, a big real estate guru, said he lived with his parents first and invested in rental properties/house flipping. Has anyone lived in an apartment and did real estate investment or would that just be wasting money? Just wanted to know everyone's thoughts.

@Lane Kawaoka yeah that's what I have read before. What's the difference between a FHA and physicians loan. I'm assuming w/ the physicians loan I can avoid the pmi?

And can I refinance the physicians loan at a lower interest rate in the future?

@Neil Aggarwal yeah, I am looking into a physicians loan, but I am not sure if it’s one of those “too good to be true” situations. The goal is to put as little down, refinance in the future, and hope the property appreciates. Hopefully, with the covid situation, the interest rates are lower for physician loan vs precovid rates. 

The other concern is just what area. We have been driving around the outskirts of Kessler park/west and south Dallas and notice a lot of new contemporary builds (divino homes, soco monolith, and etc) in sketch neighborhoods and wonder if those would be good opportunities for the future. Thoughts? I appreciate your reply 

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.