Looking for Feedback on My Next Move in Life
My partners and I in Salt Lake City, UT are getting ready to head out to Cleveland to look at some properties to invest in, and at the same time, I am separately preparing to buy my own first property on my own. I've been looking at different options for FHA and FHA 203K to house hack my way into a duplex in Salt Lake City.
But lately, I've been thinking about the possibility of exploring options in Cleveland to house hack a 4-plex because property is much cheaper than in Salt Lake City with the opportunity for better cash flow. I have been thinking about trying to house hack the same way in Cleveland, using an FHA or FHA 203K loan and living in it for a year.
I work remotely, so I am not necessarily tied to Salt Lake City in the short term, although I do plan for it to be my home base in the long term. I am trying to figure out the optimal way of scaling my real estate business, and this seems like it could be a possible way to jump start my real estate portfolio.
I’d love to hear what others think about this idea, and if anyone else has uprooted their life temporarily to house hack in a different part of the country for their real estate career.
Thanks in advance!