Should I move to invest?

Question

Hey community,

I've wanted to move for a long time now. I currently live in Clearwater, FL and have lived here since 1997. I'm 25 now and my wife and I want to move somewhere else. We're looking at Dallas, Denver, or Houston. Is it smart to move for the purpose of investing?

We want to house hack in whichever city we move to. Has anyone else done this?

Thoughts?

Bill S. · Answer

@Kevin Wiley move where you want to live and then you need to figure out your best strategy to get into real estate in that market.

Wesley Jeanette · Answer

@Kevin Wiley

Colorado is awesome, I have lived here my entire life with the exception of a year I spent in Florida.

The thing about Denver is it is an expensive market. Back in May the Denver post put out an article that metro Denvers average home price was above 485k (http://www.denverpost.com/2017/05/04/metro-denvers...). However, when you compare that with Boulders average of 1 million (http://www.dailycamera.com/boulder-business/ci_301...) it isn't to bad.

So I guess it depends on what you are planning on doing. It is just a bit higher of a price point to have to jump into than a lot of other places in the country.

Justin Wilcox · Answer

You can make money wherever you are. I would make a pros and cons list. Is this going to be your full time job? If so, it doesn't matter where you are. You will have to make money because you will have to be able to live unless your spouse works too.

Personally, I know that Texas is really hot with REI right now and there seems to be room for just about everyone there... Doesn't seem like a bad bet. Then again Florida.. buy and hold for all those retirees.....

Matt K. · Answer

move to were the job you want is, househack once you get the job...

Joe P. · Answer

I agree with Justin -- money should be able to be made wherever you are. Therefore I would live where you want to live, and do your best to make it work. I don't think I'll be leaving Philadelphia any time soon, so I would look to house hack in Philadelphia. If you love Clearwater (and gosh, a place near the beach sounds amazing, at least to me...) then stay there and house hack in Clearwater.

I don't know what you do for a living but there are ton of expenses and headaches with moving, in my opinion -- a cross country move, new job, etc., sounds like it would be difficult than maybe renting out an available room where you are right now?

And other question -- have you house hacked before? If not, are you willing to move many miles away and try to settle, and then come to find out you might not be able to/not enjoy house hacking? I would start small with where I was and then decide if it was for me...

Chris Lopez · Answer

@Kevin Wiley I think it's smart to move where there is opportunity in general. Plus somewhere that you'll enjoy.

If you're in a place where there is a growing population and job growth, there will be opportunity. Real estate goes hand-in-hand with that.

I lived in Clearwater Beach for a year (Island way) about a decade ago. I think there is a lot more opportunity in the cities that you mentioned that in Clearwater. Clearwater has interesting demographics:

1) Older people moving there for the beach and the "good" life

2) People moving there for the Church of Scientology.

Lots more opportunities in the places you mentioned. Do you have any opportunities popping up in any of those places?

Kevin Wiley · Answer

Wow I'm glad you mentioned that. Didn't take that Boulder was on san Francisco pricing!

Kevin Wiley · Answer

Thanks Justin and Bill. I know that DFW is pretty crowded right now and that stinks. My area SHOULD be good for flipping but the whole saler don't seem to be very trust worthy. Sure, that's a problem I could face anywhere, but it's a confirmed problem here in Clearwater.

My other plan would be to move to Denver. I actually lived in Gunnison, Colorado for a long while in my teen years and love  Colorado.

Should I move to invest?

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