First Time Home-Buyer from Bay Area to Austin Texas
Hey BiggerPockets fam,
Anyone who knows the Bay Area knows that home prices here are on the expensive side.
I am currently employed at a great company working as a cashier making $17.25 but because I live(with my parents) in the pricier side of the area(San Jose) I get a $2.00 premium which brings me up to $19.25/hr which is awesome! The only issue is that when I went to get pre-approved for a home they only approved me at $175,000. If I continue working at my current employer I probably wont be able to afford anything in my area anytime soon.
Knowing the importance of location, I was looking at Austin,TX being one of the fastest growing cities out there. I hope to eventually turn my property into a rental property after my girl friend finishes nursing school out there which should be about two years max.
I have also had my real estate license here in California for a little over a year now but I have not made any moves in this industry. I'm held back by the thought of not being ready and many other excuses especially the fact that there is no promised paycheck. If I could be successful in this career I would prefer to stay but I want to consider this a higher risk route with a higher reward.
Essentially, my first choice is to move to Texas and buy a house for about $150,000. Take the $2.00 pay-cut for an estimated yearly earnings of at least $33,000 and eventually convert it to a rental property to eventually move back to California. 2nd choice would be to just stay here in San Jose and earn about $28-30k a year working part time hours at my great company and also try to get something started in Real Estate. I wont be able to buy anything until I sell at least two properties as opposed to be able to make the Texas move as soon as I find a property.
Is there anything I should know prior to making such a move or any advice you guys can offer me that might give me some kind of direction?
Thanks,
Rafael Gallardo Jr