In need of some relocation/house-hacking advise!

[Thomas O'Donnell]

Hello all,

I have recently decided that I want to move to and buy my first MF property in Texas sometime near the end of 2022 or beginning of 2023. I currently live in California and want to spend my future in Texas (I know I know, BOOOO Californians). My original idea was to house-hack a duplex/triplex with my girlfriend to start our RE investing journey. I plan on attending a 4-year university as well, but in order to do so at the In-state tuition rate I will need to be a Texas resident for at least a year. 

I guess my question is, should I just finish school here in California and delay getting started in real estate for another few years while staying at my parents' house, OR should I make the decision to move, buy a property with an FHA loan and then spend a year fixing it up and gaining that 1 year residency (as well as the 1 year FHA requirement) to then go to University? I also am not sure how hard it will be to secure a loan because I would be moving and I'm not 100% sure if I could transfer with my current job. I do want out of California and I want to own several MF properties in the future. I love what Texas has to offer in both real estate and quality of life. Any advise with my situation or advise in general would be greatly appreciated!!

Thank you BP community!

[Jim Cummings]

@Thomas O'Donnell. Welcome to the crazy world of Real Estate.

I would suggest you break your problem into several decision points.

1. You've obviously very far along in deciding to leave CA.

2. Can you transfer with your current employer from CA to Texas?

3. If 2 above is YES! Does it put me where I want to be in Texas or it gets me to Texas and I'll work on the ideal location afterwards.

4. What can I qualify For and buy if I relocate.

5. Seems you may have already started College. If you relocate to Texas, can you work Full Time and afford your property and still go to school. 

Above items are certainly not all inclusive of the decisions to consider, in making the relocation decision. 

Good Luck wit this one!