where to buy second mortgage?
Hello, I am currently a Philadelphia resident and looking to move to a warmer state with growth in tech jobs. I am thinking among CA, WA (Seattle) and TX. I am not sure which state to consider. And even in the state, which city. I purchased a single family rental in philly 6 months ago and handed it over to property management company. I am still struggling to get tenant. If I don't get positive cash flow, I am hoping at least it will pay for the monthly mortgage.
Now, I am planning to move to a place where, after a year down the line, I can pay mortgage instead of rent. So a city where I can afford a second mortgage without being broke, and take advantage of positive job growth in tech, startups since job is important to me. Some cities I have in mind are:
1. Seattle (but very close to mount rainier which can errupt in near future. Even if Seattle isn't at immediate risk, why risk it..? i heard Seattle is also hostile to landlord but a lot of people are moving there).
2. Sunnyvale, San jose, Sacramento - other norther CA area. But I highly doubt if I can afford a second mortgage in CA. But if the potential profit outweigh the risk, I may be able to convince one or two of my friends to invest with me at the property.
3. Dallas or Austin - These cities in Texas are becoming more investor friendly and lot of techies are moving here or nearby cities. I just worry about the politics, lack of diversity and how welcoming the place will be to immigrants. Since this future property will also be a long term investment, I am trying to find a place where I will be comfortable living, growing and investing.
The plan is, I will rent there. If I like the area, I will invest in buying a rental property. And after investing, I will most likely continue to stay in that or nearby area. I've been in cold state for so many years that I am longing for a warmer weather. But if you think there are other cities in other state meet most of the requirements other than the weather, please share that as well. At the end of the day, good job growth and good and affordable investment opportunity will be more important.
Thank you so much in advance. I really appreciate your time.