I am quite new to the real estate world and find myself in a position where I can live and work (remotely) from anywhere in the USA. I am pre-approved to ~1.2 million but can realistically only put down ~100k.
I am 29 years old and am trying to set myself up for the future by house hacking a duplex in a city that makes sense. I am fighting the urge to "buy my dreamhouse" and instead have someone else pay a good chunk of my mortgage.
My work is located in California so I would prefer an area that is in PST or MST timezones. I am currently in Colorado, but houses here seem even higher than other areas I have considered.
Some cities I have considered: - boise
- spokane
- golden, colorado
- lakewood, colorado
What cities should I be considering? Also, what might you do if you were in my situation?
Property Manager · Oklahoma City, OK · Member since 2019 · 577 posts · 351 votes
5y
@Chris Dimoff Hey Chris, I've represented and talked with several clients in large markets looking at cities like Oklahoma City, Tulsa, Wichita ... markets that are still relatively affordable and can cash flow. We've seen 10% appreciation in OKC the last 6 months - like most of the country - but this is still a market, like many others in the Midwest, where you can still achieve the 1% rule.
Investor · San Francisco · Member since 2021 · 3 posts · 2 votes
5y
Hi Chris!
I think you have a great list and it seems like a great plan as well. I think househacking is definitely the move.
With your constraints on PST/MST timezones, I would highly suggest Arizona as well. The Phoenix/Scottsdale markets are experiencing rapid price appreciation and rent growth and you could take advantage by househacking. It does, however, seem like you like mountain towns more than the desert so that certainly would be a large change but purchasing something closer to an urban core certainly could keep your househacking operation without vacancy and Arizona is certainly within your price point. Best of luck!