I live in CA but I’d like to househack in Texas. Income requirement question.

[Adrian Barrera]

I live in California looking to househack in Texas. FHA requirements say I need steady income in the other state to be approved. Do I just find a job after finding a good deal or should I just get a job in one city and look for a deal in that city? Thanks in advance for any replies.

[Eliott Elias]

Work closely with a lender. They will be able to tell you exactly what you can qualify for, and how to qualify for the loans you want to pursue.

[Michael Gussin]

@Adrian Barrera This is pretty common these days especially with so many remote work options - are you able to work remote? that simplifies this process very much. 

[Reid Chauvin]

@Adrian Barrera - if your current company will not allow you to work remotely, then it'd probably be best from a timing perspective to line up a job in the city you want to live in before finding the house. You don't necessarily need to have started the new job before offering on the house, or even prior to closing on the house, but you will at the very least need a job offer letter from the new company and a start date that is close to the closing date. 

If you opt to find the house first, it might be tough to close within the average 30-day window that sellers agree to, not to mention most lenders will be unwilling to provide a preapproval letter for you without any income. 

[Nazanin Boojar]

Quote from @Adrian Barrera:

I live in California looking to househack in Texas. FHA requirements say I need steady income in the other state to be approved. Do I just find a job after finding a good deal or should I just get a job in one city and look for a deal in that city? Thanks in advance for any replies.

What cities are you looking for?
The rates are not the same statewide, obviously.

San Antonio and Houston are doing really well in STRs but numbers can vary vastly depending on the property. 

If you're into analyzing cities and properties, just shoot me a DM or ask me any of your questions here.

[Hamp Lee III]

Let me connect you with a Texas mortgage loan originator, @Joel Allen. He can provide you with some insights on the way ahead.

[Jordan Moorhead]

@Adrian Barrera Texas is the size of Europe and every area is different, some very different. I would figure out where you want to live, get a job there and then househack in that specific area. Where you live matters to making househacking an enjoyable, long term and profitable affair. I've done it for 6 years because I've always enjoyed where I live.

[Adrian Barrera]

Thank you all for the information. I’ll look deeper into what area will best suit my circumstances and consider all your advice. It is all greatly appreciated 

[Ryan Thomson]

@Adrian Barrera 

If the plan is to house hack then here are the priorities in my mind when picking a location:

1.Can you afford to live there?

2. Do you want to live there?

3. Find a house that will work to rent out bedrooms or create a separate unit.