NY to FL For a Fresh Start

[Mercy Cleto]

Hello BP Community,

My husband and I had decided to move from NY to Miami/Fort Lauderdale Area in December 2018 for a fresh start. Currently, I have a good credit and we are working to increase his. Also, we managed to save approx. $10,000.00. Since we are relocating and both looking for jobs, we don’t know whether live in a cheap place until we save more money or start looking for a property to househack.

If househacking is our best option, we are planning to get an FHA loan. How can we provide proof of income when we are relocating and starting fresh?

If live in a cheap place is our best option, is anyone interested on helping us on finding a place to live?

Looking forward for your answers!

Mercy Cleto 

[Gabriel Amedee]

Hey Mercy Cleto !

First things first, with $10,000 down there are very little SFH homes available to purchase let alone a MFH. I would suggest getting to know the market and try to rent in the area you plan to invest in so you can better solidify yourself as a market expert.

Once you rent for X amount of time it takes to save a more sizable down payment (20-30k) you can pull the trigger with no fear because you know your market.

As far as qualifying goes, I wouldn’t worry since I believe you guys will pick to rent first thus giving you time to build up employment history. Regardless if you did want to begin house hunting I believe you could qualify with your previous employment history if you are currently in the same field as well. Feel free to reach out if you want me to confirm specifics with my lender.

Hope I provided some insight. If you have any more questions don’t hesitate to connect! We have a monthly meet up down that I think you would greatly benefit from as well.

Happy investing!