New graduate moving cities looking to start investing

[Dozie Nwankwoh]

Hello BP Family!

I'm new to this site and very new to the world of investing. 

I've spent the last year or so researching different techniques of real estate investing and I believe I've settled in on the best strategy for me! I'm graduating college in mid December and will be starting a job in a different state in mid January.

I want to house hack a duplex using an FHA loan. I believe this will provide me valuable landlord experience as well as valuable experience in finding, rehabbing, and owning property.

The challenge is... I currently live in Atlanta, GA and the property will be in Houston, TX. I would prefer to have the duplex ready for me to move in by mid January. This would require me doing a lot of coordinating remotely. Is this smart for a novice investor? There are many challenges that I'm sure I'll run into and I'm really excited about the learning opportunity but worried about the feasibility. Another option would be for me to rent a living situation in Houston and begin finding a duplex once I get there.

If you've made it this far in my post, Thank you! I would love advice:

Is this a situation you've heard of before--what would be my first steps?

Which option would you pursue if in my shoes?

Thanks for reading and for ANY thoughts you can provide!

[Chace Fraser]

Hi @Dozie Nwankwoh ! My question to you is: do you have all the funds necessary to purchase the property? Funds needed include earnest money deposit, inspection costs, and downpayment funds just to name a few. Also, it could be tricky going from a college lifestyle to starting a career and becoming a homebuyer all within a month. If you have the money and drive to get it all done right away I'd say go for it because it's possible (but can be a little overwhelming) to do.

Oh, and will you qualify for a loan or have you been preapproved? A good place to start would be with an agent and a lender in the area to see what is available and what kind of loan programs they may have.

Best of luck