Investing in another city while still renting?

[Marielva Estevez]

Hello Bigger Pockets community! I am a newbie investor (or at least trying to be). My boyfriend and I live in NY and well you can imagine how expensive it can be to purchase a home here so we are currently renting. We have enough money saved for a down payment and are able to utilize both a FHA loan (as this would be our first purchase) or a VA loan. We are looking for a multi family home where we are able to house hack and no longer have to pay rent. However with such an expensive market in our city we are finding it hard to find a home where the numbers make sense. My parents are working on their second home in Providence, RI and have suggested we purchase a home there. While I have found several homes in Providence that would cash flow nicely I am unsure if we should be making an investment while we are still paying rent. Has anyone done something similar or perhaps have any advice on what route we should take?