First Time Home buyer: Bay Area

[Carlos Tapia]

Hello, everyone previously I decided I wanted to get into real estate back home (Chicago, IL) however I have a full time job as a nurse in the Bay Area. I am currently renting month to month and really contemplating buying a home in Oakland, CA and possibly house hack by renting a room. Should I get into the market in such an expensive market like the bay or should I invest in Chicago and continue to rent month to month in California? I am a first time home buyer and I would qualify for FHA in California but not in Chicago due to my full time employment being in cali. any advice is appreciated. Thank you in advanced!

-Carlos, RN

[Brian Garlington]

Carlos and Victor,

I would tae the "uncertainty" out of it. Instead of saying "I would qualify for an FHA loan..." you should go through the process of getting pre-approved. @Chris Mason  can help you out with that. 

If it's just you that would be living at the property you should consider a condo and house hack with that. Buy a 2/1 and rent out the other room. Condos are going for less now compared to earlier this year as well as last year.  In my case I had a very understanding woman many, many years ago that was living with me when I bought a 2/1 condo and she simply said "We're able to get an extra $1,050 a month coming in just by taking in a renter? Cool!"