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Updated almost 2 years ago,
Do I buy a property to house hack before or after I move?
Hello Ryan here, this is my first post here and am new to the game trying to build my plan to scale a buy and hold rental portfolio. I am 26 and currently live in Orange County CA and am saving up for my first property. I am doing an investment over the next 3 years that should return a sizeable sum for a down payment. The plan used to be buy in the area but prices are so expensive that I am now pivoting towards moving into Washington or Oregon (Portland area) which seems like an easier market to get into as well as I have family out there. My question is about timing, if I move out of state and get a new job will I have to stay at that new W-2 for awhile to show consistent money earnings to qualify for a (FHA) loan? If so and if that is a problem is it a bad idea to buy while still in California then move up there after and try and line up a job? I have a decent job in CA making 70k ~ a year and want to make sure I qualify for a good sized loan. I would like to house hack a duplex or triplex and eventually re-fi and repeat. I am considering forcing some value but am nervous given its my first deal as well as the timeline/location and moving aspects of it, any advice would be great thanks!
-Ryan