Buy or rent in Utah

[Account Closed]

Hello,

I am new investor but have been looking for deals for a couple months. My job is currently moving me out to Utah, from Cleveland, and I will be there for about a year.  My question is should I rent in Utah or buy a duplex and house hack the home?  I have a tough time paying rent to someone else. If I rent, I can pay cash for the year but it would leave me with little to invest if I wanted to purchase one back in Cleveland.

[Mike Palmer]

Based on the minimal info you provided I would rent. 

If you have been looking for deals for a few months and not turned anything up there, it will likely take longer than that to find a deal here (in Utah). By then you are 1/2 way through the time you will be here (and I assume you would be renting during that time?).

Usually I have heard it doesn't make sense to buy (your own home) unless you plan to stay for at least 3-5 years, and you are looking at only staying for maybe 6-9 months after finding/buying the property. You would also need to find a lender that will finance a long-term mortgage with a 'temporary' job location (or find a seller finance deal).

Then you will move back and need to sell or find a management company to take over. And I think you are likely in for some sticker shock at the prices out here compared to where you are coming from. 

So again with what little I know I think you would be better off renting and learning while you are here. When are you coming, and to what city?