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Updated about 7 years ago on . Most recent reply
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Buy one home in CA or multiple homes in Texas
Need advise. I am looking to buy a single family home in bay area. Homes are so costly here, 750 to anywhere over million . If I buy a home in bay area, all my savings will go into making 20% down.
We have immediate family living in Texas. We also want to invest in Texas (may be Dallas and or its surrounding cities) and may be re-locate to that place sometime in future .
If I buy a home with 20% down in bay area as primary residence I will end up with one home. My current rent is 2K per month. My expenses for home will increase to somewhere between 3.5k to 4k. New tax laws will not allow that much deduction.
For the same amount of cash, I can make downpayment for 3 homes in Texas.
Monetarily I keep thinking it makes sense to buy homes in Texas while the interest rates are still low and eventually move there and live in one home and still keep renting the remaining two.
Any pros and cons?
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It really depends on where you want to live, if you buy in the bay area plan to stay there for at least a few years and it would be a primary residence only. If you buy the homes in Texas and move there, your income from your job will likely decrease, but so will your living expenses. Also you will have two rentals as an investment, vs the bay area where you would have zero.