House Hacking in Orange County, CA

[Jon Khalil]

Hello BP! 

Im having some trouble with House Hacking here in Orange County. I am currently looking for a duplex, and have been pre-approved for $250,000. However there is no Duplex for that amount of money anywhere in OC! Ive tried even looking for homes in LA, Long Beach, Anaheim, Riverside, and other areas but just can't seem to find a property that fits my criteria to House Hack. 

My question is what should I do? Should I wait till the market goes down and stay patient till then? My situation is this. I am currently a full time student, and I do work a commission job that pays me well, but my living situation has changed dramatically because my Dad has moved to Temecula (far from where i work and go to school) and I cant live with my mom. 

The reason I want to house hack is because i feel that is much more financially sound to do so rather than just blow money on renting an apartment every month. But am I wrong? Is it better for me to rent short term, save, and then house hack later in the long term? I need some advice, and if anyone is House Hacking here in OC please tell me how you did it! 

[Aaron K.]

You have no choice, you will be renting until you can qualify for a larger loan unless you want to find something in the desert, mountain, or maybe San Jacinto or Hemet.  House hacking is a good idea but if you can't afford it you can't afford it.  

You can

1. Wait

2. Move

3. Not do anything