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! 

[Travis Rasmussen]

@Jon Khalil

if you will only be a student for one more year. I would take that time to just save, save, save. Don't worry about buying a house now. Focus on getting internships and just the best paying job possible once you graduate. Live cheaply and see how much more money you can save by the time you graduate. 

It might be worth it to find a job that you can commute, reasonable too, with a lot more affordable duplex/triplexes. Or, find a house that is close to the college, and rent out 2/students per room. By far one of the easiest ways to house hack as a college age student.