Looking for advice on planned move

[Scott Eranio]

Hi All, I've been considering moving OOS and hope to purchase my first property. A little background - I'm a nurse and have been hoping to find a market that pays decent when compared to the cost of living and also has high prospects for growth. I was considering NC for a while but the wages for nurses are low. Other states I've considered are GA and TX. Right now, I'm leaning towards Texas. I'm intrigued by Sherman and Denison because of the growth in the area, mostly assured by the semiconductor chip factories being built there. My hope is to househack (living in one unit while my wife and I live in the other- not renting out rooms) and hold the property as an investment. I plan to have $60k in liquid assets to be able to invest. I suppose I'm looking for some reassurance in my plan and maybe have someone point out some things I may not have considered/bounce ideas. Thanks so much in advance.

[Jonathan Greene]

No matter where you choose to move, you are perfectly set up (if the money works) to house hack with your wife in one unit of a two-family and then to mid-term rent the other unit because of your medical connections. You will at least 2x your income on the other side and will need to do much less searching because you have connections in the field to get the other side rented.

One thing I saw in your post that I would avoid is over-research on the growth now (semi-conductor chip factories). I think this is smart to do, but you are making move for quality of life as well so make sure the town is a place you will enjoy (along with the new job) living.

I've seen people use metrics to move out-of-state without really getting a feel for how much their lifestyle suits the new market. It's your first property, you may hold it, you will probably sell it, find a healthy balance there.

[Scott Eranio]

I really appreciate the response, especially that last part over-researching an area. Regardless I think I will find growth and opportunity in Texas, weighing a small town may come with some added opportunity for growth but could have more negative effects on quality of life. Thanks a lot Jonathan. 

[Diego A.]

Wherever you move, make sure that you are close to work. Being a nurse isn't easy, and with the long hours you would not like the commute. My wife is a nurse and I am telling you that was hard for her.

Texas is a good place to start. I know small towns around DFW that are in need of nurses, so that those places are booming with AirBnB investors.

And to reiterate don't overthink, I know for a fact, because is time wasted that you might not recover.

When moving, the best is to have a guided hand to your side so look for that one, a friend, a family, a colleague, classmate, or even a realtor (don't get into the sales pitch and make sure that he provides what you are looking for).

[Devin Powers]

Hey Scott - as others have said, you need to live in a place that you think you'll enjoy. You mentioned the semiconductor chip factories in Sherman and Denison (suburbs of Dallas), and I'm assuming you're referring to Texas Instruments building out and renovating new semiconductor fabrication factories, which is absolutely true. But even more than that, Dallas in general is growing RAPIDLY and is a hub for healthcare entities which fits well with your line of work.

With that being said, there are some great investment potential in Texas.  My team has helped many investors find house hack opportunities in Texas either through purchasing a duplex, triplex, or 4plex even in today's market where rates are higher than we'd like.  It's a great way to build equity and cover your mortgage payment until you are ready to move on to the next property and rinse and repeat!

[Wale Lawal]

@Scott Eranio

House hacking is a smart way to make money in real estate in Sherman and Denison, Texas, thanks to the growing economy and low costs. Look into market shifts, home prices, and how much rent goes for. Find homes with extra living spaces or pick a place that has more than one unit. Get help from an agent and a lawyer who knows a lot about real estate. Keep up with news on the local economy and meet other investors to gain more know-how. 

Good luck!

[Bruce Lynn]

Quote from @Scott Eranio:

. I suppose I'm looking for some reassurance in my plan and maybe have someone point out some things I may not have considered/bounce ideas. Thanks so much in advance.

You can do it.  Should be options.
Also two hospitals in the area....bigger regional hospital in Denison and smaller Wilson/Jones in Sherman.  Potentially you could also drive to hospitals in McKinney, Frisco, or Richardson.

At least 2 of the 5-6 chip factories in progress.  TI has been over a year in construction already for the 1st plant, and they have plans for 4.  I believe it is Global Wafers that has the other plant under construction already and seems like 2-3 months now.  If I remember right they plan to build 2.  Lots of other area developments announced.

Welcome to Texas.

[Tyler Hodgson]

Your plan to house hack in Texas, sounds solid given the few details you've shared. Your liquid assets of $60k and solid income as a nurse should position you well.

For me, proximity to work is crucial. Sherman and Denison have hospitals, but also look into nearby cities like McKinney, Prosper and Frisco, which have growing healthcare facilities. It’s worth ensuring that your potential commute is manageable.

Something else you may consider is mid-term rentals. Mid-term rentals to traveling nurses or other healthcare professionals could be a lucrative niche for your househacking strategy. 

Texas has a lot to offer, and it sounds like you’re on the right track!

[John Mason]

FYI https://www.biggerpockets.com/forums/21/topics/1029942-first...