Quote from @Thomas O'Donnell:
Hello all,
I have recently decided that I want to move to and buy my first MF property in Texas sometime near the end of 2022 or beginning of 2023. I currently live in California and want to spend my future in Texas (I know I know, BOOOO Californians). My original idea was to house-hack a duplex/triplex with my girlfriend to start our RE investing journey. I plan on attending a 4-year university as well, but in order to do so at the In-state tuition rate I will need to be a Texas resident for at least a year.
I guess my question is, should I just finish school here in California and delay getting started in real estate for another few years while staying at my parents' house, OR should I make the decision to move, buy a property with an FHA loan and then spend a year fixing it up and gaining that 1 year residency (as well as the 1 year FHA requirement) to then go to University? I also am not sure how hard it will be to secure a loan because I would be moving but I'm pretty sure I could transfer with my current job if necessary. I do want out of California and I want to own several MF properties in the future. I love what Texas has to offer in both real estate and quality of life. My ideal location would be the Austin area or possibly a little south towards San Antonio. As of right now, I am unsure what I would qualify for in terms of loans. If I had the cash for the down payment, It's also possible that one of my parents would be willing to co-sign.
I am in college right now, I have about 7 more classes before I can get my AS and transfer to a 4-year. I was planning on doing those community college classes online after I move while I get my 1 year residency in; OR just staying at my parents and finishing school here for another 3 years. Any advise with my situation or advise in general would be greatly appreciated!!
Thank you BP community!
Thomas, I appreciate your plans for the future at such a young age. Please note this is what I would do if I were you. So take it with a grain of salt. This is not investment advice!
Let's break this down. Your plan sounds like a long-term plan and I believe starting as early as possible is the best thing to do. Especially in investing "Time in the market" is much more important and profitable compared to "Timing the market".Looks like you can achieve everything that you mentioned above which are
Moving to Texas
Continuing your education through online classes
Your job is transferrable
Most likely able to secure a loan as your parents are ready to co-sign (remember there are multiple other temporary loan options for 1 to 5 years)
Finishing your one-year residency in Texas
In three years from now hopefully, you would have one or more properties, building equity, principal paydown, tax write off's, and all other perks real estate has to offer while continuing your education simultaneously if you move to Texas. Nobody knows what's gonna happen in three years from now if you consider postponing it for three more years. If you wanted to do something, if I were you I would do it now rather than later. I am a new investor myself living here in San Antonio, TX. Feel free to reach out if I can help in any way.
Good Luck !