[JAD]

Hey Folks, what are your thoughts on this? Have a house in one state(CA) and rent in another (TX). Debating about buying a house or condo where I rent instead of renting. I work in the state I rent. Rent is roughly $1400 a month.

The work situation will change in about two years. The rough plan would be to sell at the end of the two years. Is the investment in my own property worth it?

Or just keep renting? I’m not interested in roommates. I value being solo in both states. I’ll have expenses either way…rent or own.

The state I own…the mortgage will be paid off by January of 2024. I could get a property in the “working” state at that juncture. Not looking for tax benefits in TX…primary residence now and in the future will remain in CA. Pros? Cons? Status quo?

[Brad]

I wouldn’t buy a house I didn’t plan to live in for 5 years or less. The current interest rates and the realtor fees on buying and selling add up. But that explains why we are still renting.

[Chance]

Are you interested in becoming a landlord or operating a short term housing business? If so I would definitely take the opportunity to buy a “second home” in Texas. Furnish it like you normally would and when you’re done with it, throw it on AirBNB or Furnished Finders. Use the next two years to locate and hire a local house keeper that would be willing to overturn your guests checking out.

I live in Texas, work in California, and have a short term rental within my personal home in Texas and a short term rental house in Oklahoma. I’ve got a housekeeper in Oklahoma that does the majority of turning over the place and a maintenance guy for little issues that may arise.

But if none of that interests you then I would continue renting.

[Bill]

I wouldn’t buy a house for 2 years. The closing costs and realtor fees buying and selling in such a short period are likely going to outpace any appreciation

[Author]

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