When to Relocate

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by a searcher from The University of Chicago - Booth School of Business
in Chicago, IL, USA

3yrs ago

When to Relocate

Hello All,

I just got to a signed LOI on a deal that would require I relocate to pretty much the other side of the country. When do people recommend relocating? Of course, I don't want to make the move too early with diligence, etc. still to come. But
I do want to start planning in case things continue to move forward over the weeks ahead. It's a smaller deal, no SBA loan, so the LOI contemplates 60 days for diligence. Thanks!

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reply by an intermediary 3yrs ago
from Wake Forest University in Winston-Salem, NC, USA

You didn't mention what your family situation looks like, but would recommend you moving to an apartment for a couple months and have your family trail you. That way you can be 120% immersed in the business the first 60 days, and spend your "free time" researching communities and neighborhoods. Then if you have a family, they can come out and visit and tour houses. Also, talk with a mortgage lender and make sure you are going to be eligible for a home loan (if you are looking to buy). If you haven't been a business owner before, they might treat you like self-employed, which generally needs two years of history to get a mortgage, so you end up renting. I've had more than a couple of buyers hit this wall and it didn't sit well with the family.

reply by a searcher 3yrs ago
from University of Notre Dame in Kansas City, KS, USA

Great way to test out different neighborhoods/communities in your new location before committing to buying or signing a lease would be do a few ~month long airbnb stays different places. Would also take a lot of the pressure of research/finding a place during the DD phase out of the equation