Starting out in the Bay Area- Peninsula
Hi Everyone!
My dream of investing in real estate if FINALLY going to come true! Before I even knew that real estate investing was a career/ lifestyle choice I would say that I wanted to be a landlord when people asked me what I wanted to do with my life. I've read a few books, blogs and been on bigger pockets for a few months now, I know I still have no idea what I'm doing but I'm going to do it! I've come into some money and wanted your opinions on how to invest it.
I currently live in San Bruno and can invest up to $50k down and will be getting pre approved with my boyfriend to qualify for more. We will definitely be buying in the Peninsula which is notoriously expensive (I've begged an pleaded for the BF to consider the east bay but he says N-O, he's a surfer has has to be by the water... traffic... blah blah blah)
I'm considering a live in fix and flip, you can find property for $515-$560 as is with similar properties selling for $675+ turn key and we're both handy so we will be doing most of the labor on our own.
I'm also drawn to multi family properties and a live in buy and hold, with us occupying one unit for a few years. But the only ones I've seen are over 1M, this would be crazy right? I know other units can qualify you for a higher loan but I have no idea how the calculations work and I haven't talked to a loan officer. I guess that would be the first step. (I'm talking my self out of this as I type.)
Am I missing any other avenues of investing? What would you do with the money in the peninsula? Anyone currently doing similar in my area? San Bruno, South San Francisco, Pacifica?