My first purchase - my own home or an investment property?
Hello, I'm just beginning to learn about real estate investing and am having difficulty deciding on whether to buy my own condo here in Los Angeles as my first property, or to invest in cash flow rentals in Phoenix or perhaps Palm Springs. Los Angeles is so tough to get into now that prices have risen so high. I have a decent income but feel like saving money would be tough to do with a huge mortgage. I'm thinking that cash flow from rental properties could help me save faster and ultimately help me get into the LA market in a few years.
Any advice would be helpful. Thanks!
mario