25y/o North County San Diego, build or house hack?
Hello and thanks for reading!
To get straight to the point, I'm currently living with my in-laws (not totally for free) & saving for a house with my fiance. (a licensed agent) We are both in our twenties. We currently average about $4500/mo in savings and gross $110k/year between both of us, and we plan to live here for two years.
My father in law builds spec homes, so with the high price of $450-600k for a SF home in our area, we plan to build an average sized house, (+/-2200sqft) on a +/-1acre lot in the Fallbrook/Bonsall/Rainbow area for $450k or less (including land.) We are hoping to get more for our money, + appreciation.
I'm very intrigued in the buy-and-hold rental strategy, house hacking, as well as airbnb strategy.
I have researched duplexes, triplexes, quads in my area and they run at least $600k and well,
1. We probably wont qualify/cant afford renovations 2. They are in scummy areas that are over an hour from my job.
I'm asking for your opinions! What would you do?
Options that seems do-able to me:
1. Keep scouting for that existing home "good deal" (will prices be this high when the time comes?)
2. Build with an additional dwelling (detached casita/studio or in law suite)
3. Build smaller and invest in another separate property later down the road.
Any input is greatly appreciated!