FIRST TIME BUYER COMING DONT KNOW WHERE TO START

2 Replies

I am looking to buy my first property. I am from north orange county but home prices here are extremely high. I am looking to buy a duplex more inland and use a FHA loan. Should I stick to this plan or invest in a single family home (smaller down payment) in the inland area? Which would produce more equity and cash flow in the long run? What was your first purchase? mulit or single famliy home? and was it the right choice for your first purchase?

Also this is my first post! :D 

@Omar Mojica welcome to BP in the OC. Your questions begs many more questions. Are you the only one in this transaction? ie: Wife, girlfriend, etc. Do you want a home in a good area or a rental area? If this is your first purchase I would look at buying something for yourself first and then start investing later. You still have many write off's with a principal residence. How about a fixer where you would like to live? At the current interest rates I think everyone who can afford to buy a home should do so sooner than later. With that said, I would wait until the first of the year to see how this market develops after the "forbearance" period.

Good Investing..

P.S.  My first investment was a condo in San Juan Capistrano over 40 years ago and I still own it.

@Joe Homs I want my first purchase to be a rental. Yes I have been thinking about in a live in flip but I wonder how the 203k loan works or even qualify for as my first purchase. I plan to make my first purchase on my own and either "house hack" live in one unit and rent the other and I will be living with my girlfriend. Thank you for the advice Joe!!