Buying a second house in Los Angeles advice

[Jamie Garcia]

I live in Los Angeles. Already own 1 2 unit rental SFR. I currently still live @ home with my parents but I'm looking to get married soon and want to buy another home to move in with my fiancé. I was talking to a successful investor here in L.A. and he suggested do what he did, which is buy a house, live in it for a couple years or so and then use the equity to upgrade myself and keep that house as another rental. In the mean time use your work income to save and if possible flip around your neighborhood, which is how he got started. My fiancé isn't a homeowner. I was thinking using her on the deed and putting down the 3%. I myself qualify for $550K. What do you guys think of this strategy. I was thinking of buying my forever home but the investor suggested you don't want to be in that house forever...etc etc... Anyone have any tips? I'd appreciate any advice you guys could give. Thanks!!!

[Charlie Fitzgerald]

First, I'd sit down with the woman you are intending to marry and determine with her what your goals and desires are.  Then I would put together the plan to achieve those.