New investor saving for my first property. Looking for advice.

[Michael Costello]

Hey - I'm a newbie to everything real estate. I currently work as a songwriter as well as a bookkeeper for a production company. I started my own bookkeeping company in the last 6 months and have an almost-full roster of clients. My plan is to save 100% of the money I'm making from my bookkeeping biz in the next year and invest it into my first short term rental property. I currently have zero debt (paid it off during covid) other than a car payment, and my living expenses are generally low for living in LA. I live off of my songwriting and production company income currently. My goal is to purchase my first STR out in Joshua Tree and then branch out from there.

I'm looking for advice on how to get started. Are there ways for me to maximize and grow the income I'm making from my business in the meantime, prior to purchasing a house? I've never purchased a house before, but I am determined and want to make this work. I appreciate your time and help!

-Mike

[Benjamin Aaker]

You might want to consider the house hack. Buy a 2 to 4 plex and live in one unit while renting out the other ones. You'll need to keep saving up for a down payment. Once you buy, that 2k you are putting into rent will go way down and hopefully your tenants will pay your mortgage. This is a great way to get started.