Over the past 3 years I have learned a lot from listening to the BP podcast and some investors. I have been working really hard and saving my money and I believe now is the time to make my first investment.
I work full time as a Civil Engineer. I have good credit and money saved. I'm debating on whether to do one of the following options,
1) House hack: Potentially buy a 2-4 unit so I can live in one and rent out the other ones.
2) House Flip: Find a fixer upper so I can restore and sell.
3) Buy an invesment property out of state
My short/long term goal is to be a real state investor/developer with various rental properties (Mainly for housing), therefore, I'm aware that the first deal must be chosen carefully.
What does the BP community recommend?
There are definitely Pros & Cons to each of those strategies. My thought is the first step is to clearly define your objectives i.e long term vs short-term, emphasis on cash flow vs. appreciation, risk tolerance etc...
Once you have all of that clearly defined, your path becomes more clear and defined. This also makes it easier to focus on analyzing the types of deals that fit in well with your investment objectives.
Simi Valley....I'm up there all the time! And I used to be an engineer also (Aerospace).
House-hacking, you're unlikely to make money doing that right now in SoCal. Here's thoughts on house-hacking in general-
Flipping, that would depend on what deals are available. And your skill level. If you are brand new, that might be taking on a lot of risk.
Out-of-state (that's mostly what I've done), depends on how you want to do it. Rehabbing or flipping out-of-state vs. turnkey, etc.
A lot of the answer will depend on your goals, your interests and skills, and how much risk you want to take on and how much effort you want to put in.
Not sure if that helps...