Just starting out. Would appreciate some advice
Hey guys,
I am from Southern California where the median home is about 300k. I am very interested in investing in real estate. I am probably in a different boat than many people on here. I am a pastor (ordained) working at a church/college and I live in a church condo (parsonage). The housing is seen as part of my compensation (which is tax exempt) and not reported as income. My take home is relatively small (about 25k) not including my housing compensation. The church also provides for my utilities and food. I know I am in a very unique position and I am very grateful. My wife is a nurse but she only works a few days a month. Needless to say, we have a pretty high savings rate. I'm also exempt for Social security ( meaning I don't pay into it anymore- so I will not collect much come retirement age).
I would like to create some avenues of passive income. I'm hoping that home values will come down a bit in the next year or two. I would like to buy a SFR as an investment/rental property and still live in the church condo (rent free).
Any advice would be greatly appreciated! It seems like taking the first step is always the hardest. I'm also open to other/better ideas.