Am I doing this right
Good afternoon BP
I'm looking to find my first property and I have been having a hard time putting together a strategy. It seems the more I learn, the more difficult it is to find a deal that I can pull the trigger on. I am all over the place, I like the idea of house hacking, turnkey propreties, multi-families and vacation rentals. I have some cash saved up but I don't have an action plan.
Currently, I am working a full-time, renting and supporting my small family. I have been spending a ton of time online learning about RE and looking for good deals via Redfin. I have a realtor who sends me properties, but I prefer to search my self. If I find something I give him a call and he looks into it.
I have not found any place that can cash flow (using the 50%rule) even with 20% down in my area. I know this is normal in markets such as mine because of the high prices. I am tied to this area because of child custody/school reasons so moving too far away is not an option.
My goals
-Stop paying rent!!!!
-Create passive income using rentals to help me retire early in SF
-Be able to afford to live in SF in a nice place with a garage $$$$$
How do you go about buying that first property to live in with the goal to grow?
What investment strategies work the best for properties that have to be used for primary residences?(house hacking, buy and hold)
How do you find deals in high markets?
thanks
Markus