Waiting Patiently on SoCal - Have a plan, but open to others

[Emad Hanna]

Hello All,  I've been reading a couple of books on Real estate, on multiple Forums, joined some facebook real estate groups to educate myself before jumping in.  I currently rent (long story) and looking to buy a house to live in as well as get rental property (I have down payments for both).   I'm waiting for the so cal market to go down (I know maybe a long time).  My dream is to buy a property near the beach at Hermosea or Manhatten, which are on fire fire fire.  Oxnard is way out of my way and not near family and friends.  I know those places are outrageously higher than 2 years ago which were already high to begin with.  I don't see how anything over there makes any sense unless the properties go back down at least 20%, which is wishful thinking unless there is a major catalyst, which I don't see.

When the time comes, my best idea is to find a place that has 2 or 3 small units where the main unit is about 1,800 sq feet or so, we live in main house and rent the other 2 to minimize the monthly cost.  So by doing that I would kinda be putting a lot of eggs in one basket.

Everything I see is telling me that outside California is the way to invest now if I want to get rental property.   Even Las Vegas is going much higher.  I have a condo there that I got for $92K that is now 4 years later $218K.

Is the best idea outside California for now Or is there a creative option I'm not seeing?  I see some property in low rent areas in California, but I don't know if they make sense.