Just Starting Out: Condo/Townhouse vs waiting to save on SFH
Hello Bigger Pockets Community,
I would really love to get the advice from those who understand the Orange County, California market. I am just starting out and would love to invest in a property here in Orange County, CA. I have saved up enough to qualify for a condo/townhouse. I would love to invest in a single family home or multifamily property however I am unable to afford that at this time in this location. Since this will be my first property, I would prefer not to ask family or friends for help financially. I would start off with either house hacking or use an FHA/conventional loan where I live in it for one year and then rent it out after. I know it has been mentioned many times to not invest in a property that has an HOA however if I purchased a condo/townhouse, all of them comes with HOAs. I found a townhouse that has an HOA half the amount as all the other townhouses around the area. I am debating if I should jump on this opportunity to finally get started in investing in real estate or wait and save money for a single family home without an HOA. I keep hearing in my head "Time in the market is better than timing the market." I also don't want to become "house poor" if I choose to invest in a single family home. Would love to hear your opinions. Thanks!