Future Investor wants to buy this year

[Laurin Wilson]

Hello all!

My name is Laurin and I am a Future Investor! I started my journey about a year ago, taking on extra work and saving my a$$ off, diligently. I've been keeping my eye on the market and trying to educate myself as much as possible. My dream is to eventually have a huge portfolio, be a real estate tycoon, and have $10,000 in cashflow a month.

To make a long story short, I inherited some money and combined with my savings I will have $100,000 total in about 2 months. I have already applied with a lender, and the results were pretty disheartening. I always heard it was impossible to buy in San Diego, but I couldn't help but try to be optimistic. All my hard work will pay off! I got this!     In reality, the results were that I would need to make $6000 more a month in order to afford a $650,000 property, which I've never seen anywhere on Zillow in the San Diego area! Never! And since I don't have any blood relatives any more ( single lady over here) I would need to partner up in order to really find something out here. Which bums me out because I wanted to do this on my own. 

But I'm keeping an open mind! 

So, my question is, should I try to find a partnership here in San Diego some how? Or should I put energy into finding an investment property within my means out of state? I am aware that within the perimeters of using the first time home buyers loan, I would need to live in the property for at least 6 months to a year before I rent the whole space out, which at that time I would want to continue buying properties and expand my portfolio. And I am open to that! House hacking is the strategy of choice for this scenario. I would like to dive into airbnb, eventually,  if I find the right property or do mid term rentals to traveling nurses or doctors. 

Thank you for your time and consideration! I appreciate any and all input in regards to my dreams! 

Be well,

Laurin

P.S.

Any book recommendations for newbies such as myself are also appreciated. <3