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

[Joe Villeneuve]

There's a lot to comment on here.  I'll touch on just a few things:

1 - If you can't afford to invest in an area/market/etc..., then don't.  The USA is pretty large.  What you need to do is to first learn how to analyze markets...based on dollars, NOT percentages of anything.

2 - Partners are great, but they must fill a specific purpose...and if that partner involves money (cash &/or credit), they will always want 50% of the take.  Don't do it.

3 - The two most important books you should read, and become VERY familiar with are: Geometry and Algebra...and I'm dead serious. I don't mean a glancing education on it, like you may have had in High School. You need to actually learn it. You need to learn it and be able to do story problems with no problem. REI is nothing but mathe with dollar signs in front,...which is just a very specific type of story problem.