I am looking to make my first real estate investment and need guidance

[Jonathan Weilbacher]

Hi,

I am a LA resident, attorney, and first time investor. I have read various real estate books and found a few strategies that could work but not sure what to do.

1) The first option was doing an FHA or 5% conventional loan on a 3 unit Multifamily 3-3-2, in an out of state market, put 30K into the rehab, and rent the bottom two units and one of the rooms on the top to a traveling nurse. The cash on cash return is 22% and 38% after year one (I move out) renting to graduate students. I work remotely without a current primary residence, so this is an attractive option.

2) The other option was to save up cash for the BRRRR strategy and then start with single family homes in an area that makes sense. However, this would take some time to do.

3) Buy my own condo in LA, to have as a deduction to my high-income (single, no other deductions, 27/yrs old) and then save for one of the above strategies.

I am not sure what to do, so some advise from some seasoned investors would be greatly appreciated.