First Investment Home Purchase as a Parent - Advice Needed Please

[Timothy Koh]

Hello!

I just recently joined Pro and wanted to reach out to the community for any tips and advice for a first-time homebuyer.

2024 Goal-

Is to buy our first home in the Orange County, CA area. We plan on living at this property for the next 5 years with our 1 yo daughter. Our plan is to add value through reno or sq footage, in hopes to repeat the process in the future. 

1st Home Purchase Strategy Inquiry-

From the other forum posts in the OC area that I've read, it seems investors are more into fix and flips, but when it comes to rentals it's out of state. Our situation is a bit unique given our little one, as we might not be as open to house hack a room inside our home. And the price to build an ADU out of pocket is not in our budget at the moment. Fix and flips are a great idea, but our goal is to buy and not continue to rent. Definitely open to the idea down the road.

Has anyone been in a similar situation as this when they first started out? If so, how did you come to the conclusion of what type of home you purchased and how that strategy allowed you to buy your second property?

All ideas are welcome and I appreciate all the help! Looking forward to chatting with you. Thanks!