Continue renting, keep saving, or invest?

[Zachary Brenner]

Hello everyone, I'm new to BP and am so thankful for the members here who share such great insight and information. I joined BP with the intent of networking/ gaining knowledge with the goal of investing in buy and hold properties in cash flow markets. As I continue to read forum posts and listen to the BP podcast, I thought it would be wise to ask for feedback regarding my overall situation before moving ahead with my original plan. I currently rent in West Hollywood, Ca which is a rent controlled market. I've been in my unit for about 5 years and am paying about 1250/mo which is probably $400 or so below the market rate. This allows me to put money away on a monthly basis while also enjoying the area in which I live and work. Because housing is so expensive here I felt that buying a cash flow property or two (presumably out of state) while continuing to rent myself would be a better choice than putting my investment fund (60-80k) into a 350-400k condo that is smaller and offers less amenities than my current place. Would it make more sense to buy here and live with the high mortgage or to purchase a couple rental properties instead? Any feedback would be greatly appreciated, thanks all. Best, Zach