Finding an entry path after making typical consumer mistakes

[Kenneth Cowan]

Hello all, 26 year old stuck in the rat race in Southern California. Looking for advice on my way out: I am a salary employee ~60k with a future wife working part time ~30k Made the mistake last year of buying a beautiful brand new tract house at 336k with 2.8% property taxes. Mortgage w/ taxes, insurance and HOA $2500.00 monthly. Love my home, and I can make ends meet, but getting ahead is obviously a struggle. Plan is to sell in 11 months after 2 years of living here to avoid any capital gains. Strictly to get myself out of debt and open myself up to easily qualifying for deals. Other than the home we are virtually debt free. Equity is rising fast in our masterplan community, so assuming there will not be a significant dip in the next 11 months, I should walk away with some cash in hand. Renting out my current home would result in ~500 dollars in the negative each month. Ideally, wanting to search for small rehabs under 100k to start. I have a father in law who has been a remodel general contractor in Southern California for 25 years working mostly for investors to guide me through rehab costs. I know I stepped in the wrong direction with my home purchase, but can anyone recommend any different entry strategies than the one I have somewhat planned to this point? I am itching to get started searching for the deals, but I feel like my home debt and overhead has me feeling like both hands are tied behind my back. Any input is greatly appreciated. I am often amazed by the strategies I do read throughout some posts on this forum as well as through the podcasts. Figured this is a great place to start. Thanks in advance! Kenneth Cowan