First time RE investor in an expensive market. Is it worth it?

[Dylan Grabowski]

Hello to all the fine folks at BP!

I live in an expensive market. I'm also studying REI and building up a down payment for a property sometime down the line. These things take time, but...

Is it even worth looking for a first property (I'm mostly interested in 2-4 unit multi-family) in an expensive market? Sure, there's 3% down lenders (which I haven't met yet) and FHA. But, at what cost?

I want to live in my own home, and rent out other units. However, four or five properties can be purchased in other markets for the same price as one property in the Oakland/East Bay area.

If you've gone through similar thought exercises, what were your conclusions? If you've invested for a long-time, what are your words of wisdom? Advice? Thoughts?

I'm interested to hear what the minds of BP have to say about the topic.

Cheers!!