First Deal...but my area is extremely expensive

[Drew Slater]

Hi everyone,

This is my very first post. I would like to start off by saying how much I absolutely love this community just from everything I have witnessed over the last few weeks of scouring the forums. It's amazing to see people going out of their way to help others out!

My question is fairly straightforward. I live in one of the most expensive areas in the country, Southern California (specifically Orange County). I make a modest income, nothing crazy, but am very smart with money and do not have much debt. My issue is that for my first deal, there is no way that I can afford to buy a place within a reasonable distance from my home town and place of employment.

I was thinking about starting off by purchasing something out in the desert (29 Palms area) where it is much more affordable. But to be honest, I am using a HomeReady loan and do not see myself actually moving out to the desert and driving 2-3 hours to work everyday. I also do not want to rent the place out and get in trouble for mortgage fraud...

I am eager to start my real estate investing career, but am not quite sure how to overcome this dilemma. Any pointers or feedback would be greatly appreciated.

Thanks again!