First Time Home Buyer

[Andres Andrade]

Hello all,

I was hoping I can get some advice from you awesome people. So my finacee and I are looking to buy a home (duplex, condo, single family) by February of 2021. We are tired of renting and are ready to get our investing careers going. We live in San Diego, CA and would be able to put down 11k-13k down. With such a small amount for a down payment for California we are probably going to look into an FHA loan. I have a few questions for you all:

1. 1. Is it a good time to buy in the market right now or should we wait to start looking in 2021?
2. 2. Do you recommend finding a loan with a credit union, big bank, seller finance, etc?
3. 3. Since we are looking for a home in San Diego County does it make more sense to get a single family or condo? It is hard to find a duplex and it is super expensive. 
4. 4. Should we get a real estate agent? If so, is it easy to find a real estate agent who is also an investor? 
5. 5. We have good credit scores (740+), but we lack the employment history due to recently graduating college; will this be an issue?
6. 6. What is your best advice to us on getting started in our investing career? 

Any advice helps and I want to thank you all in advance for taking the time to read this post. Happy Friday and have a great weekend.  

[Maxwell Ventura]

@Andres Andrade

1) Generally speaking, best time to buy is when you can afford to. Unless you're doing a quick turn around fix n flip you can't lose at the buy, you can only lose when you sell. RE has always gone up over time. Think Supply and Demand. Appreciation generally is a given in a low inventory, highly desirable area to live w/ a great job market.

2) Go w/ an experienced Broker who can close on time. I can refer multiple if you need. 

3) Agree w/ Dan. DET Duplex then SFR w/ value add opportunity, or Condo.

4) 99% of the time seller pays commission. Technically, the commission goes to the listing brokerage and is split between buyer's agents brokerage "selling brokerage." Most agents who consistently post on these forums all have investing experience and will take care of you. 

5) Speak w/ your lender or broker. The information is free. If you're unable to get pre-approved or pre-qualified they'll set you on the path. Have the conversation.

6) Surround yourself w/ good people, do your research, but not too much. Analysis paralysis will prevent you from taking action.