[Silicon Valley]: House hack 2 bedroom condo or continue renting?

[Patrick Mosca]

Hello BiggerPockets,

I am 26 and have been working in Silicon Valley for 4 years now. I am currently living with my girlfriend and a roomate in a 2 bedroom apartment in Santa Clara for $3,500 a month, where $2,000 of the rent is covered by me and $1,500 of that is covered by the roommate. I would like to buy a duplex, however duplex prices are not cheap around here (not sure if I will qualify and that might also stretch me too thin). As an alternative, I am thinking about purchasing a 2 bedroom condo or similarly sized property, and splitting the cost between my girlfriend and a roommate.

Should I continue renting with a roomate or should I puchase a property and rent out a room? I'm pretty concerned about market prices right now, but I also don't want to wait indefinitely for a market correction.

I was also thinking that I could purchase the 2 bedroom condo now, and if a correction took place in the next few years, I could double down and take advantage of the cheaper prices by purchasing a second property such as a duplex.

If I purchase now (potentially the peak of the market), roughly how long might I be "stuck" in that property (in the case of a correction) before breaking even again?

-Patrick Mosca