Yet another newb from SoCal (South Bay area)

[Terrence Evans]

Hello BP!

I just joined the service a few days ago.  So far I have been impressed with the level of discussions and advice being given within them.

My hope is to network with other folks from Southern California who are trying to get things/ are getting things done.  It's fine to be from another locale but I think there are some situations that only Californians can relate to best.

Anyways, I am an engineer who is looking to real estate as being an escape from the rat race.  I have finally recognized -prolly 10 years too late- that I will not become better off (the way I want) via just my job.

A bit about me and my current challenges.  I used to own a condo.  But because 1) it was massively underwater, 2) I got divorced, and 3) I lost my job and didnt get another one for a while, I ended up short selling it.  That was 2 years ago.  Now, my assets available to help me purchase property and income from my current job are much much less than they were.

My desire right now is to get cash flow.  Not an easy task in SoCal even if u had the cash.  But I want to purchase a MFU and live in 1 of the units.  So my questions to you guys are the following:
1) Given the SS, will this be a problem?? I heard that they put you on ice for at least 2 years for FHA.
2) How does one do an owner occupied when the only places that are remotely feasible for me financially are very questionable hoods?  For instance, many of the places that have these places are either in gang territory or adjacent.  Not gonna work for me. I didn't grow up like that.
3) If 1 or 2 are not readily doable, what are my options?  I still want to figure out a path to do this real estate thing!

Any help or advice is appreciated!! Also if I can connect with you that would be great. I have started signing up for meetups and local REIA mtgs.