First Home Buyer in Long Beach, CA

[Lucas Cookson]

I've been renting for the past 5 years in So Cal. I'm 27 and moved here just at the start of the housing boom. I have been priced out year after year as my savings were continually not enough for a down payment on an ever increasing home. :violin: I know, what a sob story right? =)

FINALLY I've been able to save a bit of money and the value of properties are dropping into non-idiotic ranges here in the LA area. YAY! I feel this is a good time for me to invest.

Specifically I've been looking in the Long Beach area due to affordability and proximity.

I'm here to learn and share information that I have learned. I do own a couple rental properties with my parents back in Indiana that make ~$40 a month profit (woo hoo). My goal is to acquire properties in need of some work, fix em up, and rent them.

A couple questions I have for you guru's are:
1. Would it be better to buy my first home, live there and have roommates help me pay my mortgage, or should I keep renting and buy an investment property with my savings?

2. Am I eligible for first time owner programs like CalHFA even if I own two properties in an LLC with my parents? And, even if I am, would you recommend using those programs given my strategy of buy/hold/rent?