Intro/First Property

[Michael Shea]

Hi Everyone

The last year or so I've been digging into the podcasts and forums, talking to friends, and scanning my neighborhoods. After listening to enough people on the podcast say get started already, the restlessness is mounting and I am about ready to buy a property. I have a down saved up but am starting to second guess myself. I figured a duplex (occupy one and rent the other) would be my ticket, but the market in San Diego seems to be pretty expensive/competitive/picked over. If a duplex is unavailable, then a lower priced condo with a manageable mortgage seems to be my plan; occupy for a couple years, buy the next property, and rent the condo.

I haven't taken advantage of posting and seeking out advice yet, but better late than never. If anyone has any advice for me please help! 

My current concerns are the following:

-What's the best entry point into an expensive market like San Diego 

-Is FHA a truly feasible loan if I'm saving for my next down. The PMI+property tax+insurance seem like they'll throw my budget

-With a looming interest rate hike should I be motivated to buy immediately.