Newbie in Fremont, CA Interested in Small Multi-Family - With a H

[Chris Williams]

Hello everybody. Signed up some weeks back, but didn't get to the introduction post yet. Until now, of course (otherwise how would you be reading this? Your brain, I have warped it...)

Who I Am
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My name's Chris. For the past 11 years I've lived in the San Francisco Bay Area (Fremont at the moment). I do not see myself still living here in 5 years (maybe even 3).

I work as a content professional here. It's enjoyable work (most of the time), but living where I do makes it hard to save. I have done so, but I'm well aware that my salary will not make for a cozy retirement. I will have to get another income stream going...or at least secure the largest aspect of retirement comfort early on. Which is, of course, housing.

Which brought me here.

Real Estate Background
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In terms of background in real estate, I'm a serial renter. Rented all my life. In fact I've had so much experience renting that I'm considering a blog here on BiggerPockets about my experiences. (I'd call it "Living With Humans." Thoughts?)

Until recently, I never considered buying in the Bay Area. It's a ridiculous notion - the house prices here are obscene. Please see 'Goals' below for more on this point.

My family does own some land up in the far north of California. Undeveloped, a short distance from a TINY town, but a long ways out from larger ones. It's equidistant from Eureka and Redding, for those North Staters on BP.

Right now the land is split between my aunts and Mom. I'd like at least a portion of it to build a getaway cabin.

That's about my level of real estate experience.

Goals
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Okay, here's the part where I explain why I'm here. Short-short version: I'm curious about buying a small multi-family to house hack.

But there's a hitch. As I said, I'm in the SF Bay Area. Arguably the most ridiculously-overpriced real estate market in the U.S. I don't want to buy here. There's no way I could afford it anyway. (I do have savings, but nowhere near enough for even a SFH down payment here!)

I'd like to buy a triplex or quad in another area. Someplace where I could move in the near future, use one of the units, and rent the others to cover the mortgage. Standard house-hack. Making extra money is always good, but I'm primarily interested in balancing the mortgage and long-term appreciation.

I've already picked up Larry Loftis' book, "Investing in Duplexes, Triplexes and Quads." Good reading so far.

What areas am I targeting? Haven't decided yet (part of the reason I'm here). I'm interested in areas with actual seasons, cool summers, & reasonable standards of living. For one example, my girlfriend and I both like the Portland area.

Happy to chat, while I lurk amongst the threads and absorb knowledge like an oceanic sponge. Thanks!
-Chris