New investor from Los Angeles trying to find 1st deal!

[Menooa Zohrabian]

Hi BP community.

I've been listening to the podcast and reading the forums on BP for the past 2 months and just wanted to say all the information found on this site is priceless!

I know I am not the first person asking these questions, but here we go (and I apologize ahead of time if I'm not asking the smartest questions):

-for anyone living in the Los Angeles area, does it make more sense to invest closer to home or out of estate? for example, is it better (to buy and hold/cash flow) to buy a turnkey duplex in Memphis or a SFR somewhere in Inland Empire?

-If I decide to live in my first purchased property and stay close to LA, would you recommend buying a duplex/triplex and I live in one of the units and rent the others, or buy a SFR and live in the back house and rent the front?

-Can I use an FHA loan for a duplex/triplex if I live in one of the units?

Any feedback would greatly be appreciated!

[Sam Wilson]

@Menooa Zohrabian - Congrats on starting your REI journey!

Two things that we often tell investors is look for the deal regardless of location (but for OOS include travel costs, etc).  But also consider the legal limitations/costs in each market.  For example, one reason that we work in Memphis is because of the laws respect the private property rights of landlords.   We don't have the appreciate that you all have in California but we like the cash flow here.  Just don't buy cheaply; stay in the 800+ rent range.

Also we will be traveling to LA (Sherman Oaks) to visit family later on this summer.  We'd love to meet up with some local investors.  

Message me or my wife (@Elizabeth Wilson) if you have any specific Memphis questions!