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Updated over 5 years ago on . Most recent reply
Brand new investor in the Bay Area (CA)
Hey everyone,
My name is Chris and I currently live in the Bay Area (CA). As everyone knows it's one of the most expensive areas to live/buy in the nation. My wife and I have aspirations of diving into the real estate world, more specifically multi-family buy-and-hold rental properties. We are looking for strategic advice on getting started. We are thinking about purchasing a duplex (2, 3, or 4 unit) and using the house-hacking method to start, but we're unsure if this is the best strategy. Maybe starting out of area/state where prices are more reasonable would be a better plan? I am open to any and all advice and look forward to networking through BiggerPockets.
A little about us, hoping that transparency can make it easier:
-My wife and I are in our late 20's, and are currently renting (do not own any properties as of now).
-We work full time, total salary of about 280k cumulative before taxes annually, and can put down approximately 75K+ on a property currently.
-We want to get started as soon as possible, but we are both patient and analytical people who wont rush a decision.
I am excited to start this journey and look forward to any and all advice. Thanks!
-Chris