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Updated over 4 years ago, 08/30/2020
Buy 1st home locally or buy rental in/out of area/state?
Hi Everyone I am new to BP and thinking real estate but have always been eyeing it for some time now. Lately I have been wondering about buying for myself first or buy rental first.
I currently live in Santa Rosa, CA, an area that is going on 4 years in a row of fires. Before someone asks, no I can't move. Nutshell reason is family, otherwise I would move somewhere more economical for myself and profession.
In doing some reading and research a comment that has stuck with me is, "if you can't afford to live in an area or neighborhood you want to live in, due to high cost, then consider purchasing a rental property in a lower cost area or neighborhood."
I would love to be able to house hack in some way shape or form. I'm tired of renting, but increased cash flow is always a good thing in my mind.
There are a number of scenarios in my head, but don't want to make this too long of a post.
Thoughts?
Thank you in advance.