New from Los Angeles, CA & Needs some advice

[Sylvin E.]

Hello everyone,

I'm new to BiggerPockets and a newbie real estate investor. Just trying to get my feet wet and this site has proven to be a great repository for tons for useful info.

So I guess I'm in search of some advice:

I live and work in Southern California and would like to start my real estate investing here. My plan is to start with a small multifamily property that would double as my residence - owner occupied. I've read a few threads that talk of the difficulties in finding properties in SoCal that cash flow or meet most of the "rules" and "guidelines" of BP - some investors steer clear of this market. My question is, when I perform the cash flow analysis on a property - to know of it's a good deal or not should I assume that all units are generating income, even though I would be living in one? Or should I move on from properties that do not positively cash flow while I'm occupying one of the units? Obviously I'd prefer to make some money from my investment; but considering I'd be living, there I'm totally ok with breaking even - is that a good mindset?

I'd appreciate any insight available - thanks!!!!