Overwhelmed Newbie Investor - Kansas City

[Alex Eickhoff]

Hey everyone!  Wannabe investor in Kansas City area. First post.

I’ve been wanting to house hack for a solid 5 years and still haven’t pulled the trigger. Seems every week I change my mind about which strategy I want to pursue, so I’m hoping to get some reassurance.  My thoughts:

I have a modest savings that could be used for a down payment (about $30k) but I’m also a self employed artist, who benefits from having a stash of cash for peace of mind (income is irregular, some months are <$1000, others can be 5 figures).  So do I get into a turnkey multi, with a low down payment and take on a higher debt, or do I put more money down on a cheaper/light fixer upper to have a lower monthly payment? Maybe even a single family with detached garage to convert into a studio flat for short term rental? Do I invest in an up and coming area that is more affordable, or do I go to a desirable area to have better immediate cash flow? 

Obviously I’m all over the map lol.

 I’m an artist so my location is somewhat flexible, as I travel all over the country painting murals. But I also require studio space, which I prefer to have in house so I’m not paying for mortgage and rent for separate space. My girlfriend lives with me and has a steady nanny job, but only has a small cash savings to assist with any down payment or reno cost. 

Any advice helps. Just trying to get off Zillow and get into the game somehow. 

-eye cough

[Hamp Lee III]

Welcome to BiggerPockets!

You already have your answer in your post. It would be best if you kept some cash but had a potential studio for your business. What better way than to have a small single-family starter home or one needing light repairs with a detached garage?

As a first-time investor, there are down payment assistance programs from your state: https://www.sofi.com/first-tim...

I would tell you to keep things simple and do what your wallet can handle. You don't have to break the bank on your first purchase. Find an appreciating area where you can get a great home that might need a little TLC but is livable from Day 1.

Real estate is a long game, and it's important to focus on what you have now. It would be best if you had a reserve of cash. You need office space. 

Maybe you'll need to save for a few more months...but start small and take action.

I wish you all the best.