First time buyer: Palmdale, CA

[Marcus Lopez]

I’m a 26 y/o apprentice electrician and I’m looking to buy a property in Palmdale, CA. The price point is 300k and about 200k less than a lot of what you see closer to the beach/ downtown and with a lot of the gentrification it should drive people away from those areas and into the Palmdale area in the next few years.

My plans for the next year are to purchase a house using an FHA loan, rehab the property, and to either sell it off to roll into a larger property with multiple units or refinance my loan to a conventional mortgage and use a new FHA loan on a second property.

Would this timeline be too fast for all that I’d want to accomplish? What sort of hiccups should I expect along the way and how could I avoid them? Is that loan pay down too much to be able to refinance into a conventional mortgage in a year of purchasing?

I’d really appreciate some thought and suggestions for my future plans. Anything helps. Thanks!