All Forum Posts by: Aaron Mercado

Trent,

Thanks for the advice! I’m definitely still open to house hacking even if it’s only to subsidize and not fully cover the mortgage and I feel it’s a great idea - the issue I’m having is here in SoCal I don’t see many duplexes in LA / Orange / San Bernardo county unless you go far out into not so great neighborhoods. Renting rooms out is an idea, but I will be moving out with my SO and I don’t think we are wanting to have roommates at this point. So from my findings it’s been difficult to find viable house hacks. 

I do agree maybe I just need to take the dive into OOS investing and find a market that works for me. 

Do you think OOS investing while simultaneously purchasing a personal residence with an FHA is a decent option? I understand this will come with PMI and I higher monthly payment but at least I'd have a residence and a rental in that scenario.

This is my first time posting and am looking forward to all the knowledge here!

I am 24 years old and have been working as an accountant and have managed to save around $30k for investing (outside of retirement accounts). I live at home still and am also looking to move out / buy a condo or such in the next few years. I live in Southern California and prices are very high. 

I have two goals: 

1) to buy a personal residence / move out

2) to begin my real estate investing journey

I originally thought of throwing down 20% on a condo, moving out and calling it a day, but I’m so intrigued by investing and I want to eventually build enough wealth passively to leave my job. 

I’ve read the Book on Rental Properties from BP and am currently reading the Out of State investing book, as well as a couple others. I listen to the podcasts and watch a lot of investing videos as well. 

It seems like for cash flow and wealth building, out of state investing is one of the only reasonable options for me. House hacking doesn’t seem feasible in SoCal without moving way out into nowhere. I’m currently in LA County for reference. 

Even with reading books and podcasts and videos, I still feel overwhelmed and lost as to what I should really do in my case.

Between a personal residence and investing, with my $30k and how to utilize it wisely and efficiently without being a real estate agent or having a vast knowledge of real estate. I understand the concepts but don’t know what to do. I don’t want to become an agent and I’m skeptical about turnkey. 

Can I possibly accomplish both of my goals in some manner?

I’d love to hear some input and ideas on what I can do. Thank you for reading!