OC median SFR price is $400-750k. Median MF price is $1m+.
Riverside is the closest RE market that you'll get to OC that you can afford, and that's an hour drive on the 91 going WITH traffic.
FHA loans have yet to pencil out for me to make a profit, at least initially. The property may make money after a refi, but that's after a year of high monthly payments. Good luck saving.
This is a sellers market. My advice, keep saving. Live below your means. Wait for a better market, or when you finally have that 20% for an out of state purchase. Ohio has SFRs and MFs for $60,000. 20% of $60k is $12,000. 3% of $250k is $7,500. If you can get preapproved for $250k at 3% down, try saving a bit more and put down 20% on an out of state. OR, find a partner here on BP that lives in that area to be feet on the streets. 10% of $60k is $6,000 and just figure out how else you can contribute to the deal. Maybe some repairs money, or you do all the paperwork, or you manage the property managers while your partner looks for the property.
Best advice is this... be creative. There are plenty of ways to make money if you can be creative!!
