I just turned 30, I have a job which paying me $100k in Los Angeles, I have zero debt, excellent credit score and $65k in my bank account. I am single and I am paying more than 30% in income tax (state and federal). My goal is buying a house/apartment no later than fall 2016. I am planning to put down $90k for a $450k property. I am contributing 6% into my 401(k). I have no knowledge about stock and investments.
In my mind I have the following options:
Keep my debt zero, save around 2800 per month, and buy a property in fall 2016.
Invest my $65k somewhere and make that money generates some money and buy property fall 2016.
Buy a smaller, cheaper property now with the $65k and pay private mortgage insurance (PMI).
So what would be the best approach to reach my property-buying goal? Or any other advice would be much appreciated.