Seeking Guidance on Investment Strategy- New to the Game

[Dominica Zhu]

Hi everyone,

I'm so happy to have found this community. I am new to real estate investing, in fact, I've spent the last few months absorbing as much information as I can. I'd love to be as transparent as possible. My goal in life is to pursue my social impact work and be financially independent so I can do so. My last seven years have been spent in humanitarian work and I wish to build my financial independence so I can keep doing that. I will also say that along with stock investing my goal is to be financially independent in 10 years. That being said, my current W-2 job has become more unstable because of changing times with COVID and cuts with funding. That has put a huge fire to start to really get my first deal, even though I still feel I have a lot to learn. 

I live in Seattle. I have enough for a good downpayment and want to house hack a multifamily unit. I told a friend this and she advised I look out of state because the amount I have saved up can stretch way farther in another state. I don't necessarily want to move but I do want to get the most out of my money. My questions are:

1) how do you know what strategy to try first? I am definitely drawn to house hacking bc of the house rental prices in Seattle area. Would you advise the first deal be in state or out of state? Why?  

2) A friend advised me to go to a loan officer to see what I can qualify for. Should I do this before I have my strategy figured out? If I get my pre-approval, how much time do I have before I have to find my "deal"? And does this work for out of state? 

I'd like to have a deal by November/December since I am not sure my W-2 will last past that with the budget cut. Does anyone have any suggestions for this situation? I would love to hear the thoughts in this group and what you would do in my situation and how you would strategize. I want to be thorough in my decision making, but I do feel like I am on a time line. Please advise, thank you so much!