May I run some thoughts by you?

[Mitch Jacobs]

Hello wonderful BP Community! I’ll do my best to keep this quick.

As a newbie, I’ve been pursuing clarity as to which niche and strategy will best fit my goals, skill set, and current financial position. I'm eager to hear your constructive criticism and opinions so please don’t hold back any thoughts you may have!

First, my main goal is to eliminate my housing expenses and realize the wealth building benefits of owning investment property in a stable market with a growing population and job industry. I feel strongly that a form of house hacking will be an excellent option. While I love the idea of house hacking a buy-and-hold rental property(rent-by-room, small multi-family, etc.), I’m not opposed to taking a live-in-flip approach and holding for at least two of the last five years for tax advantages. My partner and I are in our mid 20’s and not discouraged by the possible “discomforts” that are inherent with these two strategies.

I’m handy, disciplined, have good credit, and between $30-50K to conservatively work with. However, I have no formal real estate experience and have worked only low paying jobs the last few years so I'm not sure how difficult(or easy) finding financing will be.

Lastly, I’m focused on Washington state markets since I plan to relocate there in the near future. I’m flexible in choosing a market and would like to move somewhere where I will invest “in my own backyard.” Ideally a blue collar city or town that has more affordable prices within a moderate commute to a higher population city. Any thoughts?

I’m truly grateful for your time today and eager to learn and network!

Regards,

Mitch