By Chance... or Fate: I

[Samuel Haven]

Hi guys! This is my first post and I am oh so excited to have stumbled upon the world of Bigger Pockets and financial independence.

Where to begin..? I am now 22 years old and live in the city of Seattle, an intimidating real estate market to be starting out in from what I understand none the least. I have almost zero connections to family or friends involved in real estate and so I as many others on this site have gone before me, will walk the lonely road for a time. My ambitions are simple. I want to be FI by means of real estate investing! (with a more mild interest in the stock market log term). I work as a Backflow Technician and will soon be making $23 an hour. A modest income but when paired with the fact that I live with my parents and still have a solid amount of my expenses (car insurance and many meals) paid, I feel I am in a really unique time in life to SAVE. I forgot to mention I have a BA in Anthropology with ZERO STUDENT DEBT. Thank You Grandpa! I already have my first $6000 hard cash saved up from the past few months of working. I just got my first credit card a month or two ago and am excited but wary to begin the process of building credit for loans down the road (does anyone know how long it takes to go from 0 to 750 credit score when paying off the balance each month?). My life's passion is not something that will generate significant (or any) cash and so I am looking to FI to be the way in which I can pursue that goal in years to come.

I have no experience in really any of the subcategories of real estate but am thrilled to be learning quickly through a voracious appetite for reading. I am really open to SFR MFR and even potentially raw land investments if the opportunity presents itself. However, I have a more immediate RE venture I would love advice on. You see, my father is the superintendent of a general contracting company. He is a really great man in terms of work ethic. Born in 64 he grew up building houses, fixing cars, you name it. He never pays anyone to do work for him because he can simply do all of it. I have talked with him about my recent discovery and growing love for real estate and we have both begun to speak of doing a joint venture together.

My dad, in his own words, has more than once told me that, he "can build a house himself for a fraction of the price you would pay a contracting company" if given the upfront expenses and time. I mean electrical, plumbing, roofing, siding, masonry, woodwork, landscaping you name it and he can do it. Because of this, I see him as one of my greatest assets at this moment without much to add to things myself. We have been toying around with the idea of buying a plot of land in Western Washington (probably Whatcom county as that is where my dad is most excited about), and literally building a house together as a father son duo, and then selling it all for profit, using our current house as collateral for the loan needed to accomplish the project. I guess there's also the possibility of keeping it long term and renting it but maybe that's not generally seen as a viable option cash flow wise?

Another fun idea we have mulled over that would be a bit less money/time intensive would be buying land in Whatcom that is designated as "unbuildable" (I don't know what the technical term is) due to the land having too low a maximum density for housing. Let me explain a little better. We recently saw a one acre property in Blaine, WA in a desirable location on the market. Nothing but a grass field and a dilapidated old barnhouse. No one is buying it because the current regulations say that there can only be one house per 5 acres of land there. However, my dad had the idea of putting a tiny home on wheels on that property and renting it. Even moreso, he sees the old barn as significant potential in that, because the legislation grandfathers in these old barns, he could do a solid rehab on the barn, turn it into a livable space and potentially live in it himself (or maybe have that be the rental and the tiny house his own!), all while renting our current house in Seattle.

Anyways, I know this is an extra long post but just wanted to toss this stuff out to see some reactions and hopefully meet a few of you. its fun to think how I could play a part in these projects in the future and I believe in my dad's ability so much I want to see him as an asset/investment too. Thanks for taking the time to read and blessings,

Samuel