Looking for my first property

[Vincent Keele]

Hello Everyone,

I am looking to purchase my first property. However, I have found that in Seattle, most investors stay away due to the stringent renting laws and the high cost of real estate. It looks like to get started, I will need to do my first deal out of state, perhaps in the Midwest or the South.

I am looking into DSCR loans, but I am being told that because I do not own my personal residence, I may not pass underwriting.

Thinking outside the box:
I started asking lenders about house hacking. Perhaps the conventional 5% down, but since I am self-employed and write everything off, I am being told that I would still need to put down 20% and provide a year's worth of bank statements to satisfy the underwriter.

My question for the community is: does anyone have any ideas on how I might structure my first deal to acquire property number one?

Thank you in advance for your suggestions.

[Jeremy Melloul]

Hey Vincent, to echo Samuel's comment, Columbus, OH, is a great market to invest in—I would argue the best in the country at the moment. Columbus is definitely an appreciation play for sure. On average, homes in the area have seen an increase of 8.18%, significantly higher than the national average, which typically ranges between 2-3%.  Also, in Ohio, the landlord-tenant laws heavily favor landlords. Typically, only a 30-day notice to vacate is required to get a tenant to vacate and the eviction process itself is also relatively straightforward.

I hope I was able to help with narrowing down your search. Good luck!