Hello! New Investor in the Seattle Area. BRRRR and Flips!

[Omar Ongoco]

Hello Bigger Pockets World,

I am a long time Bigger Pockets Podcast listener and I recently attended my first Webinar with Brandon Turner on rental properties, which fueled me to become more active in the BP community!

I currently live in a single family home in Auburn, WA by myself but am looking to move into a condo or townhome in Seattle - particularly the SLU, Belltown, First Hill, or West Seattle. The market is so hot right now and I'd like ideally like to jump in that market before it gets even more expensive. Is it reasonable to say Seattle is going to be the next San Francisco (please advise if I am off on this)? With my single income, I know it’s nearly impossible for me to get into that market so I need a creative way to get into it. I am thinking about buying at the foreclosure auction, but I am also open to other strategies.

I am interested in house flipping and buy and hold in the greater Seattle area, mainly King County and Pierce County. One goal of mine is to flip houses to build up my capital. I eventually want to get to the point financially where I can acquire rental properties while also continuing to flip homes.

For buy and hold’s, my five-year goal is to acquire five rental units that cash flows, consisting of single family and multi-family units. I aim to refine my criteria of rentals, guidance on how to acquire rentals for low money down, tax help, legal advice, and property management recommendations. Overall, I look to build my real estate team, which will allow me to reach my goals.

Thank you for your time and support!

-Omar