New to BP, in the early stages of house hacking in Seattle

[Ben Anderson]

Hi everyone, I'm new to BP and real estate and decided to try and find a house hack type of situation to reduce my fixed expenses and have a way of generating non market based returns on some of my money.

I'm currently under contract on a single family home for 675k in Phinney Ridge. It already has a permitted 2 bed/1 bath ADU on the ground floor. The first floor is currently a large 1 bed 1 bath, that I plan on converting into a 2 bed 1 bath.

I plan on doing some kitchen renovations to both units and installing new floors in the ground floor.

Long term the property is big enough to support a DADU and given the recent changes to the laws surrounding them in Seattle, I am very excited about the prospect of building a DADU for additional income and eventually renting out all 3 units.

I'm not looking to have a ton of properties, but I like the idea of taking advantage of owner occupied financing and making the place I live work for me. In the medium term I want the freedom to pursue music/circus at a high level while doing some amount of freelance software engineering (I'm currently a full time software engineer for a big company) on the side.