Newbie ready to make the leap in Pierce County

[Lawrence Morgan]

So I think I'm ready to make the leap and get my first investment property. I currently own my home and plan on it becoming a rental. I took out a HELOC to get that ready and also to help with any rehab repairs for the new place.

Originally my plan was to purchase a duplex and live on one side while hacking the other but those have been hard to come by. I’ve now begun to think a live in flip may be the better route for me to go. I recently got a preapproval if I were to go that route. 

Since I likely will be living in the property for a year or two. I would prefer to close to the University Place area but I’m open minded. 

With prices the way they are I think it would be difficult for me to come up with 20% for the down payment if I just tried to buy a straight investment property which is why I’m looking at those two options. 

Your thoughts? Any ideas, suggestions or leads would be much appreciated. 

[Ruth Bayang]

hi Lawrence

I've always said that if I had to start all over in REI, I would house hack.
When you say you want to live in a flip, do you mean you want to fix it up yourself while you're living in it, then sell it in 2 years? You can still house hack a property that's not a duplex. Get a 3 bedroom house. Live in one bedroom and rent out the other two. 

Also, I highly recommend you get out and meet other local investors. There's one next week in Renton that's always packed with 100+ people
https://www.biggerpockets.com/forums/521/topics/603342-fixated-on-real-estate-dealing-with-contractors-and-more