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.