Getting Started in WA

[Aidan Graves]

Hey all, I am new to BP and to Real Estate in general. Fresh college grad, goal is Financial Independence. I am reading Building Wealth One House at a Time, listening to the BP podcast, and basically every other resource I can find to learn about Real Estate. 

My income is not high, 35k base, ends up being something around 45k with bonus and a lot of OT. I am lucky in that I have very low COL right now, and by the start of 2020 should have around 20k saved for a downpayment. I was initially interested in house hacking, but it seems like that is pretty far out of my price range. I live in the Renton area, and I am employed in Bellevue. 

If you were in my shoes, just starting out, what would you do? I am looking for positive cash flow as my main priority, and would be happy to hold for an extended period. I was pre-approved recently for a 175k mortgage, if that means anything. 

[Lawrence Morgan]

I’m new to this myself so can’t offer too much advice but if I could go back in time a few years and start at a similar point to where you are. I would look into some programs for first time buyers that allow you to put low amounts down. For instance Pierce County and Tacoma have programs that loan you your down payment on a 30 year 0% interest deferred loan. Not sure if king county has something similar. But if you found something like that you buy your first place, house hack it and still continue to save that cash for your next deal.