First-Time Buyer in Seattle Looking for Advice

[Michael Spearman]

Hi BP, 

I'm new to real estate investing and I'm getting ready to buy my first property, however I'm looking for some advice on my plan before I start seriously looking for my first deal. l've decided to look for my first property in the Columbia City / Beacon Hill area near lightrail stations because of the easy commute to the Eastside where I work and the relatively lower prices. 

My budget is around $500k-$600k and I plan to use this property as my primary residence while using the extra room(s) as a VR. I've chosen VR as I believe that, even though it is extra work, it will allow me to generate a higher monthly income to offset my mortgage. Because of my plan for VR I'm mostly looking at:

1. No HOA / apartments.

2. Separate entrance for guests.

3. Near LightRail stations. 

Ultimately my end goal is to own numerous properties and gain financial independence through the cash flow. I read about many people on this forum who are able to do this but I don't see how it's possible in Seattle given how hard it is to find positive CF.

Questions for the community: 

1. What are peoples thoughts on this VR plan? Are VRs actually more profitable that traditional rentals in Seattle? What else should I be looking for in a VR home?

2. Given my preferences, who's a good real estate agent that would show me good deals when they arise. 

3. I'm only 24 but I'm making pretty good money working in tech and have a +740 credit score so and I would like to know if I can get approved for ~20% down payment. Any recommended financial advisors that could assess how I'm looking right now. 

4. I'd love to chat with anyone who made their first deal while in a similar position as me (i.e. house hacking, early 20's, expensive market, ~550k budget, etc). What contributed most to a successful first deal? What were the pitfalls? Coffee's on me!

5. This is my first post here but I've been reading this forum for a while and it's incredibly helpful. What are the best ways for someone with no real estate investment experience to still provide value here?

Thanks.