With so many possibilities of how to begin my real estate journey I’ve been having a difficult time narrowing down the strategy I’d like to use. Therefore, I wanted to reach out to the Bigger Pockets community to help weigh my options and provide insight into some pros and cons I may have not considered.
I currently rent a house with several roommates, in possibly one of the most expensive markets in the United States but, am eager to move past this lifestyle and begin putting those dollars to work elsewhere. I believe I stand in a unique position with my W-2 job as an airline pilot and no dependents holding me to a particular area to leverage this flexible lifestyle in the early stages of my career. While I am geographically tied to my company's domicile city, commuting to work from another state is certainly an option, and common practice in the industry. While I could target a relatively inexpensive and growing market in the Midwest, I'd like to find a primary residence to house hack nearer to the mountains and the activities I enjoy. This has essentially narrowed down my search to Washington State, the Anchorage area (both great for my income tax as well), and the tight market in Salt Lake City, UT. Between the three states, I can see the potential for different strategies allowing me to invest at an affordable price (although a very much inflated one). Essentially, between these areas I've been considering either: 1. Purchase a single-family residence and use conventional house hacking methods to rent out other bedrooms, not expecting to cash flow in these markets but to at least reduce my monthly expenses and build equity. 2. Create a STR property. Given the amount of time I spend away from home, I could purchase a cabin or similar to use as my primary residence and rent while I'm away. 3. Merging the first two options to purchase a multi-family property (or construct a separate basement apartment or ADU, a process I'm still trying to figure out) for an owner-occupied long-term rental approach. Ultimately I'd hope to start flipping properties (as this is what sparked my interest in real estate) but at this point in my career transitioning from renter to property owner is my primary goal.
Obviously, each strategy is completely different, and presents its own set of challenges, but for someone who is flexible, not tied down to a particular area, and open to any living arrangement, does one approach stand out to those of you with experience in the industry? In other words, if you had no immediate family, and simply needed a place to sleep 10-15 days a month, what would jump to your mind? I could go on a much longer dive into the endless possibilities and scenarios on my mind, taking into account loan options, the uncertainty in today's market, tax implications, etc. but at this point just want to know if there is something big I'm missing. Thanks for all your time and the endless wealth of knowledge you've provided through these forums!
