Hey @Levi Cartwright! Congrats on making moving to Washington and diving into real estate investing – that's exciting stuff! With your savings and a solid income, you're in a pretty good spot to start house hacking. House hacking is a smart move, especially for your first property. It's like hitting two birds with one stone – you get your own place and also make some money off it.
Here's what you should keep in mind...$150k budget is a decent start, but it'll shape what kind of property you can get. Or as you have seen, that price range is landing you in less desireable areas. Since you're living there too, try to find a place that doesn't need a ton of work. You don't want to blow your budget on repairs right off the bat.
Look into FHA loans. They're popular for house hacking because the down payment can be as low as 3.5%...but also means you can't get your hands on a super fixer-upper.
Get to know the landlord-tenant laws in Washington, their are differences between King and Pierce County as well as some municipalities, like Tacoma.
Renting out part of your place means dealing with some tax stuff. It's not too scary, but it's good to be aware. Choose a place that'll be a good investment down the road. Real estate's a long game. Keep some cash on hand for the unexpected – like repairs or if the place goes unrented for a bit.
Network and link up with local real estate folks. They're a goldmine of info and can help you find good deals. There are groups on Facebook like the Washington's Real Estate Investors Club and Sound REIA - Real Estate Investors in the PNW.
Remember, you're just starting out, so it's all about learning as you go. Feel free to reach out if you have more questions. Good luck with your first house hack!
Cheers,
Nick
