Where and how do I begin?

[Account Closed]

I’m almost 40 years old. Been working my butt off [full time] 5 days a week, since I was 18 hoping I could get myself a house but until now, I’m still renting. I have around $25k in my savings, $5k on my emergency fund, zero debt & 750+ credit score. I’ve been reading intermittently about real estate for 3 years now and I just started binge watching & listening to BiggerPockets. I am pretty sure that I want to do real estate wholesale investing I just don’t know where and how to start. I’m from Seattle. Will my money bring me my 1st investment? Will there still be a person/s willing to invest their time on mentor me? Is there a group for real estate newbies I can join? Please help me better myself financially. Thank you.

[Michael Haas]

@Account Closed if you're working full time already I wouldn't advise you to take on hobby-wholesaleing... its super competitive out here and your time, energy, and money are better spent elsewhere in REI.

You can house-hack something in the greater Seattle Area with that $25,000 or less in savings using an owner-occupied loan (3-5% down) and/or one of the Washington State Housing Finance Commission programs. WSHFC is a non-profit dedicated to helping every Washingtonian own their own home, and this program allows us to take out a loan with 3%-5% down, then get up to 4% down payment assistance so the cash required to close is super-minimal (as little as $6,000 in some cases, depends on the purchase price of the property though).

Pretty much everyone on BP has heard of Househacking by now, but to recap, you'd be finding a house with separate entrances or a tall basement that can be rented out "by the bedroom" or even "by the unit" if you wnat to maintain your privacy. One reason this works so well is that owner-occupant financing (when you live in the house) has lower interest rates than investor/landlord financing, so you get the best of both worlds if you rent part of your primary residence out – rental income, tax deductions, and low interest rates on your home loan.

Definitely feel free to message me for some more info about your options- you could get this done (barely) with a regular 3% down loan, but it may be worth using the WSHFC so you don't need to dip into your reserves and emergency fund as much. For that program you need to attend a homebuyer’s class taught by a WSHFC trained Realitor and Lender. Let me know if you’re interested and want me to send you details once the location and time of my Homebuyer classes is set, and if you have any questions about how this works. Cheers!