26 y/o - $50k Cash, 760+ Credit – First House Hack

Portland, Oregon
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26 y/o - $50k Cash, 760+ Credit – First House Hack

Tucker Stark
Member since 2026 · 12 posts · 9 votes

Hey BP,

I’m 26, in White Salmon, WA, with ~$50k cash, 760+ credit, and a stable remote job. Looking to buy my first property in 6 months. Thinking house hacking or the slow BRRRR. Im happy to rough it and have a background in residential electrical. 

I’m also trying to meet local investors in person to learn from their experience around the Columbia River Gorge.

Any advice on financing, common pitfalls, or balancing risk vs rental income would be appreciated! Thanks. 

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  • Mike PaolucciBusiness Member
    Realtor · Columbus Cleveland Dayton, OH · Member since 2022 · 492 posts · 550 votes
    7mo
    Quote from @Tucker Stark:

    Hey BP,

    I'm 26, in White Salmon, WA, with ~$50k cash, 760+ credit, and a stable remote job. Looking to buy my first property in 6 months. Thinking house hacking or the slow BRRRR. Im happy to rough it and have a background in residential electrical.

    I’m also trying to meet local investors in person to learn from their experience around the Columbia River Gorge.

    Any advice on financing, common pitfalls, or balancing risk vs rental income would be appreciated! Thanks. 


     Welcome to BP Tucker. 

    I'd recommend house hacking a 2-4 unit if you can find one locally via a FHA or a 5%-10% conventional loan. Great way to learn first hand while having tenants to help pay the mortgage. It may not cashflow initially with you living there, but as long as you're able to cashflow after you move out, and the property is in good shape, it should be a pretty good deal for you to start off with.

    I'd also recommend looking into facebook groups for local networking events and attending those. You'll meet a bunch of people there that'll help you get into the right loans, share mistakes they've made to help you avoid those same mistakes and more. Pretty easy to build out your rolodex of resources at events like those & learn about lending strategies if you get into flipping / BRRRR's.

    [email protected]614-892-9184
    Reafco - Mike Paolucci 512 Reviews
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    • Tucker Stark
      OP
      Member since 2026 · 12 posts · 9 votes
      7mo

      @Mike Paolucci thanks for all the good advice. Whats your take on an FHA vs a Conventional around the 5% range? Also is it always better to get a multifamily over a single family for house hacking?

      0Reply
    • Mike PaolucciBusiness Member
      Realtor · Columbus Cleveland Dayton, OH · Member since 2022 · 492 posts · 550 votes
      7mo
      Quote from @Tucker Stark:

      @Mike Paolucci thanks for all the good advice. Whats your take on an FHA vs a Conventional around the 5% range? Also is it always better to get a multifamily over a single family for house hacking?


      FHA vs 5% conventional - FHA will require a higher level of requirements when it comes to condition of the property. They'll flag things like chipping paint and require sellers to remedy smaller ticket items that most investors laugh at and don't mind handling ourselves. It's also not as attractive to sellers because of those same reasons. FHA will also keep MPI for the duration of the entire loan since you're putting less than 10% down. That'll add up over the course of time.

      5% conventional is VERY similar to a 3.5% FHA downpayment (obviously slightly higher) but they're less strict when it comes to property condition + you can get rid of PMI once you hit 20% equity.

      SFH vs. MF - for transparency, I'm currently house hacking a duplex I own so I might be a bit bias. I prefer a 2-4 unit for house hacking but it's really a personal preference. Most people, including myself will recommend a multi-family property to help you scale a portfolio + ensure that you're not solely responsible for the mortgage when vacancies arise. I've seen some people (including a client of mine) choose to house hack a single family home and rent out the other rooms to friends / STR models. Again, really up to you and individual preference / financial situation.

      [email protected]614-892-9184
      Reafco - Mike Paolucci 512 Reviews
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    • Melissa HartvigsenBusiness Member
      Real Estate Agent · Beaverton, OR · Member since 2020 · 190 posts · 158 votes
      6mo

      Hello @Tucker Stark,

      Welcome to BP!  I wanted to share some insights regarding strategy/property type. I am local to Portland, but grew up on your side of the river in rural Washougal.

      White Salmon is small and you do not need to rush to decide between single family and multifamily (which is less than 20% of your local market). Let the available choices on the market help shape your plan, and run thorough analysis to make sure the property will pencil.

      I heard that rents in White Salmon are not cheaper than Portland, but White Salmon has a limited renter pool for long term tenants who can afford the high rent. Whether you pick a single family, or multifamily, plan for longer vacancies with long term rentals (in Portland we plan for 6% vacancy up from 5% last year, so you might want to run your numbers with 10% vacancy).

      Short-term rental (STR) or mid-term rental might be the way to go. For a studio you might expect $1,600 a month virus $1,050 for a long-term rental of the same size. With the hot springs being close by, the tourists love to come!
      https://www.furnishedfinder.com/stats/us--wa--white-salmon

      Pros for short/midterm: higher rent during peak season, more flexible use of the property for friends/family
      Cons for short/midterm: higher up front cost to finish,  higher expenses since it is customary for you to cover utilities, you have to self manage for this to be cash flowing.

      Locals in Hood River that post a 30 day minimum on Airbnb since the city limits these to 90 days a year. I am not as familiar with the STR regulation in White Salmon, but the city provide details https://www.whitesalmonwa.gov/planning/page/short-term-rental-permits

      The slow BRRR can be great as long as the house qualifies for a loan based on the condition. While you might be willing to rough it, the bank may say no for FHA or conventional. As a first time home buyer and owner occupier, these are the best option for you to get the best rate and lowest down payment. If you buy a heavy fixer (best candidates for BRRR), then you might need to consider a Hard Money loan (higher fees and rate), but more flexible on property condition.

      Would love to see an update from you once you find your first property!

      Cheers,
      Melissa

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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    7mo

    I'm not in that area but I'd imagine $50k is probably enough to get started with a house hack.

    I'd recommend having $10k in reserves plus rehab. I'd recommend finding ways to reduce cash outlay especially if doing a big rehab. Those items include closing early in the month, asking for a closing credit and increasing the purchase price, negotiating higher amounts for property taxes, etc. 

    [email protected]
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  • Keith Sherwin
    Developer · El Paso, TX · Member since 2024 · 5 posts · 3 votes
    7mo

    @Tucker Stark, it sounds like you’re approaching this thoughtfully and with a strong foundation. House hacking a small multifamily can be a great way to learn operations while reducing your personal housing cost. The biggest advantage early on is gaining firsthand experience with leasing, maintenance, and tenant dynamics.

    Wishing you success as you move forward.

    0Reply
    • Tucker Stark
      OP
      Member since 2026 · 12 posts · 9 votes
      7mo

      @Keith Sherwin appreciate that Keith. It sounds like the first property is the most impactful. Looking forward to getting started. 

      0Reply
  • Nick BelskyBusiness Member
    Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
    7mo

    @Tucker Stark

    Welcome to the BPC!

    I am a broker who specializes in all types of investment property financing.  If you have ever have any questions or just want to talk shop, feel free to reach out.

    Cheers!

    [email protected]
    Belsky Mortgage, LLC527 Reviews
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