New to Real Estate · Seattle, WA · Member since 2018 · 10 posts · 1 vote
Hello Bigger Pockets community! I joined several months ago but wanted to re-introduce myself as I've recently moved from San Diego to the Seattle area. You can see from my previous post (https://www.biggerpockets.com/forums/55/topics/607506-mechanical-engineer-from-san-diego-ca) that I'm a mechanical engineer interesting in rental properties, more specifically live in flips, or house hacking. Am looking in Cap Hill, Central District, North Beacon hill area. I am currently at an Airbnb where the owner converted the basement and main floor into its own unit and lives in a converted attic space. I am looking to do something similar. Would love some pointers and would love to start networking! Nice to meet everyone.
Real Estate Broker · Bellevue, WA · Member since 2017 · 172 posts · 107 votes
7y
Hi Eugene,
Welcome to Seattle!
House hacking is definitely a strategy many people have utilized in the past few years for our area. It allows for cheaper living and in many cases, allows for closer or more desirable neighborhoods to be within reach.
If you’re considering doing the AirBnB approach or rentals within Seattle city limits, you need to be well versed on the landlord / tenant laws. They are much stricter and are always changing.
A “live in flip” is another great strategy, provided you don’t mind living through a renovation. I did this with my current house. Purchased it knowing it would be a project with the intention of selling after 2 years to avoid capital gains.
Ultimately it comes down to your overall strategy and what you’re comfortable with. The neighborhoods you mentioned are great areas, close to down town and are always in high demand.