When should I start house hacking?

Question

Hello everyone,

I am a college student that is set to graduate 2028. I will be going on internships on and off between semesters which is how I get income, and my student loans will be covered by my parents. I currently have 15k saved up and I am eager to learn how and when I will be able to house hack near the Cincinnati or Blue Ash area. My savings are low for now and my income is not super stable. When and how should I be able to start house hacking? I am very determined to start as soon as I can but if I am not financially ready I should wait. What do you guys suggest?

Dan Sheeks · Answer

Hey @Jacob Nguyen! Great job getting started in real estate at such a young age! In my opinion, house hacking is the BEST strategy for a young person to get started in real estate. So keep exploring down that path!

Check out this article I wrote for the BiggerPockets blog (even if you are already 21):https://www.biggerpockets.com/blog/how-to-invest-in-real-est...

Also, make sure you check out BiggerPocket's househacking book by @Craig Curelop:https://store.biggerpockets.com/products/the-house-hacking-s...

I also have a book (published by BiggerPockets) that you might find helpful. It’s called 𝐅𝐢𝐫𝐬𝐭 𝐭𝐨 𝐚 𝐌𝐢𝐥𝐥𝐢𝐨𝐧.

https://store.biggerpockets.com/products/first-to-a-million

I also run a networking group for young aspiring/beginner investors (between 15 and 26 years old), and one of the things we do is have a few Zoom meetings every month. If you'd like to join one sometime (no cost!), just let me know.

Lauren Robins · Answer

Hi Jacob!It's great that you're thinking ahead and already saving with house hacking in mind. Given your current situation—$15K saved, student loans covered, and intermittent internship income—you're in a promising position to prepare for house hacking, even if you're not quite ready to jump in just yet. In areas like Cincinnati or Blue Ash, housing prices are relatively affordable compared to national averages, which works in your favor. The key is building financial stability and creditworthiness so you can qualify for a low down payment loan, such as an FHA loan (3.5% down) or even a conventional 3% down loan if your credit and income support it. With $15K, you're getting close to being able to afford the down payment and closing costs for a small multifamily or a single-family home with extra rentable rooms. However, lenders will want to see consistent income, so continuing to build your internship experience, tracking all income, and improving your credit score will help you when the time comes. For now, use this time to learn everything you can about financing, landlord laws in Ohio, and local market rents, while saving aggressively and networking with real estate investors or agents in the area. Realistically, your first serious opportunity to house hack may come closer to graduation or during a long-term internship, when your income looks stronger on paper—but your current focus and determination put you in a great spot to act quickly when the opportunity does arise.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Garrett Viton · Answer

Hi Jacob!

I am also in the Cincinnati area if you ever want to connect!

Like Lauren and Caleb said, it can get sketchy if you don't have stable income. Things break, may take a while to find tenants/roommates, and then you are stuck with the monthly payment. I would definitely recommend doing as much research as you can right now though! I highly recommend "Set For Life: An All-Out Approach to Early Financial Freedom" by Scott Trench as it covers not only how to save money on housing, but also other aspects of your life. I'm also getting ready to read "Rich Dad Poor Dad" by Robert Kiyosaki and Sharon Lechter and "First to a Million: A Teenager’s Guide to Achieving Early Financial Independence" by Dan Sheeks.

I just graduated and started my full time job today, with the goal of saving over the next year for a downpayment on an FHA loan. The market in Cincinnati is pretty favorable when it comes to house hacking.

Feel free to reach out!

Aaron Zimmerman · Answer

I would recommend house hacking when having stable income. You need to have a solid financial foundation, which you're starting to have. The steady income will help you weather storms or unexpected issues.

Otherwise, if you're looking to jump in, I would recommend trying to seller finance and then getting some friends to move into each bedroom to offset the mortgage or cover it.

You're asking the right questions and congrats on your success at such a young age. Keep educating and you'll be in a good spot to keep buying.

Kerlous Tadres · Answer

I would recommend talking to a lender, but they should be able to help you out if you have that internship experience and other relevant qualifications.

Dan Sheeks · Answer

Sounds good, Jacob. I'll DM you with the info.

Jacob Nguyen · Answer

@Dan Sheeks I appreciate the response, I would love to join the networking group!

Caleb Brown · Answer

If you can get steady income I would do that, house hack is meant to reduce your living expenses so you want income to help float you along. I would be leery to get into a property unless you have steady income, a lot can happen when you own. Talk to a lender and see where you are at for qualifying.15K can be doable to get into a property depending on the price point.

When should I start house hacking?

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