Ready to House-Hack at 24 — Seeking Advice on a 7–10 Year Path to Financial Freedom

[Mike Manchello]

Hey everyone — quick intro: I’m Mike, 23, living at home and making about $80k/year. I recently started waitstaff work again on the side and expect to earn an extra $500–$600/week. I have roughly $100k invested (mostly S&P index funds) and I’m finishing up my emergency fund.

My plan: starting in 2026 I want to aggressively save for a down payment — aiming to put away $5–6k/month — and buy my first property when I turn 24 (Oct 2026). I’m leaning toward house-hacking a small multifamily as the first step and repeating the process each year (live in one unit, rent the others, save for the next down payment, rinse and repeat). I’m open to moving within New England (RI preferred, MA or border CT possible), and eventually getting into commercial properties (apartment complexes, strip malls, etc.).

My goal is to use real estate to reach financial freedom in about 7–10 years by building passive income that covers my lifestyle. Is this feasible? Is this a sensible strategy (yearly scaling via house-hacking → small multifamily → larger commercial)?

Resources I already use:

• BiggerPockets Podcast

• How to Invest in Real Estate by Brandon Turner & Josh Dorkin

• Set for Life by Scott Trench (just started)

What I’m looking for:

• Feedback on the plan and timeline (realistic expectations?)

• Tips/tools/strategies for analyzing small multifamily deals

• Any local RI/MA/CT folks who’d be open to chatting or grabbing coffee

Thanks for reading — apologies for the long post, I wanted to give good context. I appreciate any advice, critiques, or resources. — Mike

[Travis Timmons]

If you are a single guy and keep your expenses low, you may be able to get there. The biggest factor is a high income. Everyone that I know that hit FI at a young age had a really strong income and invested wisely. The sad reality is that real estate just doesn't pay you well for 5-10-15 years unless the place is paid off or you have a well executed high effort strategy like rent by the room, short term rentals, etc. Even mid terms don't really spit off any income if you are honest about the expenses. 

If you end up starting a family over the next 7-10 years, the goal posts are going to move. I spent $25-30k on healthcare last year and did not step foot in a doctor's office (monthly premiums + surgery for one daughter + braces for the other daughter).  The month to month expenses of providing for a family are serious. 

That said, I hit FI at 41 and the short version of my path was - 19 years, 2 sold businesses, 3 live-in flips (including my current one), above average income/savings rate, buying index funds and real estate along the way, moving to a lower cost of living area, and paying off my primary residence. It's still a grind on the other side of it. My wife and I both have part time jobs as well. 

I like Wes Moss's work as it relates to actual financial independence. His basic guidelines are $500k in liquid assets, paid off primary home, and more than 1 source of income (real estate, part time work, social security if you are old enough, etc.). It's really hard to get there and you are realistically going to need a strategically planned net worth of $2M-ish.