20 Year old deciding on first deal, NEED HELP!

[Carson Cicenas]

Hey everyone,

Thank you for taking the time to read my post. I posted here almost exactly a year ago and taken a lot of advice since then. I stayed consistent — still living at home with my parents, maxing my Roth IRA every year, contributing to my 457, and I now have about $23k saved toward my first deal.

I’m now 20 years old and working as a full-time firefighter/EMT. My base pay is around $80k, and I’m on track for raises over the next few years. No debt, good credit, and I’m still living at home so I can keep saving aggressively for real estate.

Here’s where I’m at and what I’m trying to figure out:

Finances:

• Current W2 income ~$80k+ base with overtime potential
• Maxing Roth IRA ($7,500/year) and contributing to 457 retirement plan
• $23k currently saved and earmarked for real estate
• No debt and living very cheap at home

Living Situation:

• Still living with parents to stack cash as fast as possible

Location/Market:

• Focused on Indianapolis metro and surrounding towns (Greenfield, Westfield, McCordsville, Fortville, Noblesville, etc.)
• Looking for buy-and-hold multifamily with light value-add potential

My Current Dilemma:

I’ve been running numbers pretty hard on multifamily deals in my area. Even with 25% down, most properties I’m seeing are barely cash flowing (or break-even) after debt service and expenses. I know deals were much easier to make work in 2020–2022.

So here’s my real question for experienced investors:

If you were in my exact position today — 20 years old, stable firefighter income, ~$23k saved, living at home, maxing retirement accounts — would you pull the trigger right now on a house hack using an FHA loan even with these thin margins? Or would you keep stacking the majority of your extra money into index funds and wait until the numbers actually make more sense?

I’ve already researched a lot of the common paths. I want to know what you would personally do if you were starting from scratch in today’s market. I was leaning towards doing a multi family fha then refinancing and buying another but again the numbers are tight.

Appreciate any honest perspectives

[Garrett Crosby]

You're already doing a lot of things right — the discipline to max a Roth at 20, stack cash, stay debt-free, and still live at home is honestly rare. Most people your age aren't even thinking this way.

Here's my honest take: I'd lean yes on the house hack, but only if the numbers are truly survivable, not just break-even on paper. FHA on a duplex or small multi means you're in for 3.5% down, so roughly $7-10k depending on price, and you need reserves left over. With $23k that's doable if you find the right property.

The real math people miss on house hacking isn't cash flow, it's cost comparison. If the rental income from the other unit covers most or all of your PITI, you're essentially living for free or close to it while your W2 keeps stacking. That's a massive win even when the "cash flow" looks thin on paper. You're building equity, getting depreciation, and your savings rate stays high.

One thing to be aware of: FHA on multifamily limits your purchase pool and some sellers won't entertain it in competitive situations. Make sure you're seeing off-market inventory, not just what hits the portals. Having an agent who actually understands investor math will matter more than most people think.

Don't let perfect be the enemy of good here. You're at an age where getting in the game beats waiting for ideal conditions that may never come. Feel free to DM if you want to talk through numbers on a specific deal.