New House Hacking Investor

Janesville, Wisconsin
New Member Introductions
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New House Hacking Investor

Jackson Rustad
Member since 2026 · 1 post · 1 vote

Hi everyone, my name is Jackson. I am a 22-year-old student-athlete graduating in March and starting shortly after as an engineering project manager in the Beloit/Janesville/Roscoe/Rockton area. I have been listening to BP for almost 2 years now and am excited to begin my real estate journey. I am looking to connect with any mentors in the local area and dive into small multifamily or co-living.

As someone looking to buy in the coming spring, what are some steps I should take leading up to my first purchase? I have been working on running the numbers and saving whatever I have left after paying for school toward a down payment. Any and all help is sincerely appreciated!

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Caleb Brown
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
4d

Good job of starting early. A few things I’d focus on:

  • Talk with a lender early and find out what you'd realistically qualify for. For a house hack, FHA can be a great option for a 2–4 unit property. See where you are at credit wise and what to expect.

  • Figure out what your monthly payment would look like before and after you have roomates/tenants, but don’t make the deal depend on perfect rents or 100% occupancy. Be able to cover the whole mortgage payment.

  • Start watching duplexes, triplexes and fourplexes in your target areas now. Even if you aren’t ready to buy yet, analyze them so you learn what a good deal actually looks like in your market.

  • Build cash beyond just the down payment. You’ll want money for closing costs, inspections, repairs, reserves, and the inevitable surprise.

  • Learn local rents. For house hacking, understanding what the other units/rooms will realistically rent for.

  • Find a local agent that knows house hacking and rental properties. Many agents are clueless to it.

Once you have a foundation take the leap.

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  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    4d

    Good job of starting early. A few things I’d focus on:

    • Talk with a lender early and find out what you'd realistically qualify for. For a house hack, FHA can be a great option for a 2–4 unit property. See where you are at credit wise and what to expect.

    • Figure out what your monthly payment would look like before and after you have roomates/tenants, but don’t make the deal depend on perfect rents or 100% occupancy. Be able to cover the whole mortgage payment.

    • Start watching duplexes, triplexes and fourplexes in your target areas now. Even if you aren’t ready to buy yet, analyze them so you learn what a good deal actually looks like in your market.

    • Build cash beyond just the down payment. You’ll want money for closing costs, inspections, repairs, reserves, and the inevitable surprise.

    • Learn local rents. For house hacking, understanding what the other units/rooms will realistically rent for.

    • Find a local agent that knows house hacking and rental properties. Many agents are clueless to it.

    Once you have a foundation take the leap.

    1Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 941 votes
    4d
    Quote from @Jackson Rustad:

    Hi everyone, my name is Jackson. I am a 22-year-old student-athlete graduating in March and starting shortly after as an engineering project manager in the Beloit/Janesville/Roscoe/Rockton area. I have been listening to BP for almost 2 years now and am excited to begin my real estate journey. I am looking to connect with any mentors in the local area and dive into small multifamily or co-living.

    As someone looking to buy in the coming spring, what are some steps I should take leading up to my first purchase? I have been working on running the numbers and saving whatever I have left after paying for school toward a down payment. Any and all help is sincerely appreciated!

    You’re already ahead of the game by saving and learning the numbers before you buy. Between now and spring, I’d focus on getting pre-approved, analyzing as many real deals as you can, and building relationships with a lender, PM, and contractor. Since you’re already looking around southern Wisconsin, I’d also compare nearby Midwest markets. Sometimes a little more distance can mean a much better purchase price and cash flow.

    [email protected]614-418-6081
    0Reply
  • Austin GoetzBusiness Member
    Lender · Minneapolis, MN · Member since 2026 · 30 posts · 10 votes
    4d

    Congratulations on graduation coming up! I liked what @Caleb Brown said. There is a lot of power in figuring out what you can afford and what you are targeting for a first property. Not only is the down payment important to save for but the closing costs, cost to furnish a home, cost to fix up anything that breaks, having reserves built up for emergency and also money to support your lifestyle. Figuring that out, 6 months in advance can help give you enough time to figure out what your end goal is.

    Happy to be a mortgage lending resource for you to take a look at the number early so you can create a game plan moving forward and prepare for when spring rolls around. Feel free to message me.

    [email protected]952-797-2007
    Magnolia Bank
    WebsiteView Page
    0Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    3d

    1. Having a fully funded emergency fund and having reserves when you purchase

    2. Being active at your local meetups and making connections with lenders, realtors, contractors, and tradespeople.

    3. Being able to properly analyze a deal. Estimating rents and expenses are crucial.

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
  • Harrison C.
    Member since 2017 · 44 posts · 20 votes
    3d

    Jackson, since you said co-living, two things nobody above covered.

    Before you buy, check the city's rule on how many unrelated adults can live in one house. Some towns cap it at three or four, and that caps how many rooms you can rent. It is a phone call to the zoning office, and it is much cheaper to learn before you have an offer in.

    Then price it by the room. Look up what single bedrooms near the house you want actually list for, multiply by the rooms you would rent out, and put that next to the full payment. If the house only works with every room full at the top of the range, pass on it.

    One more for the list while you save: set aside money to furnish the rooms. Bed, desk and a lock on the door is a few hundred per room and it comes before the first rent does.

    0Reply
  • Ashley RigsbeePro Member
    Customer Success & Onboarding Specialist at BiggerPockets · Charlotte, NC · Member since 2023 · 85 posts · 33 votes
    3d

    Welcome, Jackson! Two years of BP podcasts is a great head start. Definitely, talk to a lender about owner occupied options like FHA. Also find a local agent who works with investors. Congrats on the graduation and the new role!

    BiggerPockets
    0Reply
  • Brad SeidBusiness Member
    Lender · Licensed in 28 States · Member since 2026 · 161 posts · 46 votes
    3d

    @Jackson Rustad Welcome to the journey, Jackson! You’re already doing the right things by saving and learning how to run the numbers. As you get closer to your first purchase, getting clear on your financing options early can make a big difference. If you ever want to explore lending options or see what you may qualify for, feel free to reach out. Happy to help!

    [email protected]248-408-3855
    West Capital Lending5125 Reviews
    WebsiteView Page
    0Reply
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