Attacking Debt + Building My Launchpad for a Future House Hack

[Isaiah Prince]

I’m currently attacking debt and stacking a 6-month emergency fund before going after my first house hack — hoping to be ready within a year.

In the meantime, I’m:

• Listening to all BP podcasts and taking notes
• Driving for dollars on weekends and logging multifamily properties into a spreadsheet
• Planning to get my real estate license
• Attending local investor meetups to build connections and learn the local market

I also have a landlord I’ve known for about 13 years — he owns a duplex my family once lived in. We’ve rented other properties from him over the years. He’s held the duplex for around 25 years. I told him if he ever considered selling, I’d love to make something happen. He didn’t seem opposed, but not ready either, so I told him no rush if it ever makes sense I’m here. I also mentioned if he knows of any other multifamily owners looking to sell, I’d be interested in connecting.

Once I hit my savings target, my plan is to:

• Send yellow-envelope mailers to the multifamilies on my list
• Use part of my 401(k)[via loan] for an FHA down payment if the right deal presents itself. No tax penalty unless loan defaults
• Live in one unit, rent the other, rinse and repeat until I replace my W-2 income

I’d love feedback from experienced investors:

• How would you nurture that long-term relationship with the landlord?
• Anything I should add or refine in this “prep year”?
• Any tips for sourcing off-market multifamilies or creative financing approaches?

Appreciate any insight — trying to move smart, not just fast.

[Jaycee Greene]

Quote from @Isaiah Prince:

Quote from @Jaycee Greene:

Quote from @Isaiah Prince:

Thank you@Jaycee Greene! Really appreciate it. My ideal is a side-by-side duplex/tri/quad but I’m open to a creative play if zoning and permits support it. If a single-family has a basement that could be converted, I’d only move forward if it can be a legal, code-compliant second unit - egress, fire separation, ceiling height, parking, permits, the whole nine. Basements around here can have radon/moisture/egress challenges, so I’d test and mitigate as needed before ever housing a tenant - now or after I move out.  On 202 Purvis: by chance, do you happen to know offhand whether Garner allows a legal duplex/second unit at that address? If not, no worries - I’ll dig into imaps and follow up with planning. Either way, this is the kind of lead that helps me stay flexible while I get closer. Thanks again

 @Isaiah Prince Sorry, I thought that one in Garner was a duplex. Here's one that definitely is: 527 Forrest St, Hillsborough, NC 27278

No worries, thank you @Jaycee Greene this is right up my alley. Since I’ll be owner-occ, I’m tightening the radius from 60 to ~30 miles from downtown Raleigh. Really appreciate you helping me refine the search - if anything in-radius pops up that fits, I’m all ears. And if you have 2–3 quick rules of thumb you use when screening duplexes in this area, I’d love to hear them while I dial this in and keep prepping

@Isaiah Prince I don't have any hard and fast rules, but I'd make sure the tenant covers at least 50% of the rent while you're living in the property and depending on how long you plan to live in the property, try to make improvements/upgrades consistently across both units, not just to the one you're living in (my mistake when I house hacked a duplex).