Beginning My Real Estate Journey

Sioux Falls, South Dakota
House Hacking
2moFollow

Beginning My Real Estate Journey

Ayden Ysker
New to Real Estate · SD · Member since 2023 · 7 posts · 4 votes

Hey everybody my name is Ayden Ysker and I am from South Dakota and just getting started investing in real estate. I am consuming all the content I can on buying my first deal. My current market which is my backyard is Brookings which is north of Sioux Falls 40 some miles. I plan to house hack a 2-4 unit property with an FHA Loan.

Would love to connect with more people to learn more of the process of making sure the numbers make sense. such as the purchase price and rents I can get out of a property. I don't have a current property I am looking at, right now I am securing financing to see what I can qualify for. 

Any feedback is greatly appreciated! I definitely can't wait to buy my first deal and start my portfolio!

3Reply
482 views

Most Popular Reply

Ricardo Gonzalez
Property Manager · Orlando, FL · Member since 2026 · 22 posts · 18 votes
2mo

Welcome Ayden! House hacking with an FHA loan on a 2-4 unit is one of the best moves a first time investor can make. You get to live in the property, the other units help cover your mortgage, and you're building equity from day one.

A few things worth knowing as you get into the numbers. FHA on a multifamily has some quirks. Lenders will often count a percentage of projected rental income toward your qualification, which can help you qualify for more than you might expect. Make sure you're working with a lender who has done FHA multifamily loans before, not just single family.

On making the numbers make sense, the key things to underwrite carefully are gross rent, vacancy (assume at least 5-10%), maintenance and CapEx reserves, insurance and taxes, and property management even if you plan to self manage. That last one matters because the deal needs to work if you ever stop managing it yourself.

For getting a realistic sense of what rents you can expect, look at what similar properties in your area are actually renting for right now. Check Zillow, Facebook Marketplace, and Apartments.com for active listings. That gives you a ground truth number before you ever trust what a seller or agent tells you.

Happy to answer questions as you get further along. Good luck!

1Reply
See this reply in the discussion

16 Replies

Jump to latestLatest
  • Janice Carter
    Real Estate Broker · Atlanta · Member since 2024 · 1k+ posts · 608 votes
    2mo

    @Ayden Ysker Welcome to the BP community. House hacking with an FHA loan is a great way to get started. You are taking the right approach by securing financing first so you know your budget before looking at properties. Best of luck on your first investment.

    0Reply
  • Ricardo Gonzalez
    Property Manager · Orlando, FL · Member since 2026 · 22 posts · 18 votes
    2mo

    Welcome Ayden! House hacking with an FHA loan on a 2-4 unit is one of the best moves a first time investor can make. You get to live in the property, the other units help cover your mortgage, and you're building equity from day one.

    A few things worth knowing as you get into the numbers. FHA on a multifamily has some quirks. Lenders will often count a percentage of projected rental income toward your qualification, which can help you qualify for more than you might expect. Make sure you're working with a lender who has done FHA multifamily loans before, not just single family.

    On making the numbers make sense, the key things to underwrite carefully are gross rent, vacancy (assume at least 5-10%), maintenance and CapEx reserves, insurance and taxes, and property management even if you plan to self manage. That last one matters because the deal needs to work if you ever stop managing it yourself.

    For getting a realistic sense of what rents you can expect, look at what similar properties in your area are actually renting for right now. Check Zillow, Facebook Marketplace, and Apartments.com for active listings. That gives you a ground truth number before you ever trust what a seller or agent tells you.

    Happy to answer questions as you get further along. Good luck!

    1Reply
    • Ayden Ysker
      OP
      New to Real Estate · SD · Member since 2023 · 7 posts · 4 votes
      2mo

      @Ricardo Gonzalez thank you for the great information I will definitely factor in those details when underwriting! 

      0Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    2mo

    I would consider 5% conventional loans for financing. After you get preapproved, I'd be looking to connect with a realtor. 

    A few things I'd look to do are gettting a sewer scope and vetting inherited residents. 

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
    • Ayden Ysker
      OP
      New to Real Estate · SD · Member since 2023 · 7 posts · 4 votes
      2mo

      @Aaron Zimmerman I have looked at going the conventional route and I'm actually on the fence of which is better for my situation.

      1Reply
  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    2mo

    @Ayden Ysker if I were in your position, these are the exact steps I would take:

    1. connect with the lender to have them pull my credit and find out how much of a loan I would qualify for.
    2. connect with investors in the area that investing one to four units. and find out how they're sourcing their deals. 
    3. tap to those deal sources.

    4. start analyzing deals to come to me against properties that I see on Zillow and Redfin to start to recognize what good deals look like compared to market value.

    5. connect with Hard Money Lender's
    6. gather my resources, including my own money, credit, lines, and money that other people would lend me.
    7. as soon as I spot, a really good deal, I would start making offers on deals that would work for me financially

    8. purchase the home with hard money or if I can't get a hard money loan, then I would work with an investor that could purchase a home with hard money,

    9. have the properties in order to force value,

    10. refinance the property into conventional loan so that I do not need to come in with that much money and I don't need to pay mortgage insurance.

    .

    480-206-1209Podcast Guest on Show #287
    0Reply
    • Ayden Ysker
      OP
      New to Real Estate · SD · Member since 2023 · 7 posts · 4 votes
      2mo

      @Shiloh Lundahl thank you for the advice I will definitely build connections and analyze deals in my area to better understand what a GOOD deal is!

      0Reply
  • Benjamin AakerPro Member
    Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
    2mo
    Hi Ayden and welcome to the forums. I'm in Sioux Falls.
    0Reply
    • Ayden Ysker
      OP
      New to Real Estate · SD · Member since 2023 · 7 posts · 4 votes
      2mo

      @Benjamin Aaker Nice! Yeah I'm in Brookings definitely going to get my first investment property near Brookings!

      0Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · Sarasota, FL · Member since 2017 · 5k+ posts · 3k+ votes
    2mo

    Ayden, house hacking a 2–4 unit property with an FHA loan can be a really solid way to get started, especially since you're already focused on what the rents need to look like before making an offer.

    I’d start by talking with a lender first so you know your actual buying range, estimated payment, down payment, and how much of the projected rental income they may allow you to use for qualification. Then, when you analyze a property, don’t stop at the mortgage. Include taxes, insurance, repairs, vacancy, utilities you may cover, and a reserve for the things that always seem to come up after closing.

    Also, keep track of which expenses relate to your own unit versus the rented units from day one. With a house hack, some costs may be personal while others may be deductible against the rental income, so clean records will make things much easier at tax time.

    Happy to connect!

    [email protected]941-914-7779
    INVESTOR FRIENDLY CPA®4.9242 Reviews
    WebsiteView Page
    TaxMD® | Tax Planning Software
    WebsiteView Page
    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    2mo

    @Ayden Ysker

    You've got a great beginning since you managed to secure your funding before seeking out deals. In the meantime, do an analysis of as many 2–4 unit homes as possible to know a good deal when you see one and never base any figures on perfect situations.

    Good luck!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    0Reply
    • Ayden Ysker
      OP
      New to Real Estate · SD · Member since 2023 · 7 posts · 4 votes
      2mo

      @Wale Lawal thank you for the advice I definitely will underwrite more deals 

      0Reply
  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 124 votes
    2mo
    Quote from @Ayden Ysker:

    Hey everybody my name is Ayden Ysker and I am from South Dakota and just getting started investing in real estate. I am consuming all the content I can on buying my first deal. My current market which is my backyard is Brookings which is north of Sioux Falls 40 some miles. I plan to house hack a 2-4 unit property with an FHA Loan.

    Would love to connect with more people to learn more of the process of making sure the numbers make sense. such as the purchase price and rents I can get out of a property. I don't have a current property I am looking at, right now I am securing financing to see what I can qualify for. 

    Any feedback is greatly appreciated! I definitely can't wait to buy my first deal and start my portfolio!

    @Ayden Ysker
    Welcome to the journey! House hacking a 2–4 unit property is a solid way to get started if the numbers work. Since you're already looking at financing, I'd spend time learning how rents, operating expenses, and vacancy affect your overall cash flow—not just whether you qualify for the loan. That foundation will help you evaluate deals with much more confidence. Best of luck!

    786-656-0387
    DreamPoint Capital
    WebsiteView Page
    0Reply
  • Gregory AcsPro Member
    Lender · MD · Member since 2025 · 244 posts · 93 votes
    2mo

    You're starting in a good place by getting your financing lined up before falling in love with a property. That makes it much easier to move quickly when the right deal comes along.

    When you're evaluating a 2-4 unit, I'd look beyond whether you qualify for the loan and focus on whether the property still makes sense after accounting for vacancies, maintenance, insurance, and other operating costs. It's easy to overestimate cash flow when you're first running the numbers. Since you're planning to house hack, I'd also compare what your monthly housing cost would be after rental income versus continuing to rent or live where you are today.

    Are you planning to buy a duplex, triplex, or fourplex, or are you keeping all of those options open until you see what's available?

    0Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    2mo
    Quote from @Ayden Ysker:

    Hey everybody my name is Ayden Ysker and I am from South Dakota and just getting started investing in real estate. I am consuming all the content I can on buying my first deal. My current market which is my backyard is Brookings which is north of Sioux Falls 40 some miles. I plan to house hack a 2-4 unit property with an FHA Loan.

    Would love to connect with more people to learn more of the process of making sure the numbers make sense. such as the purchase price and rents I can get out of a property. I don't have a current property I am looking at, right now I am securing financing to see what I can qualify for. 

    Any feedback is greatly appreciated! I definitely can't wait to buy my first deal and start my portfolio!

    Welcome to BP, Ayden! You’re taking a good first step by getting financing figured out before getting too deep into properties. For a 2–4 unit FHA house hack, I’d get very clear on your maximum payment and cash needed to close, but I wouldn’t treat the maximum amount you qualify for as your actual budget. When you start analyzing deals, I’d focus on realistic rents for each unit, taxes, insurance, utilities you’ll be responsible for, maintenance, vacancy, and any immediate repairs. I’d also compare rents using actual nearby rental comps rather than relying only on what the listing says the units could rent for. One thing that helped me when I bought my first house hack was analyzing a lot of deals before making an offer. After 20–30 properties, you start recognizing pretty quickly what a good deal looks like in your market. 
    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9122 Reviews
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free