When is the right time

Detroit, Michigan
House Hacking
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When is the right time

Dante Getaw Jr
Member since 2026 · 7 posts · 4 votes
Hello, I’m a 23 year old living in the Metro Detroit area looking to get into investing. House hacking is what seems like the best plan of entry. I would want to do a small multi family, live in one and rent out the other(s) I graduated college in May 2025 and moved back in with my mom. She does not charge me rent, my car is paid off (it runs well but it’s almost 10 years old, hard to say how long it will last), and I only buy a small amount of the groceries. I have no real recurring expenses minus a couple small subscriptions. My question is, am I better off just to keep on saving and grinding to level up at my w2, or going in and trying to house hack a small multi family asap? I only have enough capital to owner occupy at 3-5% down, and at that number I find it hard to believe that I would cash flow; but I would probably be able to build up some solid equity in 1-3 years to start my journey. I may be stuck in analysis paralysis, but I’m unsure if I should be getting pre approved and going shopping, or just continuing to save while at my mom’s house and keep learning. If anyone has been in a similar spot, I appreciate any advice in advance.
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
3w

If I was starting out again with what I know now, I'd look to acquire a 2-4 unit property with an FHA 3.5% low-down payment mortgage.

I'd also look into using an FHA 203k renovation loan, allowing me to buy something ugly, thus unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

To maximize my cashflow and gain landlording experience, I'd do STR and MTR in the other units, as well as the other bedrooms in my unit.

Since most cities won’t allow basement rental units, I’d consider finishing the basement, just well enough for me to live down there (cities don’t care if owner chooses to live in basement), so I could rent out ALL the units/rooms.

I'd save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary. Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I'd consider using some of my cash to pay down the mortgage when I refinanced. Otherwise, I'd save my cash for the next acquisition.

I’d also be posting on every social media platform and telling everyone I knew that I was looking for more real estate deals. I’d aim for low downpayment land contracts and lease options.

After refinancing out of the FHA mortgage, I'd evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.

While still living in the property, AFTER the refi out of the FHA mortgage, I'd also explore securing a HELOC to tap my equity for emergencies.

Good luck with whatever you decide to do!

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  • Michael Eskenasy
    Investor · Pacific Northwest · Member since 2026 · 538 posts · 302 votes
    3w

    You’re actually in a strong position because your current cost of living is almost zero. I wouldn’t give that up just because you feel like you’re supposed to “start investing.”

    But I also wouldn’t sit on the sidelines.

    Get pre-approved now, figure out exactly what a duplex/triplex/4-unit looks like at your income and 3–5% down, and start underwriting real properties. You don’t have to buy anything.

    For a first house hack, I wouldn’t make “cash flow on day one” the only test. I’d ask whether the other units reduce your own housing cost enough, whether you can comfortably carry the property if something goes wrong, and whether you’re buying something you’d still be happy owning 5–10 years from now.

    Your free-rent situation gives you something most buyers don’t have: time. Use it to get selective, not passive.

    If you want, send me your income, approximate cash available, and the Metro Detroit areas you’re considering. I’m happy to pressure-test what your actual buy box should look like.

    2Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    3w

    @Dante Getaw Jr

    You have an amazing chance to be prepared for the fact that you are going to have the possibility to benefit from the low cost that is going to allow you to save money fast. With pre-approval, you will be able to familiarize yourself with the real estate market in Metro Detroit without buying anything in case you find a really good deal on a small multifamily building.

    Good luck!

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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    3w

    I would house hack first as often as you can. With today's interest rates, it will Be almost impossible to cash flow while living there and perhaps even post move out. 

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3w

    If I was starting out again with what I know now, I'd look to acquire a 2-4 unit property with an FHA 3.5% low-down payment mortgage.

    I'd also look into using an FHA 203k renovation loan, allowing me to buy something ugly, thus unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

    To maximize my cashflow and gain landlording experience, I'd do STR and MTR in the other units, as well as the other bedrooms in my unit.

    Since most cities won’t allow basement rental units, I’d consider finishing the basement, just well enough for me to live down there (cities don’t care if owner chooses to live in basement), so I could rent out ALL the units/rooms.

    I'd save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary. Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I'd consider using some of my cash to pay down the mortgage when I refinanced. Otherwise, I'd save my cash for the next acquisition.

    I’d also be posting on every social media platform and telling everyone I knew that I was looking for more real estate deals. I’d aim for low downpayment land contracts and lease options.

    After refinancing out of the FHA mortgage, I'd evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.

    While still living in the property, AFTER the refi out of the FHA mortgage, I'd also explore securing a HELOC to tap my equity for emergencies.

    Good luck with whatever you decide to do!

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    • Dante Getaw Jr
      OP
      Member since 2026 · 7 posts · 4 votes
      2w

      @Drew Sygit thank you for this!

      0Reply
    • LaTarence Dunbar
      Lender · Washington DC · Member since 2026 · 65 posts · 16 votes
      2w
      Quote from @Drew Sygit:

      If I was starting out again with what I know now, I'd look to acquire a 2-4 unit property with an FHA 3.5% low-down payment mortgage.

      I'd also look into using an FHA 203k renovation loan, allowing me to buy something ugly, thus unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

      To maximize my cashflow and gain landlording experience, I'd do STR and MTR in the other units, as well as the other bedrooms in my unit.

      Since most cities won’t allow basement rental units, I’d consider finishing the basement, just well enough for me to live down there (cities don’t care if owner chooses to live in basement), so I could rent out ALL the units/rooms.

      I'd save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary. Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I'd consider using some of my cash to pay down the mortgage when I refinanced. Otherwise, I'd save my cash for the next acquisition.

      I’d also be posting on every social media platform and telling everyone I knew that I was looking for more real estate deals. I’d aim for low downpayment land contracts and lease options.

      After refinancing out of the FHA mortgage, I'd evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.

      While still living in the property, AFTER the refi out of the FHA mortgage, I'd also explore securing a HELOC to tap my equity for emergencies.

      Good luck with whatever you decide to do!

      Honestly, I wouldn’t rush it. You’re in a good spot right now with very low expenses, so I’d take advantage of that and keep stacking cash.

      That said, I’d still get preapproved and start looking at deals. You don’t have to buy just because you’re shopping. Seeing the actual numbers will help you figure out what you can realistically afford and whether a house hack makes sense in your market.

      If you find a small multifamily where the numbers work and you can comfortably handle the payment and reserves, I’d seriously consider it. If the numbers don’t work, keep saving and wait. There’s nothing wrong with taking another year to build up your position.

      I’d focus less on ASAP and more on finding the right deal.

      0Reply
  • Hayden GrayPro Member
    Lender · Colorado / New Mexico · Member since 2024 · 30 posts · 8 votes
    3w

    House hack a duplex or triplex. I'd recommend setting up the other units as MTRs so you can get a higher return. This would also be a great way to learn property management and get your feet wet

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  • Bianca BarcelosBusiness Member
    NH · Member since 2026 · 84 posts · 44 votes
    3w

    Hey - it's awesome that you're even thinking about it. I'd say the best bet would be to continue saving and learning while you're with Mom for now. It takes longer than people think it does to educate yourself and analyze properties and get comfortable with the process. The tricky and sort of daunting thing about going into a multi family house hack is that you become a home owner and a landlord all at the same time! Exciting stuff but it's a lot to take in. You're doing all the right things in saving some money and learning as much as you can - at some point you just need to make the move! :) You might stumble and fall but you'll learn more by doing than anything else and you'll get right back up - this is a great asset class to get into.

    Best of luck with it but you're right on the right track. House hacking is a great way to get started. Once you identify that first property or what you want your first house situation to look like, start thinking ahead too. Do the math on living there for the short term and then on what that property could stand to earn in a year or two when you (likely) move out and move onto another space. What does that income potential look like with another tenant? Then rinse and repeat! You'll be a pro in no time. Make sure your math includes all of your safeties too - reserves, rehab/renovation cost, holding/vacancy cost, capex, etc... all the "uh oh's" and "what-if's". If you have any questions on what any of that means, you're in a great spot to learn!

    Keep asking questions.

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  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    3w

    @Dante Getaw Jr You're in a better position than most investor were when they started out. I had to sell a motorcycle to pay off my car so I could jump start my journey, and I was 30 y/o. You're only 23!! 
    Don't rush into your first property. Use this time wisely and level up off the playing field. Get your savings up, stay debt free, and starting using a CC to build credit. Within 2 years you'll have a concrete plan, know the market better, and be able to attack a value-add multi-family deal. Network with contractors and local investors and keep asking questions. 

    It was mentioned before but an FHA 203k loan could be an option for you. If you're able to save $20-30k in the next two years you could probably pull off a BRRRR depending on market prices. That's how I got started. I did an FHA, 30 year fixed, 3% DP, but after the remodel and seasoning period (6-12 months) I refinanced into a conventional loan. That dropped the mortgage insurance and created a lot of equity. That's the name of game if you're new REI. Cheers.

    2Reply
  • Gregory AcsPro Member
    Lender · MD · Member since 2025 · 162 posts · 62 votes
    3w

    I don't think there's a one-size-fits-all answer. I'd focus less on hitting a certain down payment and more on whether you're financially ready to own the property. That means having enough reserves, understanding your financing options, and being comfortable with the monthly payment even if you have a vacancy or an unexpected repair.

    Since you're living rent-free and have very few expenses, this is a great time to prepare. I'd consider getting pre-approved now so you understand exactly what you can afford, then start analyzing multifamily properties while you continue saving. That way, when the right deal comes along, you'll be ready to move with confidence. If you'd like to talk through different financing scenarios or see how a house hack could look with your numbers, I'd be happy to help.

    0Reply
    • Dante Getaw Jr
      OP
      Member since 2026 · 7 posts · 4 votes
      2w

      @Gregory Acs thank you for this information! many comments on this post are recommending I get pre approved, to help understand what's possible in my situation. I think that's the right next step for me to begin analyzing deals that are more realistic

      0Reply
  • Ken M.
    Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes
    3w
    Quote from @Dante Getaw Jr:
    Hello, I’m a 23 year old living in the Metro Detroit area looking to get into investing. House hacking is what seems like the best plan of entry. I would want to do a small multi family, live in one and rent out the other(s) I graduated college in May 2025 and moved back in with my mom. She does not charge me rent, my car is paid off (it runs well but it’s almost 10 years old, hard to say how long it will last), and I only buy a small amount of the groceries. I have no real recurring expenses minus a couple small subscriptions. My question is, am I better off just to keep on saving and grinding to level up at my w2, or going in and trying to house hack a small multi family asap? I only have enough capital to owner occupy at 3-5% down, and at that number I find it hard to believe that I would cash flow; but I would probably be able to build up some solid equity in 1-3 years to start my journey. I may be stuck in analysis paralysis, but I’m unsure if I should be getting pre approved and going shopping, or just continuing to save while at my mom’s house and keep learning. If anyone has been in a similar spot, I appreciate any advice in advance.

    You sound like a very responsible guy. So, I'd consider doing Subject To and Wraps, it requires discipline but will catapult you into wealth if you do it right (legally).

    1Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 917 votes
    3w
    Quote from @Dante Getaw Jr:
    Hello, I’m a 23 year old living in the Metro Detroit area looking to get into investing. House hacking is what seems like the best plan of entry. I would want to do a small multi family, live in one and rent out the other(s) I graduated college in May 2025 and moved back in with my mom. She does not charge me rent, my car is paid off (it runs well but it’s almost 10 years old, hard to say how long it will last), and I only buy a small amount of the groceries. I have no real recurring expenses minus a couple small subscriptions. My question is, am I better off just to keep on saving and grinding to level up at my w2, or going in and trying to house hack a small multi family asap? I only have enough capital to owner occupy at 3-5% down, and at that number I find it hard to believe that I would cash flow; but I would probably be able to build up some solid equity in 1-3 years to start my journey. I may be stuck in analysis paralysis, but I’m unsure if I should be getting pre approved and going shopping, or just continuing to save while at my mom’s house and keep learning. If anyone has been in a similar spot, I appreciate any advice in advance.

    Hey Dante, honestly, you’re in a great position to start. With almost no monthly expenses, I’d at least get preapproved and start looking so you know what’s actually possible, without feeling like you have to buy right away. A house hack can be a great first step, and I’d also compare Midwest markets like Ohio if you’re open to investing outside Detroit. The key is finding a deal that works conservatively from day one.

    [email protected]614-418-6081
    2Reply
    • Dante Getaw Jr
      OP
      Member since 2026 · 7 posts · 4 votes
      2w

      @Arman Ahmed thank you for this. I agree, and am also not opposed to Ohio so I appreciate that advice as well.

      0Reply
  • J CastroBusiness Member
    Lender · Florida · Member since 2025 · 673 posts · 240 votes
    2w

    Hi @Dante Getaw Jr welcome to BP!
    You're actually in a pretty strong position for someone just getting started.

    If I were looking at this from a lender's perspective, I wouldn't automatically tell you to either “buy now” or “keep saving.” I’d tell you to get educated on your financing options and get pre-approved before making that decision. The fact that you have minimal monthly obligations, no car payment, and the ability to save while living at home can be a significant advantage. Your biggest asset right now may be your low cost of living and time to build capital.

    I also wouldn't make “cash flow” the only measurement. With a small multifamily house hack, you should look at the entire picture:

    Purchase price + financing + rehab + taxes/insurance + realistic rents + reserves + potential appreciation/equity build.

    And you're right about one thing: 3–5% down doesn't automatically mean the property will cash flow. But owner-occupied financing can potentially get you into an asset much sooner than waiting until you have 20–25% down.

    From a lender's standpoint, I'd rather see a first-time investor buy a conservative, manageable property with strong fundamentals and adequate reserves than stretch just to get into the market. One thing I would strongly recommend, don't wait until you find a property to talk to a lender. Get pre-qualified now, understand your buying power, estimated payment, required cash to close, reserve requirements, and what type of multifamily properties you qualify for. Then you can shop based on actual numbers instead of guessing.

    At 23, you don't necessarily need to find the “perfect” first property. You need to find a property that doesn't put you in a financially fragile position and gives you a platform to take the next step.

    Your first goal isn't necessarily to make a huge amount of money on Deal #1. It's to successfully own Deal #1 and position yourself for Deal #2.

    Keep saving, keep learning, but start talking to lenders and looking at real numbers now. That will tell you whether you're truly experiencing analysis paralysis or whether you're simply not ready yet.

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    2w

    If you are house hacking, not sure if you would be cash flowing or not, but even if it was to get your foot in the door, it might be a good idea. Normally it will allow you to buy a house and decrease your living costs (hard to do when you are living rent free). Talk to a bank or mortgage broker to see what you can afford and what the real costs are and then go from there.

    0Reply
  • Brad SicoliBusiness Member
    Real Estate Agent · Davenport, IA · Member since 2017 · 35 posts · 27 votes
    2w

    I was in your position once, here is the model:

    keep your w2 job. You won't qualify for a primary residence loan unless you have 2 consecutive years at the same w2 job. Meet with a mortgage broker and ask them what things you should do leading up to your 2 year anniversary. I'm sure they will advise against buying a car.

    house hack as big as you can. That doesn't mean 4 units per se, 2 will do if they are nice. I would get a 3.5% down fha loan. FHA loans get denied more often because they have fha inspection standards so it needs to be something nice. Your working anyway, no time for a rehab.
    just because it's nice doesn't mean you have to pay full list price. Negotiate a little.
    don't get creative with a str. Get a nice attractive rental unit and watch the rent and value appreciate over time. Once it's appreciated to 75% LTV AND interest rates have dropped 1.5% below your fha rate, that's when you refinance.
    You repeat this process every 12 months. You can get a primary residence loan of 5% down or less once a year as long as their separated by 12 months. You can do that 10 times, 20 if you're married. 
    don't worry flow in the early years, that will come around year 5. If and when you physically move into one of the units is when you lose cash flow from it so living at home is a cheat code. You need to "intend" to live in the unit to get a primary residence loan. If you actually do or not a kind of a don't ask don't tell thing. 
    prioritize location and quality. After 10 years you'll have a 20+ unit portfolio of attractive units with better than 50% LTV. You should be able to stop working by then. 
    If you buy one a year and focus on quality not quantity then you won't get overwhelmed with managing rentals. You learn things over time about tenant selection and managing rentals and that can only be gained with experience. The nicer the unit the easier it will be to manage with a full time job. 
    you can do it, it's just a plan and the resolve to execute year after year. I started a process like this at 30 and I stopped working at 38. I wish I had started earlier. U got this!

    0Reply
  • Benjamin AakerPro Member
    Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
    2w

    Start talking to banks and see what you will be able to purchase. Being able to live with Mom is great, but it is slowing you down. You aren't building equity. It's time to start evaluating deals so you are ready when the right one comes along to house hack.

    1Reply
    • Jaron WallingPro Member
      Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
      2w

      It's a fine line between saving money living with parents vs. buying and starting the journey. If he's renting with $20-30k in his pocket it's time to get after it.

      0Reply
  • Diana KhanPro Member
    Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 382 posts · 145 votes
    2w
    Quote from @Dante Getaw Jr:
    Hello, I’m a 23 year old living in the Metro Detroit area looking to get into investing. House hacking is what seems like the best plan of entry. I would want to do a small multi family, live in one and rent out the other(s) I graduated college in May 2025 and moved back in with my mom. She does not charge me rent, my car is paid off (it runs well but it’s almost 10 years old, hard to say how long it will last), and I only buy a small amount of the groceries. I have no real recurring expenses minus a couple small subscriptions. My question is, am I better off just to keep on saving and grinding to level up at my w2, or going in and trying to house hack a small multi family asap? I only have enough capital to owner occupy at 3-5% down, and at that number I find it hard to believe that I would cash flow; but I would probably be able to build up some solid equity in 1-3 years to start my journey. I may be stuck in analysis paralysis, but I’m unsure if I should be getting pre approved and going shopping, or just continuing to save while at my mom’s house and keep learning. If anyone has been in a similar spot, I appreciate any advice in advance.

    @Dante Getaw Jr, one thing I’ve learned from working with investors is that with a first house hack, I would look beyond the numbers and make sure the property is really set up the way you plan to use it. I’ve seen buyers get excited about a duplex or small multifamily, only to find out later that a unit was not legally recognized, permits were missing, or the property records did not match how the building was being used.

    I also like to think about the property after you move out. If it still works as a rental with all units occupied, that gives you more options later. So while you keep saving and talking to lenders, I would also start learning how to check zoning, permits, leases, utilities, and the owner-occupancy rules tied to your financing before you buy.

    I also reached out to connect here because I’d be glad to follow your progress as you work toward your first deal. Since you’re in Michigan, I would still have local professionals confirm anything specific to the property or financing.

    [email protected]240-266-0291
    0Reply
  • LaTarence Dunbar
    Lender · Washington DC · Member since 2026 · 65 posts · 16 votes
    2w
    Quote from @Dante Getaw Jr:
    Hello, I’m a 23 year old living in the Metro Detroit area looking to get into investing. House hacking is what seems like the best plan of entry. I would want to do a small multi family, live in one and rent out the other(s) I graduated college in May 2025 and moved back in with my mom. She does not charge me rent, my car is paid off (it runs well but it’s almost 10 years old, hard to say how long it will last), and I only buy a small amount of the groceries. I have no real recurring expenses minus a couple small subscriptions. My question is, am I better off just to keep on saving and grinding to level up at my w2, or going in and trying to house hack a small multi family asap? I only have enough capital to owner occupy at 3-5% down, and at that number I find it hard to believe that I would cash flow; but I would probably be able to build up some solid equity in 1-3 years to start my journey. I may be stuck in analysis paralysis, but I’m unsure if I should be getting pre approved and going shopping, or just continuing to save while at my mom’s house and keep learning. If anyone has been in a similar spot, I appreciate any advice in advance.

    Hey Dante, I’m actually working on a deal in Dearborn, MI right now and thought it might be something worth connecting on. If you’re interested, I’d be happy to put you through the details and walk you through how I’m looking at the deal. Let me know and we can connect.

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

    Dante, based on what you shared, I wouldn’t rush just because you feel like you should be buying now.

    If you only have enough capital to get into the deal at 3–5% down, I’d make sure you still have cash left after closing for repairs, vacancy, utilities, insurance deductibles, and the random expenses that show up once you actually own the property.

    Living at home right now is giving you something valuable: a low-cost window to build reserves and learn the numbers without pressure. I’d use that time to start underwriting actual duplexes, triplexes, and fourplexes every week so you know what a good house hack looks like before you’re ready to offer.

    From the tax side, once you live in one unit and rent the others, the property becomes mixed-use. Certain expenses and depreciation generally need to be allocated between the personal-use and rental portions, so I’d keep the setup and records clean from day one.

    I'd also make sure you're not counting on appreciation alone to make the deal work. A first house hack should still make sense with realistic rent, vacancy, maintenance, CapEx, taxes, insurance, and your own monthly housing cost.

    You’re not behind. The better goal is to be ready to move when the right deal shows up without draining your reserves.

    Feel free to DM me, I’d be happy to send over a few resources that might help you get more comfortable analyzing your first house hack.

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  • Dan NelsonBusiness Member
    Real Estate Broker · Chicago and Kansas City · Member since 2016 · 80 posts · 62 votes
    1w

    You are comparing it to the wrong number.

    At 3 to 5 percent down, almost nothing cash flows on paper next to living with your mom for free. Free rent is the best real estate deal in America. No shame in taking it while you stack money.

    But when you do buy, do not judge the deal by year-one cash flow. Judge it by what housing costs you. If your side of the building costs you $400 a month after rent comes in, and renting the same place would cost $1,400, the building is handing you $1,000 a month. It just shows up as a smaller housing bill and a mortgage someone else helps pay down, not as cash in your checking account.

    So the honest answer: stay home while it is helping you save, and buy when you have the down payment plus real reserves left over. Thin reserves are the actual risk, not the timing.

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