My First House Hack Plan for 2022

[Devin Miles]

Hi! I now just turned 20 and I desperately want to get a place of my own! I do not want to waste my money on room and board or on rent. I know the smartest thing to do would be to house hack a multi unit or multi bedroom house. I figure I would want a house around the $300k range because I feel like that would be around the lowest price currently for a house that is suited for this. With that being said if I put 3.5% down with a FHA loan that would be $10,500, plus 2% closing fees ($6,000) and I estimate a 3 month emergency fund to be around $7,500 on the safer end. All of that would be $24,000 total up front cash needed to be ready to make this move (not including any furniture or repair costs if needed). I currently have $9,000 saved towards that goal as well as another $5,000 in an emergency fund. I currently am able to save around $1,000/mo doing DoorDash while going to college. At this rate I would be lucky to have enough money saved up at the end of 2022. However, I do plan on landing an internship in the spring as business analyst which should give me a pay raise and I hope to save around $2,000/mo at that point which could reduce my saving time to less than 12 more months. Sorry for the ramble but I just wanted to put my thoughts out here to see what other people who have experience think. Does this sound like a logical plan? Is there anything I am missing that may speed this process up or slow it down??? Thanks!