Preparing for Real Estate Investment: Savings, Expenses, and Side Work Opportunities

[Tiffany Alfaro]

Hello everyone,

I am currently working through a challenging financial situation. I have high-interest debt with a 28% APR that I need to pay off before focusing on saving for a home with my current income . To address this, I've taken out a personal loan, which I plan to repay over the next two years. I aim to allocate a small amount of funds toward a Roth IRA and a high-yield savings account (HYSA).

My current job offers limited opportunities for overtime, so I’m exploring side work related to real estate, such as part-time property management or similar roles. My ultimate goal is to house hack a 3–4 unit property.

I’m seeking advice on how to accurately estimate the closing costs and monthly expenses associated with a multi-family property. I want to ensure I’m saving appropriately for a down payment and that the property will generate enough income to cover all related costs.

Any insights or recommendations would be greatly appreciated.

Thank you!