House hacking in 2024?

[Gavin Snowhite]

Hi I’m 20 years old and I have recently started learning about investing in rental properties. My goal is to own/live/rent a multi-family home within the next year or two. I do not have the finances to make a down payment on any property at the moment. I plan to work and save about $25,000-$35,000 for a down payment on a multi-family property (most likely a duplex) using an fha loan. I want to know if this is a realistic plan to start my investing journey. I am worried that my property expenses will leave me in the red because of the current costly housing market.

[James Carlson]

Quote from @Gavin Snowhite:

Hi I’m 20 years old and I have recently started learning about investing in rental properties. ... I am worried that my property expenses will leave me in the red because of the current costly housing market.

Yes, what @Marcus Auerbach said. 

There's no magic line of "good" or "bad" house hacking. The goal is to offset your mortgage the best you can. If you can cash flow, then amazing, but more likely you'll cover some or most of your expenses. 

In Denver and Colorado Springs, our house-hacking clients can usually get rents equaling around 75% of the monthly payment. That's still a huge win. You'll pay less than you would have renting, and you save the money you would have spent renting and put that toward the next house.