House hacking with 3.5% down or 20% down.

[Jonathan Quesadilla]

Hello fellow bp members,

I am currently eager to get my foot in the real estate game and working hard to learn, earn money, and get the ball rolling to house hack. I am eager to start house hacking but I do not have 20% to put down for a down payment. I know that putting more down means a lower mortgage, no pmi, and leaves big margins to cash flow on the house. I don't want to wait 5 years or so to save up 20% down but rather put 3-5% down to get experience and possibly cash flow when I do get my property. What is the best course of action here, 20% down or 3-5 % down. I am aware of additional payments for an FHA such as MIP, but i am completely fine with that. I would want to live there for a year, refi, then buy another property thereafter. Thoughts? Suggestions? Thanks BP community!

-Jonathan