All Forum Posts by: John Derbyshire

Being 21 and saving that much is going to set you up big time. House hacking has been so powerful for me I wish I started esrlier. Where are you located? Always happy to chat about my experience. Feel free to connect.

Hello Daniel,

I am currently located in Ansonia, CT. I would love to chat some time. I am thinking of saving for several more years before I start looking into buying property.

I grew up in the Hartford area. No need to wait when you’re house hacking. Take advantage of low down payments and try to do one every year or 2.

How much should I have saved up before buying the fist one?

With an FHA you can do 3.5%. Obviously the more you put down the more cash flow you'll have but really depends on deals in your area. What matters more to you? Getting the most cash flow possible or getting a property with the least amount possible? Not necessarily a right or wrong here.

Most Cash flow would be what matters more for me. I would like to eventually get to the point where the real estate that I own cover my cost of living so I wont keep having to go a 9 to 5 I don't like.

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Quote from @Daniel McDonald:

Quote from @John Derbyshire:

Quote from @Daniel McDonald:

Hello Daniel,

I am currently located in Ansonia, CT. I would love to chat some time. I am thinking of saving for several more years before I start looking into buying property.

I grew up in the Hartford area. No need to wait when you’re house hacking. Take advantage of low down payments and try to do one every year or 2.

How much should I have saved up before buying the fist one?

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Quote from @Daniel McDonald:

Hello Daniel,

I am currently located in Ansonia, CT. I would love to chat some time. I am thinking of saving for several more years before I start looking into buying property.

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Quote from @Ray Hage:

Welcome to REI! As a younger guy, you got a couple of options. I am assuming since you are able to save half you're income, you may be living at home with parents/family for free/reduced rent. In a case like this, keep saving money and put enough away for a decent downpayment.

Buy a home bigger home and live with room mates as a house hack if you're comfortable with that. Something like a 4/2 maybe so now your have 3 room mates pitching in. You can do the same with a duplex (live one side with a room mate and completely rent out the other side). I am about double your age and still house-hack but I probably wouldn't if I had a family so do this now while young and put a lot of money away for more investments.

Thank you for your help Ray. You're absolutely right, I currently still live with my parents at a very reduced rent. I was either thinking about a duplex or even a triplex and renting out two sides and living in the third. How much money do you think I should save for a down payment before even looking into houses?

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Hello,

I am currently 21 years old making around $50k per year. I am able to comfortably save 50 percent of my income for investing, while I am young I would like to start learning about real estate and how it could potentially lead to financial independence in the next 10, 20 or even 30 years. Particularly I'm interested in house hacking. I have seen all of the YouTube videos about "How to retire by 30" but they all seem way too good to be true. I appreciate any and all help this post receives.

Thank you.

1 Vote

All Forum Posts by: John Derbyshire

John Derbyshire has started 1 posts and replied 5 times.

Post: New to real estate looking to learn as much I can

Post: New to real estate looking to learn as much I can

Post: New to real estate looking to learn as much I can

Post: New to real estate looking to learn as much I can

Post: New to real estate looking to learn as much I can