Low budget newbie, eager to learn.

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Hey all. I've read the first timers' guide, lurked on the forums here a bit, and figured I'd bite the bullet and introduce myself. Name's Matt from NE Minneapolis, 22 years old and looking to get my foot in the door.

My short term goal is, first of all, to stop wasting money on rent and start paying down a mortgage; beyond that, I want to get at least a 3-bedroom house and rent out the extra rooms. If that works out, I'd probably buy a couple more properties a year or two down the road and landlord those, eventually quitting my "real" job.

My funds are low, but so are my expenses. I've got about $5000 saved right now, stable part time employment (going on 3 years,) and no debt. I can go full-time whenever I want - and may have to to get a loan, I hear - but I'd rather not if I can avoid it. I'm currently renting a cheap (but actually pretty nice) apartment with 2 roommates for $315 a month, so a mortgage payment on a ~$50,000 house wouldn't be much different from my current situation. The difference of course is that I could potentially make $600-700 in rent on top of my current wage, which would be great.

So... any tips on finding a livable house in the $50,000 range? I don't have high standards. Just need one room to myself, and security. I've chatted with an agent and know it's possible in North Minneapolis, but will I have trouble actually getting one, when there's buyers who can put more money down than me? I have a mortgage preapproval form sitting here from my credit union, but don't know if I should even bother until I have $10,000. Any advice would be much appreciated.

And once again... Hello!