Would buying a house, and renting out rooms be a good start?

[Mark Gonzalez]

HI, I have a thousand saved up. I really want to get out of living in a room rental. Im throwing money away each month by renting from someone else. I want to get to a place where I can house hack and save more faster to invest in other houses.  I found a house that is walking distance to a college.  I plan to use a no money down purchase through my bank.  calculating the costs, If I rent each room out, I could net about $500 a month.  However the house is selling at the average going rate for houses, and the market is most likely to remain stable. My question is, would I be able to purchase other houses while I have this one, and what are your views on the way I'm going about this. what could I change?

[Dawn Brenengen]

@Mark Gonzalez This is a great way to get started, and it's exactly what I did back in 2003.  I had virtually no money, and banks were still doing 100% financing.  I lived near a college, so the roommate pool was plentiful.  That being said, be careful that you keep a little money in reserves in case something needs a repair.  Also, yes, you will be able to buy another house while having a loan for this one.  Your debt to income ratios will need to be low enough to qualify.