Buy a negatively cash flowing property on purpose?

[Cowan Bucks]

People of Bigger Pockets,

First off, I'd like to say thank you to Josh Dorkin and Brandon Turner for this fun and informative site. Also, if any of you have not listened to the podcasts they put out, I would urge you to do that immediately. I would also like to thank anyone in general who is involved in the BP community. The site is truly one of a kind with so many like minded people wanting to share their knowledge so we all can reach some form of success.

My names Cowan Bucks . I'm a 26 year old train operator from Pennsylvania. I love my job but my true passion is for Real Estate. Like many, I've been silently studying, waiting for the right time to make my presence known. Unfortunately, no matter how many books and blogs I read, podcasts I listen to, I always feel my real estate knowledge is just slightly inadequate. Today's a different day though. Today's the day I say SCREW IT ! I'm going for it!

I want to buy a duplex or triplex for my first owner occupied home. I've been wanting to this for years now but I can't seem to find the right property. (It seems like all I do is search the MLS and analyze deals). Unfortunately, my area might not be the best area for a multifamily property. I understand that and in fact within about 1 1/2 hours from me, I can find good cash flowing properties. All my contacts and resources are in my home town (where I live currently) so moving that distance isn't quite yet an option.

Ok, so here's my question... FINALLY!

Should I buy a duplex in my hometown, live there and learn about landlording even though I might be just breaking even, possible losing a little money every month?

Side Note: When i analyze deals, I've been using 20% down.

I know it doesn't sound like the smartest idea but i have to start somewhere and would feel the most comfortable with my support and resources close by. 

Any advice would be greatly appreciated!

Thanks in advance!

[Jay Hinrichs]

@Cowan Bucks 

  If you can buy a multi unit live in one unit for free or only 100 a month Negative and the fair market rent value is 800 or 900... then your making 700 to 800 positive cash flow.

Unless you living at home with your parents for free.. You need to live somewhere and in your units is a perfect place to start at your age. Much MUCH MUCH safer than trying to buy some out of area cheapy rental.

and you can get in on FHA for 3.5% down if you want there by keeping your cash in reserve.. And you could rinse repeat this many times ( especially at your age) and end up owing many doors all with excellent 30 year fixed financing.. Gain experience etc etc.

So my vote is to go with your first thought buy live it in and learn to do with tenants.

Plus remember when you owner occupy your duplex to fourplex.. You are not subject to the fair housing laws.. You can discrimate for any reason.. So you can truly choose your tenant without any repercussions.