I'm 19. Should I house Hack? Looking for first time advise

[Jason Higgins]

Hi! new member on BP but I've been watching the podcasts for a while now. Ive been learning and reading for a while and I've come to the conclusion that I should house hack for my first deal. Im interested in the buy and hold method rather than fix and flip. Im just looking for some advice from some experienced members before I get started if this is the best possible way to start.

so, I have 5k I can use for a down payment, and only make a little over 200 a week (also have  college stuff so I cant work much more than that). I was looking to buy a duplex with a 203k loan. I could buy a house that needs a little work for around 80-100k in my area. Is the 203k loan a smart idea? Ive ran the numbers on random properties hundreds of times and I think this could be the easiest way for me. But should I expect any surprises? My good friend and I have plans to get an apartment anyways so would it be ethical to charge him 300-400 a month even though id be living for free? I dont think so but maybe im wrong.  I figure if I can cash flow 200 a month from a second unit from any given property, then I could cashflow 500-600 in total. My plan is to save all that cashflow for the time I have to live there before I move out and invest it into another multi family, and just live off the 200 a week from work because the bills will be paid. can I expect this to work out the way I hope? I have the money, the room mate, the plan, and let me remind you im 19 years old so im literally DYING to move from my parents place haha. Am I ready to execute? what should be my first step? ANY help would be extremely appreciated! I get that im at the very bottom of the real estate dog pile right now haha but im looking to make it out! Thanks!

[Phillip Johnson]

I would just ensure that you crunch every figure possible and call providers about monthly outgoings, don't take the sellers word on that. If the figures work out then maybe see if there's any way to bump up the value with 'sweat equity' that'll be you escape plan if things go south. After 20% of the loan is payed off, refinance and start again on the next!