Coming Home to a New Life.

[Ethan Tomlinson]

Hello! My name is Ethan Tomlinson, I am from south east Idaho. I need some help/ideas. I got into bigger pockets when I was 17-18, starting reading BiggerPockets books, listening to podcasts while working a job for a year, and saved up around 10k before I left on a volunteer religious proselytizing mission for 2 years. I have learned a TON in New England in all sorts of great ways, I'm soon to return home in about 6 months and turn 21. I really want to just get started and buy a small-multifamily ASAP when I get home, and my church actually have us start a thing called "my plan" for our return home. The thing is, I don't have enough taxes or proof of income to begin, plus I want to try and save up 25k (15k more) before diving in (which in my situation could get done in 1 year, I got no college debt and can take time in between semesters if needed). I just don't know if I can make a deal happen in the next year or if I am going to have to wait 2 more years (I don't want to wait 2 more). I really want to do a house hack with an FHA loan, 3.5%. Please feel free to say what you would do if you were me!

Regardless, this is what I am thinking, hopefully soon.

•Location?

-In Idaho falls if possible, or Rexburg 

•Property type?

-small multifamily tri or quad, side by sides or up and downs. Would even accept a duplex if it was a good deal, even if I had to Airbnb to make it work like Craig Curelop (check legality for that)

•Condition?

-Fixer upper ($7,000-$10,000)

•Price range?

-Minimum of $100,000

-Maximum of $350,000

•Profitability?

-8% CoC return, depending in the deal.

-Honestly mostly want experience from the first deal, even if "low" profits.

[Dallin Watson]

Hey Ethan love specific criteria you have set for youself. I did something very similar in Pocatello. Bought a duplex with an FHA in 2021 and been slowing remodeling the whole thing.

Getting a job is probably the first step when you get back. Finding the highest pay job and living below your means so you can start saving money to get the 15k more that you want. I personally live on 50% of what I make so I can save part of that and use the rest to fund the rehab of my duplex. 

Cost of living is usually the biggest expense each month so if you have family you can live with when you get back that would be a great route to go. Paying little or no rent to family is a huge money saver than the rent you would pay in the IF or Rexburg area.

While working and saving you can study your market inside and out so when you are ready to buy you know what a deal looks like.

You can also start building relationships with other local real estate investors. On here is a great way to find local people. I see @Don Spafford on the Idaho forums all the time and where he is also in the IF area he would be a great person to link up with. There is also a real estate group in IF as well that does monthly meetups. I've been to it and it's full of great people and information.

Building relationships with people may also help with getting into a deal sooner. Rather than saving up all the money yourself you could find someone to partner with who has money and from all your learning of the market you can be the brains of the deal.

I love to see that there is more people wanting to get into real estate in the south east Idaho. This area is amazing! Just don't tell everyone that haha.