First House Hack Decisions

[Thomas Larsen]

I need some advise biggerpockets community! I have been learning about REI for 2 years now. I've read countless books and 100s of hours of podcasts. The number 1 reason guests have said people don't get started is because they don't do their first deal. I am ready for this and I wanted to post my thoughts incase some of you see any flaws but I feel my plan is pretty solid.

I am living in Everett, WA and I am planning on being here another year before I move to Boise, ID (I want to find a different job, maybe sales or RE and be close to family) I am living in a travel trailer where total expenses are $1800 for space rent, payments on truck and trailer, and insurance ($800 in principle). A particular duplex i am looking at is $350k and could rent for $2800 before fixing (just am example of house prices, pretty high). If I live in one of the units, I could be saving close to $1000 a month, even if the other units don't completely cover the mortgage.

I am looking at fixer upper multifamilys that I can get an FHA loan to house hack. My wife and I can manage it ourselves. I work four days a week and I am always looking for projects to do on my time off. I make $140k a year as a foreman for a utility for 3 years and saving $4k+ a month so I can handle unexpected events. I have $40k cash, $30k stocks, $30k 401k/Roth IRA, $10k in principle on my truck and trailer. I have a paid off car to keep.

I plan on holding the property for a year and then selling it when/if we move. My concern I heard on the podcast is that it's not ideal to FHA a house hack. That would be my only concern. I am also a newbie and am thinking maybe a cheaper house in my hometown in Eastern Oregon might be safer because I have a lot of connections and family but its 6 hours away.

I would love if anyone could tear this apart or tell me how this will not work but I think it is a pretty solid plan.