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.
