House hacking SFH out of state

[Jared Godoy]

Hi everyone! 

I've got a tricky situation on my hands and I was hoping to get some input from this awesome community.

My wife and I are looking into moving out of state (NY) and we're hoping to house hack a SFH

The problem is most conventional lenders require a couple years of work history in the area you're looking to buy a primary residence. Even though we have excellent credit, great work history (in our current area), and a solid amount in savings for downpayment/moving expenses/emergency fund, we cant seem to be able to jump through that obstacle of employment history since obviously we'll be new in the area.

I was thinking maybe one creative way of going around that would be through a Hard money lender, either buy and rehab a property, or buy a nicer property through one of their rental property loan programs. Then perhaps use it as a short term rental until we can refinance it through a conventional bank and then we move in?

Sort of like combining a BRRR with House hacking?

I was hoping I could get some advice and input on if this plan has any merit or if there are any other creative financing Ideas I could take a look at, any information would be greatly appreciated!

Thank you so much for all of your support and time!

[Steven Foster Wilson]

Quote from @Jared Godoy:

Hi everyone! 

I've got a tricky situation on my hands and I was hoping to get some input from this awesome community.

My wife and I are looking into moving out of state (NY) and we're hoping to house hack a SFH

The problem is most conventional lenders require a couple years of work history in the area you're looking to buy a primary residence. Even though we have excellent credit, great work history (in our current area), and a solid amount in savings for downpayment/moving expenses/emergency fund, we cant seem to be able to jump through that obstacle of employment history since obviously we'll be new in the area.

I was thinking maybe one creative way of going around that would be through a Hard money lender, either buy and rehab a property, or buy a nicer property through one of their rental property loan programs. Then perhaps use it as a short term rental until we can refinance it through a conventional bank and then we move in?

Sort of like combining a BRRR with House hacking?

I was hoping I could get some advice and input on if this plan has any merit or if there are any other creative financing Ideas I could take a look at, any information would be greatly appreciated!

Thank you so much for all of your support and time!

 How many lenders have you called. I would keep calling even if you have to call 30 or more. I think it all depends on the numbers. If the numbers add up then it makes sense but if not then do not do it. https://www.calculator.net/ren... This is the calculator I use.