ADVICE NEEDED- Out of State House Hack

[Jim Brewer]

Hello BP, I need a little advice. I would like to move to Illinois in the next year and at the same things buy a 2-4 pled to house hack. I could qualify for FHA or a Low down mortgage or even put a little more down if I had too. However I am currently in California. I was thinking getting a bridge loan for the property and refi out of the deal to permanent financing. How feasible is pulling this off being that I live out of state? I feel the the bridge loan would be pretty easy as if I need to I can get a loan an from a few different friends. However I am not sure how hard it would be to get re-financed into an FHA permanent financing scenario. Pulling this off and having no rent or mortgage expense would be a huge step in the right direction for me as my finances are well in order. Any ideas? Thanks

[Michael Facchini]

Got it. So, if you aren't going to move in within 60 days of closing, technically it's an investment property....which on a multi-unit requires 25% down. Then comes the concern of down payment. This scenario gets a bit more complicated. A few ways to go about it and tough to get it all out on this thread....