Help BP!
Any advice would be helpful here! I am a current house hacker in the northern NJ area in a multifamily home. I am hoping to house hack again either in the same town or one closer to where I work.
From a capital standpoint, I am comfortable with another down payment on a house hack on a multifamily. The one issue I think I’ll have on my hands is I prefer to house hack again in the same town (appreciation seems to be great along with rental amounts) but I’ll need to refinance my current house hack into a conventional which I doubt is at 20% equity yet since I don’t think I’ll have a valid excuse to have two owner occupied loans in the same town.
Come November, I’ll be in the house for a full year which makes me eligible to move out. I added a decent amount into the house (new paint, new hot water heater, brand new kitchen, better layout) but I’m not sure if that’s enough for me to appraise for 20% equity.
My dilemma is I really would like to stay in my current town to house hack but I do have a backup town in case I can’t make it work in my current town. Do you think I should wait until I get 20% equity since I am now familiar with this town? Or dive into the other town and learn from scratch all over again on the rental market?
Let me know your thoughts BP!