House Hack Out of state (Maine)
Hey BP, I'm relatively new to the community. I picked up real estate when I was 20, did a house hack (didn't know that's what it was called at the time) and flipped it under a year to move out to the West Coast. Now (7 years later), I've recently got interested in doing another house hack in ME again to start my RE journey since my job allows me to telework for the time being.
I plan on trying to buy a MF(2-4 units) under $300,000. I am curious what others think about the pros and cons of a FHA loan vs conventional loan besides the 3.5% down vs 5-10% down. I was pretty immature when I picked up my first real estate but I do recall having to paint a fence in a snow storm during closing for my FHA loan. I'm leaning more towards conventional due to the flexibility in the loan, still shopping though. Any information would be greatly appreciated!
My biggest concern is if I do the house hack and get locked in for 12 months but my job needs to pull me back to work in San Diego, what happens? I am trying to play it safe and do not want to break contract. Another concern is if I purchase a MF that has full tenants, what happens if I have the seller serve 60 day notice or I serve it and they do not leave, I would still need to move in within 60 days correct? I'm pretty sure most FHA loans require one open unit but a conventional may not.
Thank you!