Well I just learned that I cannot use FHA if I’m not living there. Sooo I guess that answers that lol. Are there any methods of similarity investing with minimal down while being out of state?
An investment property require at least 20% down when you are not going to be living in the property. If you are going to be moving to Maine in the future, then wait to make the purchase for a time when you can reside in the property for a year or more, and you will be able to use the FHA Loan for 3.5% down or the VA Loan.
If you see a livable or rentable sub-$50K duplex in Bangor you're going to have to fight me for it.
Could you try to owner finance the property you are looking at or subject to?
Often times little to no upfront $ with exception to closing costs and EMD