Updated almost 5 years ago on . Most recent reply
Thinking of possible lending hurdles for my next house-hack
So I guess the easiest thing to do would be to give my situation and my plan. I want to think of problems that could arise and plan for them early.
-My girlfriend and I currently own a house in New York with about 150k in equity.
-We have stable jobs and collectively make around 170k a year
-We have two other additional (long-distance) rental properties and by the time we plan to execute this deal we will be able to acquire another 4 properties. (estimating 12 doors)
-October 2021 will be our two-year mark in our live-in flip and plan to sell to avoid cap gains.
-November 2021-
-We plan on buying a 4 plex in Florida and moving down there for our primary residence.
-Using an FHA loan to try and leverage as much as my down payment as possible.
My question really is, how hard will the financing be if we are buying a place before we are moving down there. Will we need work already lined up down there (I am not worried about getting a job, my professional license has reciprocity in Florida, also the brokerage where I work as an agent part-time has offices in Florida).
I just want to think of every possible issue so I can prepare for it.