Starting Out
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago on . Most recent reply

203(k) Strategy Question
I am not really sure if this is an option but I wanted to reach out to the community help me better understand.
Scenario - I found a triplex that had BRRRR potential however, I do not have the funds to purchase and rehab. My thought is that I could use FHA 203(K) mortgage. Although, I am unable to satisfy the seasoning period, so I have my brother apply for the mortgage and he lives in one of the apartments. The work gets done per the mortgage. After the mortgage seasoning period, I have the property appraised, buy from my brother, settle the mortgage and use the proceeds to secure the next property.
Am I going to jail? Can this work?