REO for a Primary Residence. Can these properties be financed?
Good Evening All,
I’m writing to inquire about the above? I’ve purchased a home and have completely renovated it while living in it (will probably never do that again). I’ve retained the property as my primary residence for two years to avoid the capItal gains tax and am getting ready to list. I bought in this area of Chicago because of knowledge of the market and the increasing home values. My property will make a nice profit upon selling. My girlfriend and I are looking to rent in the city and my plan is to purchase an REO or foreclosure while we rent, obtain a 203k loan and rehab the property during our rental tenure. We would move in following construction. I am a licensed real estate broker however have never done any work with clients looking to take this route. Furthermore, the only investor clients I’ve worked with have purchased cash and rehabbed with cash
Wondering how, if possible, to start the process into searching for these types of properties and getting a “leg up” into obtaining them.
I’m still very young and looking to start building a portfolio, however, I wanted to grab one of these properties and finance, to free up as much of my (soon to be) capital to begin additional projects.
Thank you so much for your help and guidance as I move forward in this venture. Any help is greatly appreciated.
Respectfully,
Edward O.