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Buying & Selling Real Estate

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Josh Reed
  • Bend, OR
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Buying with Cash Avoids Owner Occupy Only Requirement?

Josh Reed
  • Bend, OR
Posted Mar 13 2018, 07:59

I am not trying to get into Mortgage fraud here but my question is this. There is a REO deal I am interested in that just came on market advertised as owner occupy offers only then investors can come in after 21 days or so. I am seriously considering applying for FHA loan and moving into this place as live in flip as the numbers are good and it will need work that I can do while living there. I understand this has pros and cons. My question is this: What if I make a cash offer on this house with some of my money and some from hard money lender. Once I own the house free and clear am I right that I can either occupy or rent or do as I please. More importantly can I then refinance in three months after renovations are done and not have to owner occupy?

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