Private Lending & Conventional Mortgage Advice

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Jason Greenway
  • Frisco, TX
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flipping

Jason Greenway
  • Frisco, TX
Posted Jan 27 2014, 10:32

I'm new to the real estate game and I'm trying to acquire my first flip (put an offer in Friday) My plan was to move into a home and work on doing the renovations myself, then sell it in 3 months. I know that a FHA loan requires you to live in the house for at least a year. I was under the assumption that with a conventional loan, I could sell it after 3 months of closing. I asked my bank today, and I was told that you have to occupy the house for 6 months before you can sell it.
I have looked into hard money and the rates do not leave much room for a profit. Does anyone know of a way to finance a house where I could sell it in 3 months without hard money or cash?
Thanks in advance!
Jason

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