How to Fund My Fix & Flip

[Omar Naguib]

Hey guys,

I found a house on the East Coast that I can purchase for $150k.  Comps are looking to be around $280k.  It is a short sale.  This seems to be a great opportunity, but I'm not quite sure how to fund this.  

Initially, I looked into a 203(k) to find funding for a rehab.  Everything seemed okay, but the 203(k) requires the homeowner to live on the property for 1 year and 1 day.  We are planning to make this a 2-3 month flip, so the 203(k) is out.    

We've created an LLC, and are looking to get funding through the corporation itself. Is private/community banks the best way to get the funding at this point? Or am I missing something here?

Thank you for your time.