Thoughts on the path to buy my next house - brain dump/ question
Hello all,
So I have a zombie house that I am interested in that is not on the market yet , but I know they are preparing to put it out there.
The property is bank owned and I am told it will most likely go out on the market for two weeks offered to first time home owners. If no one buys then it will be put on general market to sell.
I currently have a FHA loan, so I can't use that. I even tried doing a "baby house hack" meaning my wife is pregnant and doing research you can have 2 FHA loan if your family size increases. The caveat to that is you have to have your loan down to 75%, which would me 60k less then presently.
This is now my thought of how to buy this house but I haven’t thought it completely out because I am not 100% sure if it’s doable.
My sister does the FHA loan. I help her with the closing cost. After we buy, go to a hard money lender for rehab money. Rehab and then after 6 months refinance.
Buy for 100k
Rehab for 80-100k
ARV = 280-300
My question does that sound doable?
Also if so what type of legal documents/contracts can be written to make this partnership legit.
I am open to any other thought on how to acquire this property also.
Thanks