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Is it possible to purchase a foreclosure, rehab and sell to self?
Hi. I’m REALLY new to real estate investment.
Initially, I wanted to buy a small condo at auction, fix it up and rent it out to start out in this industry. However, my landlord let me know he is looking to sell the house I rent from him.
Now, I am looking for a house to renovate for myself and have recently started an LLC (with another person) for my new endeavor.
My question: can my LLC buy a property, fix it up and sell it to myself (as a private buyer) with a conventional loan? I would be using a VA loan once I completed reno.
ALSO- The property I am looking at looks like it could generate about $80k profit for the LLC... would that be legal?
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
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You may have a problem with it not being an “arms length transaction”....ask a lender.
@Chris Mason ??