Will using hard money disqualify me from 1st time home buyer?

[Whitney Bailey-Edmondson]

Hi all,

I'm very new to real estate investing and have been reading through the forums and guides to decide my niche and how I want to structure my first investment. My spouse and I do not own a home right now, we are renting. We want to purchase a home in the near future (maybe March) but I'm thinking I could try hard money for my first flip. I've read some blogs similar to this subject but not quite the answers I am looking for. I know that a multifamily property with an FHA could be an option for us but in Northern VA, there aren't many of these types of properties that I have seen. There isn't really a market for them as the area is mostly single family homes and apartments. DC, which is pretty close, would be an option but we don't want to live in DC.

So, my first question is: Is it smart to purchase a flip before we even purchase a home to live in? My second question is: If I use hard money for my first purchase, does this disqualify me from any 1st time home buyer programs in the future?

Thanks for your help!

Whitney

[Russell Brazil]

If you do a flip, use an S-corp or llc to purchase it. Dont hold it in your name. Then you will still qualify as a first time home buyer for your primary residence.