Wholesale Deal Options
Hello everyone! I am doing research for my first RE purchase and have identified a wholesaler to provide me with deal options. All of the deal options offered require cash or hard money. I have also located a couple partners to fund these deals.
I had an idea about how to use an FHA 203k for renovating an existing home or use an FHA OTC to purchase land and build a new home. Has anyone ever heard of having a friend buy property/land from a wholesaler and sit on it for as long as it takes to secure an FHA loan, then buy the property/land from said friend for a house hack as soon as the Loan can be processed? Sure a little bit of $ gets wasted on interest but you end up with a great deal and only 3.5% down on the whole project.