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Updated 10 days ago on . Most recent reply
Loans for Live & Flips
Has anyone been successful at getting a loan for an owner-occupied live and flip ? If so, would love to learn how it worked?
Most Popular Reply

- Residential Real Estate Agent
- Irvine, CA
- 1,223
- Votes |
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Will this property to so structurally damaged that you could not get a normal loan on it? I am currently doing a live in flip we got it under market value, normal loan and remodeled it within 6 weeks then moved in (with permits).
Is the property something that will need an engineer/architect to draft drawings to get plans then permits? This will take a lot longer and the traditional lender will not allow for extended time outside the home so there might be some other options. Conventional Rehab loan (this takes some time to get the financing for on it) and FHA 203K loan. These loans provide rehab costs built into the loans to get the work done, the challenge though with these are the higher interest rates and red tape that is involved with them. You can get someone to help you with this process to make it faster and easier, but not sure if you are looking for something like that type of loan.
The other option would be the hard money route, but I would explore all options and it really is dependent on what condition the house is when you buy it and how much work is really needing done.
- Peter Mckernan
