Buy first home and Flip it ! Help

[Nick Schroeder]

Good evening,

I wanted to reach out and briefly introduce myself.

My name is Nick and I am originally from Germany. Have lived in the U.S now for about 3 years. Before moving to the United States I have been working in the property management/ real estate industry. My father owns a construction and investment company back in Germany that I have been part of since a very young age. Now my wife and I have moved from South Carolina down to Tampa, FL and are looking to purchase our first home.

I would like to purchase a home, live it in for about 6 months while doing repairs and fixing it up then selling it. I am not looking for a ruin but something that definitely needs some work and cosmetic updates. Was looking for something between 100k-130k

Wanted to reach out and see if I could get some help from some of you professionals to see if there may be a better way then going FHA since I don't have a whole lot of funds to put towards a renovation. To be realistic probably between 15k and 17k.

Any thoughts would be highly appreciated.

Have a wonderful day

[Simon Shih]

@Nick Schroeder. Welcome to BP. If you find a house under value, you can take out a FHA 203(k) loan. That is a loan to buy the house and fund the repairs. Here's a link for more info on it.

http://www.zillow.com/mortgage-learning/fha-203k/