Flipping first house

[Shawn Munoz]

Hey everyone,

I was about to get into my first flip and i was wondering if it is okay to say you are going to live in the house so that you don't have to put 20% down. If i get in the house with a different type of loan and pay less money down i can have more for rehab. What do you guys think?

[Patrick McCandless]

When you're sitting at the closing table you sign a document stating that you intend to occupy the property for at least 1 year as a primary residence. There are other ways to go about the funding than trying to be sneaky and lying and putting yourself in a jeopardizing situation.