Owner occupied fixer upper

[Matty Bojanowski]

I just sold my first house but I've been self employed for the past year and a half. Nobody's going to give me an FHA or a conventional loan. What else should I be going after? Hard money? Portfolio? Bank Statement program? I'm looking to buy a house in Charleston, South Carolina area. Something under 100k that needs work. Worst case scenario I would buy a fifth wheel or a travel trailer and park it in the backyard for a few months until I make the house semi livable. I would be doing all of the work on it myself.

Can I occupy a home in South Carolina that I buy with hard money or portfolio? How hard is it to get a bank statement loan if I have great credit (750-800)? Business is showing good income BUT I wrote off so much after my first year in business that my actual income is extremely low. I wrote off my brand new truck, my house expenses such us interest, water bills, power bills, wrote off advertising costs and material. I wrote off everything I could write off - with a W2 job I wouldn't be able to do this but my income on paper would be 3x higher. Also, I work from home and 100% of my income is from internet sales - I can basically live anywhere in the country and don't have to start over with my business if I move to another state.

I need to get into a house ASAP because I don't wanna rent - I think renting is a waste of money. Got cash in the bank so a down payment and renovation expenses wouldn't be an issue. 

What solution do you guys suggest?

Thanks!!

Matt

[Aaron K.]

Some places offer stated income loans, so you might give that a try, but just from your quick run down of write offs, it sounds like you may have written off too much, especially if this was a live in flip.