Purchase house through S Corp. and live in property?

[Ray Egan]

 Not to beat a dead horse but I’ve had some replies to my former discussion, which indicates to me that in my quest to find my first flip property, not counting the last two houses over the last 4 1/2 years that I have successfully turned over for a profit using 2 30-year conventional loans, I can actually purchase a property using my S Corp.

The only problem is,  I would need to live in the property that I am fixing up, as I currently do not have a permanent home-base. I understand that Dodd-Frank comes into play As far as me not being able to live in the house. Does buying it through my corporate entity absolve me from that? Or am I just trying to be sneaky? A whole lot of money is not being made by my particular situation. And I need at least one more successful house “flip”, if you will, to allow me to purchase a cheap $15,000 apartment somewhere in foreclosure so that I can use that as my legal homebase and therefore qualify for Hardmoney or private money loans to do what I want to do.

 A whole lot of money is not being made by my particular situation. And I need at least one more successful house “flip“, if you will, to allow me to purchase a cheap $15,000 apartment somewhere in foreclosure so that I can use that as my legal homebase and therefore qualify for Hardmoney or private money loan to do what I want to do.

Again, any comments or advice would be greatly appreciated

Ray

Miami Beach Florida