Buying with hard money then selling to myself?

[Akintunde Bakare]

So I’m looking to purchase a home that is need of repairs with a hard money loan. The only difference between me and a lot of the post I see is that I don’t want to flip it I want to actually buy it and turn it into my own personal residence. What would be the best way to go about this as I haven’t seen too many post about it. My plan was to purchase the house under my llc or s Corp and then sell it after being fully renovated to myself after I am approved with a conveniently loan! Is this process legit? Or is there an easier and better way? I always wondered  how individuals were able to find financing for buy and hold properties that don’t qualify under conventional because they need repairs.

Thanks in advance,

[Jay Hinrichs]

Originally posted by @Caleb Jordan:

Originally posted by @Akintunde Bakare:

So I’m looking to purchase a home that is need of repairs with a hard money loan. The only difference between me and a lot of the post I see is that I don’t want to flip it I want to actually buy it and turn it into my own personal residence. What would be the best way to go about this as I haven’t seen too many post about it. My plan was to purchase the house under my llc or s Corp and then sell it after being fully renovated to myself after I am approved with a conveniently loan! Is this process legit? Or is there an easier and better way? I always wondered  how individuals were able to find financing for buy and hold properties that don’t qualify under conventional because they need repairs.

Thanks in advance,

If you really want to do that, you could buy with HML and then refinance into a conventional loan once property is fixed up. You would need to make sure you can find a lender that is fine with transfering title out of LLC to your personal name on the refi.

Most hard money lenders have a disclosure doc that you sign that specifically says you are not taking this loan for personal use you will not live in it etc.. other wise full QM rules apply.. there are few HML LA based that will do owner occ HMLs