Buying an REO with Conventional Loan

[Keith R Henry]

So I would like to buy an REO foreclosure and have a convential loan. The house must be liveable to qualify for the loan. It will at least need finish floors and kitchen appliances. The only way I can think of to make this work is install cheap sheet flooring throughout the house and put the kitchen appliances in. Of course I would rather not do this with a house I do not own. Anyone know of another way around this or how to find another type of loan that wont beat me up on interest?

Thank you

[Matthew Porcaro]

@Keith R Henry

The most classic newbie mistake is thinking they can do all the work themselves or cheap out on a rehab.

Everyone thinks they’re special and that they can somehow figure it out when 99% of others fail at it.

Hire a contractor that’s experienced to do the work.

Use a homestyle or 203k loan to do the renovation on the property. But you need to live there. Live in flips are how a lot of investors got started, including myself.

Down the line when you’re ready to get into your forever home you can move out, rent it out, and purchase a new house.