Finding loan for buy and hold after foreclosure

[Lisette S.]

Hi there,

I have been reading like mad formonths now and am in process for purchasing a four plex for me to live in etc.- here in long beach- I am getting an FHA 203k loan for it and found this a good fit since I have a foreclosure from 4 years ago. It will cash flow nicely with me living in it as well. Took some time and patience but I am happy with this deal and have all the thanks in the world for the bigger pockets community with the education and analysis tools available. I will celebrate when I close.

Anyways, my question is I have a self directed account sitting with about 26k in it. I want to use it to invest, I am thinking buy and hold, but maybe flipping, not sure. I have been lingering in several out of the way california communities , running numbers etc to see possibilities. Mainly kern county and have friend who is a contractor and prop manager in a particular community....she lives there, has given me some idea of rental numbers etc. Now up to this point numbers look good etc., but what I can do loan wise is where i need help...this may not happen for a while, but am trying to plan ahead, maybe later this year if possible. I need some help sorting it. With a foreclosure on my record I am told conventional is not possible...homepath loans are not possible as well, as an investor I would have to wait 3 more years for financing! Is hard money my only option at this point? My fico is about 680 last checked, on the up and up, but the foreclosure is the obstacle I am seeing- any help seeing the possibilities,opportunities, direction is appreciated