Hard Money Financing for Owner Occupied Residence- Need an LLC?

[Joshua Herald]

I am about to put a house under contract. Its purchase price is 39k. ARV of aroudn 130K. Needs over 50k of work.

This is a house that my wife and I are planning on living in eventually. 

We have cash reserves for the entire purchase price and closing. However this would stretch up pretty thin. So we wanted to use a hard money lender for half the purchase price and all renovations. I spoke to a few folks and neither will touch an owner occupied property with hard money. I guess there is licencing required for that.

Can I form an LLC with my wife and buy this as an LLC. Then create a contract with ourselves as a lease option? This way i can get the hard money?

We would renovate with hard money within 6-10 months. Sell property from LLC to ourselves personally??

Any help would be great.

[Matt Rosen]

Hi @Joshua Herald obtaining a loan on an owner occupied deal will be very hard to do with traditional hard money lenders. You would have to purchase in an LLC non owner occupied with a refinance with a local bank. Or raise private capital to purchase this deal.