How does a rehabber buy his OWN house?

[Taylor Shapiro]

I'm interested to hear how some of you full-time REIs purchased your personal residence.

I plan on taking advantage of FHA financing with 3.5% down on a 2/3-family.

What paperwork/records would I need to prove income and allow me to use FHA financing?

Could I purchase a duplex w/ private money and convert it to a 15 year loan?

[Ann Bellamy]

Taylor Shapiro, you may not be able to use hard money. The SAFE act requires that all residential loans (you are living in the property, so that makes it definitely residential) be made by a licensed lender. Most hard money lenders have opted to not be licensed, for various reasons. So when you are canvassing HML's in CT, be sure to tell them you plan to live in the property. The requirement to take title in an LLC will not remove the requirement to meet residential guidelines if you are living in the property.