Hard or Private Money Lender on Owner Occupied Home

[Angela Palchowski]

I found a home in my neighborhood that I like a lot and want to buy for an owner occupied deal. It is $95k and could use about $50k in repairs. I could flip this house and put it on the market for around $240k afterwards with a nice profit, however, I am only interested in living in it at this point and would plan to sell it in 3-5 years. I do not qualify for a traditional mortgage due to about 1/2 of my income not being on my taxes. I am looking for a lender who would either a) loan the purchase price and I could fix it up with my own money or b) could loan on purchase price and repairs. I have about $15-20k in cash that I'm willing to use on this deal. I've done a lot of research and am well aware that this is a tall order. Another option could possibly be to use a regular HML for a fix and flip but only if I could ultimately buy (refinance) it for myself after 6 months (which would give me time to make more $$ to get in a better position). Note- I am not interested in having a co-signer. Any thoughts on this? I am a strong believer that if there is a will there is a way...and I will figure this out one way or another.