Looking for hard money in Austin for a Rehab to Owner Occupy

[Eric Guiltinan]

Hi BP.  Long time forum snooper here. 

My wife and I currently own two duplexes in East Austin. We occupy one unit and rent out the other three. We have a little over 50k in liquid assets which we would like to use to buy a SFH to rehab, then live in, and refi as owner occupants. We both have good credit scores. The places we are targeting are around 150 to 175 but will probably not be able to be financed through a bank. I should say, we are currently approved through UFCU for over 300k on a conventional loan because we are looking to buy a 3rd duplex but the prices just seem out of touch with rent this time around. We have a decent amount of equity in one of our duplexes but I'd like to leave that alone since we have that with an owner occupant loan with a good rate (from when we lived in it).

Are their hard money investors in Austin who might be interested in working with someone in my situation?  This would be my first rehab although I am very handy and do all my own work on my units... including a kitchen remodel, shed built, new fence, plumbing, painting, roof repair, etc....  Other than our student loans and our mortgages (which are offset by our rental income) we have very little debt.

Any advice?  What would you do in our situation?

[Jason Hirko]

@Eric Guiltinan You're not going to find hard money that will lend to you knowing you're going to live in it. The regulations and disclosure requirements make it nearly impossible. However, you could get a HML to loan you the money while you rehab it, then you could refinance it and move in. That would be easy. And yes, it's nearly impossible to find conventional financing if the place needs that much rehab, and those will take 45 days to close, as opposed to a week or two with a HML