Thanks everyone for the replies. That makes sense about the additional requirements for a non-business loan.
@Mark Ferguson You make a great point. I definitely want to find the balance between a good deal, and a house we actually want to live in. I would definitely be willing to take a deal that I normally wouldn't if the house fit all of our needs perfectly.
@Jon Klaus Thanks so much for the information and feedback. I will definitely keep the idea of a cash-out refi in the back of my mind. I think one of the things I was mulling over was using equity in my personal residence to roll over into my next personal residence, so that eventually we could own our home free and clear. My fiance is not as risk tolerant as I am, and I told her we could try to be free and clear of personal debt, and only leverage against investment properties. She is much more comfortable with this idea.
@Matt Devincenzo Thanks for the input. What you're saying makes a lot of sense. Although, one thing I was hoping to be in my favor is that aren't certain foreclosures available to primary residence buyers before they're available to investors? I was hoping that this might give me first crack so to speak at some of the better deals.
I could try to find other lenders other than hard money lenders to make a purchase like this work. Or how about 203k loans? I've read up a bit in the forums about how there is a lot of red tape...but it might be worth it for the right deal?
