How do I finance finance a personal residence/rehab

So My wife and I are looking to buy a home to live in and rehab. My whole family is in trades, everything from carpentry to electrical, plumbing etc. We can definitely add the value but we can’t get any of the houses financed because of lending regulations. Even for a 203k loan they don’t qualify. Our only hope for buying one of these is to pay cash!!! :banghead

Now for my question, has anyone here ever bought a personal residence with a private loan from an investor? If so is there any place I can look for one. Does anyone have any advice on the matter.

any help is greatly appreciated. :help

What’s wrong with them? Banks won’t finance without an appraisal and you can’t get an appaisal unless it’s liveable.

I use a commercial loan. The underwriting is different. Interest rate is higher too - 6.25%.

we have looked at a few houses. Most of them have things like peeling paint, exposed sub-floors, rotted wood, broken windows etc. All things that can be fixed inexpensively. However most banks wont finance homes with this many problems. Here lies my dilemma. I don’t mind living in a house that needs tons of work because I plan on doing all the repairs. I just can’t come up with the 50 or 60k cash that the bank would sell the house for in “AS IS” condition. My best bet is to find 60k cash.Although it’s easier said than done.

go hard money, then you can refinance into convenional.

If you pay cash for the house, you won’t be able to convert to a conventional loan for, I believe a year,if you go hard money its a ‘refinance’ so no problem after just a few months