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1st time poster so I apoligize if this is a dumb question.
I am looking to get an investment property, mainly I am looking at a house with at least 2 units for rent. I have good credit, good debt/ income and already own 1 home that I live it. My problem is capital. I don't have the 20% down that seems to have become a standard these days. My question basically if why can't I just say it will become my primary residence during the sales process and then "change" my mind and rent it out. Create a senario where I am moving out or renting my house out and buying a new primary...
I was told that the other way I can avoid the 20% down is if the house is 51 miles + away from my current primary as they could then classify the sale as a vacation property. Well I don't want an investment property that is outside of a 30min drive to get it should I need to, so that idea is out.
I just don't understand this mentality especially with the overstock and shortsales abound...you want to sell houses? Then SELL then to the people that want to buy them without jumping through hoops (subprime aside)
Anyway, sorry for the brief rant, please let me know what you think of my idea, I can't see what, if any the downside would be, play a system that is designed to play you....
My question basically if why can't I just say it will become my primary residence during the sales process and then "change" my mind and rent it out. Create a senario where I am moving out or renting my house out and buying a new primary...
We take a dim view of that whole loan fraud thing around here...
I think you would need to be certifiable to risk going out a limb to the point where you can't hack the 20% down in this real estate climate for investment property. My goodness there are people that NEED all cash to buy a foreclosure and they are scooping up properties at below wholesale. Why would you think any lender would be eager to take so much risk?
I aware of some lenders now pursuing criminal actions against people that defrauded them and subsequently defaulted on properties. Federal rap is not something to take lightly...
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