Should I Get The Laon As Investment Or 2nd/vacation Home?
I have not made up my mind yet as if I will be moving to CO, will keep the new property as a vacation summer winter house or if I will just rent it as a rental investment.
So if I don't know and closing is next week, what harm is there (if any) in getting the loan as a primary and then I decide (for job reasons) I don't move to CO.? This can't be fruad if I change my mind after the fact can it?
I think that you have to live there for at least a year maybe I am mistaken though. Why would you be closing on a house though in a state you aren't even sure you are moving to yet. Especially when you are closing in a week? Is this just a case of trying to assuage a guilty conscience? No offense of course.
Except with FHA there is no exact period of time you must live in an owner occupied house. The key here is intent. Although the burdon of proof is not on you, realize that it would be a good idea to be able to prove your intent.
Thanks for the replys. I am more using this property as a business transaction (for profits and to gain tax write offs.) I am planing on selling it, renting it or moving up there eventually since I really do live CO also. It is my first property and look forward to buying more as rental income properties in the future.
I assume your friend is a realtor? I would kindly ask for my money back and tell him how much you would hate to go to the board of realtors to raise a stink. $1,000 is not worth a bad reputation as a realtor.
[addsig]
Hi Eddie
As an investor and a business savvy person I have learned never to business with friends or family.
My first and foremost question would be what clauses did you used to protect yourself in your purchase offer?
Not knowing what clauses you used will make it difficult to answer your questions!
[addsig]