Financing Two Deals At Once
Has anybody ever purchased two separate properties at once, financed by separate mortgage companies? If I claim each one to be a primary residence and they're in escrow simultaneously, would that work out?
It can get you a nice long all expenses paid vacation.
What I mean is this could get you sent to jail.
Absolutely, it can get you sent to jail. The scary thing about this kind of fraud is there is no "statue of limitations." In other words, this can come back to haunt you 20 years down the road when you are about to close on a colossal project backed by the city. All it takes is one person to do some "legal" snooping around and then you are up $hit's creek without a paddle.
Good luck,
Matt
sacramentophil,
Phil~phil~phil....
DON'T DO IT......
Like my FELLOW REI said...
BIG TROUBLE for you...You don't need it!
BUT....you can do this...If one of the sellers agree.....
Buy 1 ....move in....and I MEAN MOVE IN!!
Buy the other on a L/O, (RentItOut) with an option date 1-3 years down the road...
You are still in CONTROL of 2 REI...RIGHT???
....as always,
GoodInvesting, Rocky
Thank you for the responses. I have decided not to pursue one of the deals. The remaining property will actually be owner occupied. Property investments are just too easy and fun to risk anything, eh?