Archive for October, 2009
Investment Property Vs Primary Residence
primary residence vs. investment property?
Whats to prevent someone from saying on a mortgage application that they are purchasing a home as their primary residency, then selling it 6 months later anyways. I mean what are the penalties in this case? primary residence it seems get better loans and are easier it seems than investor loans, so why can’t you just pretend the house is for you?
You shouldn’t do that if you plan on selling the house within a year. It will look bad and they can generally tell. I know of a lot of people who had done that – but they all retain their houses for 5 years of more. And it is a felony so it is very risky. You are better off just doing it as an investment property. It is a pain, but worth it.
Manhattan New York Property – investment condo yield / cap rate
