Updated over 2 years ago on . Most recent reply
Loan Fraud?
I am a newby to real estate investing. However I am trying to get started, and I began talking with a real estate agent about finding some cash flow rental properties, specifically multi family units. I just had a conference call with a him and a direct lender he knows. And we got to discussing financing. The lender kind of hinted that I should state that I will be an owner occupier even though I told him I will not be. And he also asks for 25% down payment. This sounds kind of fishy too me. If I were to state I am an owner occupier, why would he want 25% down?
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Personally I would RUN away from these people and find different people to work with. Loan fraud caries with it a 30yr federal prison sentence. As well as over 100K in fines. This is not how you want to conduct business. The down payment situation varies depending on more factors then the information you have provided.