Caught between rock and hard place

[Skyler Harris]

I’m caught in a bind. Current situation is I have a place with a buddy of mine his name is on lease and all billing. So it’s not looked at as my primary which will allow me to only need 3% at closing for next property. Unfortunately he’s moving out of town for his job. So ima be left without a place. My only question is if I do get another rental on my own and my name is on the lease that’ll act as my primary right? Which will require me to have 20% at closing since it’ll be looked at as an investment. Now yes I could just buy a house and obviously live in, but my idea is to buy a beater of a house and fix it up then sell or rent it out. Open to any advice or ideas, thanks in advance.

[Mike Dymski]

mortgage fraud