I'm interested in acquiring a small multifamily property (3-4 units) but I don't necessarily want to live in it because of the area (not a bad area... but I have a 1 year old daughter and don't want to move away from the grand parents). Having to come up with the larger down payment for a conventional commercial loan could prove to be a challenge but it is doable.
I'm approved for a 5% down payment (owner occupied) loan. My question is... has anyone here ever done purchased a property but not lived in it even though it is supposed to be your primary? And the unit that is supposed to be for you, the owner, leasing it and while leaving your name registered at that address.
Has anyone ever done this? Can I get caught? If so, what type of trouble can I get into?
@Jose Perez Yes mortgage fraud is very common, but considering you put your name and home town on a google searchable forum I doubt you will be able to get away with it.
Get caught and you may get a free place to live , meals included , they even give you great looking clothes
@Matthew Paul LOL, LOL, LOL, LOL. You are hilarious, but yea Jose, don't mess with the US government. Figure out a way to work it out with your daughter and her grandparents but don't do anything which will lead you seeing your daughter through metal bars. Besides, dude, its only a year they require to live there. You will be AMAZED at how fast a year passes.
You have to live there , make it your legal address , clothes , food , mail , drivers license etc . Now if you stay 6 nights a week at your girl friends /wifes house . But you are walking a fine line
LMBO!!! Thanks for responding in such a funny way @Account Closed ! Thanks for the insight.
FINEEE **dragging his feet** I will just have to figure it out! LOL. Just kidding. Thanks guys!
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