I am thinking of purchasing my first multi-property for rentals.
Is it possible to claim the property and my primary residence without living inside the property, maybe just asking tenant if I can use the address?
I will have to run back and forth for the mail, but then I will be able to receive the primary property return ~ 7K in California.
Is this recommended, should I trust tenant to hold on to my mails, or it is not worth at all?
Note: I can't house hack because the location doesn't fit into my need.
Not worth it. Always do it right, the first time.
What's worse than trying to cheat the system? Posting it on a public forum for everyone to see.
@Chris T. thanks for your advice, yes for sure I will do it right.
@Patrick Desjardins sorry i did not know that it is a no no thing, I am not cheating the system, or trying to. I am asking the question is it possible and is it worth it. If it is bad then I wont do it. But I do appreciate your comment, I will keep this in mind the next time I post something.
I am new and I am seeking for advice. Just want to be the honest guy, ask the stupid question, and do it the right way.
Hi @Lan Nguyen ,
Yes it is possible to commit mortgage fraud and get away with it, the first time. Typically what happens is the next time you apply for a mortgage, the underwriter in reviewing your financials discovers the fraud, then you go on a list, and that's it for mortgages for you. The list of possible consequences only goes up from there.
No, it is not worth it.
There are sufficient goodies and nuances in the various guidelines that, if the deal makes sense, fraud shouldn't be needed.
In this business, you need do right by the system or you'll face serious consequences, Would you rather be out investing making your path towars financial freedom or sitting in prison?
hey @Chris Mason and @Samantha Klein , thanks much for your insight, I never know this is consider a mortgage fraud situation. I only thought that if you own the property, you have an option to claim it as a primary residence, thereby asking this naive question.
But now I know, thanks you guys, I would never do this.
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