Posted by James Strange on January 11, 2003 at 02:12:20:
If your plans are to rent it out then it is investment property.
1st Property, Owner occupant or Investment ? - Posted by Ron
Posted by Ron on January 11, 2003 at 02:08:23:
On your first property purchase, is it in your best interest to apply for a loan and list the property as your primary residence or as investment property?
Keeping in mind that your purpose of purchasing this property is to rent it out and this will be only the first of may investment properties.
Looking for advice on this question so that I can best position myself for future RE investment purchases.
Best of both worlds… - Posted by BrokerScott (Mich)
Posted by BrokerScott (Mich) on January 11, 2003 at 07:33:15:
James is correct as you don’t want to start out by deceit. Not saying you would be doing so intentionally but that’s what it would be. How about a owner/occupied multi-unit? Up to a 4-unit is considered residential, so would qualify. Why is 4 unit the cutoff? Don’t know. Live in one, rent 3 and you should be able to cover expenses from the 3 rentals, while you live for free. I believe that the FHA standard is that you only have to actually live there for 2 years, other lenders may have different standards.