Posted by Natalie-VA on June 13, 2005 at 11:08:52:
I’ve never heard of such a thing. John’s answer was actually pretty funny.
On the other hand, I wouldn’t go around town calling myself an investor if I was still just a wannabe. I think people see right through this and think you’re full of it. It might be better to say you’re getting started in investing or something similar.
‘‘Consequences’’ - Posted by Marvin
Posted by Marvin on June 13, 2005 at 01:16:00:
I was recently told by a loan officer that because i’m a renter&don’t own any property,that it was against the law for me,to engage myself as a property investor. What?
Think about this - Posted by sans
Posted by sans on June 14, 2005 at 02:11:24:
Look at the help wanted ads. Look up loan officers and see how many say “NO EXPERIENCE NEEDED” that should answer your question.
Legal advice from banker? - Posted by John Merchant
Posted by John Merchant on June 13, 2005 at 09:03:14:
So what does your plumber or florist think?
Their legal opinions would be just as valid as the banker’s.
Re: ‘‘Consequences’’ - Posted by River City
Posted by River City on June 13, 2005 at 05:56:16:
I have never heard of a “law” that states this. Ask the loan officer to show you the law. There may be an “underwriting guideline” that indicates that to purchase investment property you must “owner-occupy” your current residence, although I do not have knowledge of this either. Maybe Natalie or Tom?