Posted by MB(Ga) on June 04, 2006 at 11:33:12:
Do any credit unions offer SINA or NINA loans for owner occupied homes or is that something you get directly from a finance or mortage company?
Is possible to get a mortgage with one lending institution and a heloc or equity loan from a bank (credit union)?
Since my interests in a duplex is for owner occupation and leasing the other portion to a business, is there anything I should be aware in regards to financing the property? setting up the rental lease to the business? tax related issues?
Duplex Investment… Living Use / Business Use - Posted by MB(Ga)
Posted by MB(Ga) on June 03, 2006 at 13:49:34:
In six months, my lease will be over and I’m going to need a place to live. I wanted to invest in a duplex for the purpose of one side of it being for the business and the other half used for primary residence.
I’m not sure if this is still considered an investment property considering the usage.
This would be my fist mortgage. Scores range between 620-660 all open accounts showing current w/ no lates; 3 years ago I had previous accounts with severe deliquency all are closed with zero balance.
Is this sound? Anyone ever done such a transaction? Is there a particular way it should be handled to protect my personal interest and other REI interests?
Would such a property and my scores be eligible for a SINA or NINA?
Re: Duplex Investment… Living Use / Business Use - Posted by Luke Hoppel
Posted by Luke Hoppel on June 04, 2006 at 14:15:54:
Great questions MB! I’m sorry I can’t give you a good answer but it’s something a CPA should be able to help out with. I think that’s a good idea though for tax purposes to live in one unit and use the other as an office. I think I may do that actually.
Let me know if you find out.
Luke