Second home... - Posted by Ryan Lancaster

Posted by John Corey on June 19, 2005 at 17:54:43:

There are two questions here.

Ignoring one of them…

A second home is something you elect to have on your tax return. It is
also something you elect when you are applying for a mortgage.

Be careful about misrepresenting the facts as some of the time this is a
criminal offense.

Even if the home is not on your credit report many loan applications
ask you to declare loans you have outstanding. Trying to hide one is
fraud and can complicate things down stream.

Better would be to show that you have income from home number 2.
Income minus 25% will be used to offset the mortgage. Once you are
over the threshold you are fine from the lender’s point of view.

John Corey
Chelsea Private Equity LLC

Second home… - Posted by Ryan Lancaster

Posted by Ryan Lancaster on June 17, 2005 at 16:09:31:

I currently am purchasing a second home in Maine with my primary in Florida. I have just made a reasonable profit already and now I want to put my second home under a land trust owned by my multi-member LLC. How can I go about this so that I can purchase a second home in Florida with the second home in Maine removed from my record? Should I refinance it and put at is a rental property? Must I use a lawyer or cpa to set up a land trust or can I do this myself?