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Getting a second home that I will live in within 5/6 months with a low interest loan.?
I am a RE investor in training. And I just got a property that I am suppose to live in as my principal home. I will rent out the rest of the rooms to generate cash flow. However I want to buy another property to generate more cash flow. But I want to get a low loan rate if possible. Is it possible to get a second loan without having to get an investment loan with high interest?
I had a couple people tell me that in about 5-6 months I can write a letter to my lender and tell them that I dont like to live there anymore for any reason, ie hate the location, don't like the neighbors, etc. and that I want to buy a second home and live in there. That way I can go out and get me another loan for a low rate and have that as my new principal property, while keeping the first home to rent out for cash flow. These guys already has 6 homes and tells me that is how they has been doing it. Is this legal?
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Posted on
06/11/06 Total Answers
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