Buying Rental Property In South Florida
Hi,
I'm fairly new to this. I am interested in acquiring rental property in the South Florida area. I basically live at home. I have a pile of cash and I would like to invest in a rental property. What is my best course of action to accomplish this? I would be a first-time home buyer. Can I buy it as if it is for myself and NOT as an investment property and still rent it out?
Quote:I would be a first-time home buyer. Can I buy it as if it is for myself and NOT as an investment property and still rent it out? dice13,
Yes, you can. HOWEVER, to do so you would have to lie on your loan application. Falsifying your loan application is a federal offense. If the loan happens to be federally insured, then the maximum penalty is $250K and up to two years in prison.