Legal Definition Of Domicile?
I spoke with an established investor who was saying he owns many primary residences....He simply "lives" in a room one day out of each 30 days to establish residency. Can someone further explain this and the legality of it? Thanks.
As for the legality, sounds like loan fraud. He might wind up with just one domicile--very small and lots of bars.
Hey,
That is one of the funniest things I have read on this website in a long time!!!!
Do you really think that someone moves from house to house to house everyday?????
How does this make him any money??? He can not rent these houses and if he is a wholesale, there are a dozen better ways to buy house then OO.
This is the type of nonsense that sells books and/or boot camps, but does NOT work in the real world.
Haha, yeah I don't understand how hes doing this. The only advantage I understood was that he was getting grants from the city for fixing up his primary residences, investment property was excluded.
I would steer clear of this "investor" and any advice he might give. I don't know what the rules are for establishing residency under that grant program, but I seriously doubt it is one day a month. So does that mean I can buy a hotel and live in a room on day and establish it as my primary residence, probably not.
Have you done any research to back up his claim? Does he really have 30 properties? I would think the people down at the grant office would know by now if he had processed 30 grants for him.
This is the most ludicrious idea I think I have ever heard. lol