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Author Topic: Living in 2 homes  (Read 2271 times)

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Offline Risingstars

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Living in 2 homes
« on: November 11, 2020, 08:40:26 AM »
Hello i was wondering if anyone has experienced purchasing a home and was living in an apartment at the same time?

My current situation is that my brother is purchasing a home and is also living in an apartment and the underwriter thinks that he is jist using his credit towars the home purchase and not actually live there. Is there a law that states you must live in only 1 home? I thought you can do primary and secondary home addresses? The underwriter says its illegal to do that.



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Offline hmgROCK

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Re: Living in 2 homes
« Reply #1 on: November 11, 2020, 08:51:22 AM »
Hello i was wondering if anyone has experienced purchasing a home and was living in an apartment at the same time?

My current situation is that my brother is purchasing a home and is also living in an apartment and the underwriter thinks that he is jist using his credit towars the home purchase and not actually live there. Is there a law that states you must live in only 1 home? I thought you can do primary and secondary home addresses? The underwriter says its illegal to do that.

it might just be the lender (bank) policy
if you are applying for like FHA loan (government assistance loan) and stuff
first time homebuyer and stuff
and you don't plan on actually living there
might be fraud

check other lender out



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Offline hmgROCK

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Re: Living in 2 homes
« Reply #2 on: November 11, 2020, 08:57:45 AM »
when you apply for a home loan
they ask you all those question
don't lie on the paper

it will ask you if going live on this property or secondary and etc....


if you lie on the application and the lender (bank) find out
you might be in trouble



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Offline tRouBLe

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Re: Living in 2 homes
« Reply #3 on: November 11, 2020, 09:04:09 AM »
The problem here could be homesteading since this can affect taxes on the property purchased.  If the house won’t be his primary residence, then there may be tax implications on the property.



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Offline hmgROCK

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Re: Living in 2 homes
« Reply #4 on: November 11, 2020, 09:05:38 AM »
dude if your brother just want to invest in real estate
just do what i do man

just buy REIT stock 
like ticker symboer:  $VNQ
save your headache, man


both you and I, ain't plumber and electrician, etc....


do you know how hard it is to fix houses and stuff man??
its hard man... when shyt start breaking down

old sump pump i had to take out
p=pebhmong








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Offline Risingstars

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Re: Living in 2 homes
« Reply #5 on: November 11, 2020, 09:20:07 AM »
Well the thing is he is on a month to month now at his apartment. He has been living in the new home for 4 months now but still has the apartment leased month to month.

Nothing in a house isn't going to be perfect. Things break and you have to fix it. You can YouTube how to fix things around the house to save money. Plus your investing in your home in the long run so gotta think long term and not short term.



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Offline hmgROCK

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Re: Living in 2 homes
« Reply #6 on: November 11, 2020, 09:22:19 AM »
a lot of the FHA loan run by the government and stuff
first time homebuyer
require you to stay in the home

on your application, they ask all those question
bro.... trust me
it's not worth lying on the application and going to jail




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Offline hmgROCK

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Re: Living in 2 homes
« Reply #7 on: November 11, 2020, 09:25:18 AM »
Well the thing is he is on a month to month now at his apartment. He has been living in the new home for 4 months now but still has the apartment leased month to month.

Nothing in a house isn't going to be perfect. Things break and you have to fix it. You can YouTube how to fix things around the house to save money. Plus your investing in your home in the long run so gotta think long term and not short term.

talk to the leased landlord
and see if you can break out of it
might have to pay a early penalty fee
  O0
it's worth it, if you don't even live in the leased apartment



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Offline Risingstars

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Re: Living in 2 homes
« Reply #8 on: November 11, 2020, 09:25:37 AM »
a lot of the FHA loan run by the government and stuff
first time homebuyer
require you to stay in the home

on your application, they ask all those question
bro.... trust me
it's not worth lying on the application and going to jail

He not lying though lol, you can't just up and leave a lease can you? I know you gotta let the landlord know 28 days before you leave a month to month lease. If you can just up and leave that will be awesome.



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Offline hmgROCK

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Re: Living in 2 homes
« Reply #9 on: November 11, 2020, 09:26:30 AM »
He not lying though lol, you can't just up and leave a lease can you? I know you gotta let the landlord know 28 days before you leave a month to month lease. If you can just up and leave that will be awesome.

you have to talk to the leased landlord
see if you can break out of it
there might be a penalty, most likely

if they nice, they let you go   ;D O0

otherwise, you have to pay up till the leased term is over
HAHAH FAWK LEASED!!!



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Offline tRouBLe

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Re: Living in 2 homes
« Reply #10 on: November 11, 2020, 09:28:03 AM »
If he intends to make the house his primary residence then there shouldn’t be any issues.  There are many people that do this when transitioning from one home to another.



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Offline Risingstars

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Re: Living in 2 homes
« Reply #11 on: November 11, 2020, 09:29:07 AM »
you have to talk to the leased landlord
see if you can break out of it
there might be a penalty, most likely

if they nice, they let you go   ;D O0

otherwise, you have to pay up till the leased term is over
HAHAH FAWK LEASED!!!


Yeah thats whats crappy about apartment lease. You have to pay for the break of your lease.



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Offline hmgROCK

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Re: Living in 2 homes
« Reply #12 on: November 11, 2020, 09:32:29 AM »
Yeah thats whats crappy about apartment lease. You have to pay for the break of your lease.

yeah, man
fawk leased!!!
they are really predatory


hahahah

how long he has left on his lease term???
if the price is right
i would just pay the penalty and get out of it
NO POINT IN PAYING FOR A PLACE YOU DON"T LIVE IN
talk to the landlord, work something out



ALSO WELCOME TO THE HOMEOWNER AMERICAN DREAM
get ready for when shyt start to break down
ENDLESS HEADACHE


hahahahha


« Last Edit: November 11, 2020, 09:34:58 AM by hmgROCK »

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Offline hmgROCK

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Re: Living in 2 homes
« Reply #13 on: November 11, 2020, 10:54:50 AM »
Gratz man

WELCOME TO HOME OWNERSHIP
the American dream

My only advice is to buy a good lawn mower
Going be mowing grass every week during the summer

 ;D O0



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Offline Kong Vang

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Re: Living in 2 homes
« Reply #14 on: November 11, 2020, 01:17:56 PM »
Hello i was wondering if anyone has experienced purchasing a home and was living in an apartment at the same time?

My current situation is that my brother is purchasing a home and is also living in an apartment and the underwriter thinks that he is jist using his credit towars the home purchase and not actually live there. Is there a law that states you must live in only 1 home? I thought you can do primary and secondary home addresses? The underwriter says its illegal to do that.

There are not any law that says you are tied down to any one location as your resident. I think your brother is confused. The Federal Government, for tax purposes, demands that you choose a location as your primary residents. But again, this is only for tax purposes. Mortgage Lenders also requests that you declare a location as your primary location because that determines your risk against the loan you're requesting. I have 2 rentals and both the interests on my rentals are much higher than my primary residents.  Hope that helps.

 



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