Posted by Ed Garcia on January 21, 2001 at 14:15:20:
Lee,
The few bucks you may save by going owner occupied isn’t worth the worry or problems you’ll have for being dishonest. Do the deal the right way and don’t look back.
Ed Garcia
Which method is better? - Posted by Lee
Posted by Lee on January 20, 2001 at 23:16:34:
I am purchasing a two family property in Trenton, NJ. I presently own my own home, and I have been preapproved for 60k to buy the property. My bid for 27500 has been accepted by the present owner, but the house needs about 15k to have it up and running. I believe it should appraise for at least 60k.
By doing my own comps of the area rentals, I should be able to collect $700 a month for each of the 2 br units. The property is near a newly constructed arena and Mcdonalds and people in the area seem to be keeping their properties in decent shape.
My dilema is should I do as my mortgage banker is telling me to do by saying that I am going to be an owner occupant and getting a 203k loan, or should I purchase the home and just get an equity loan to do necessary repairs and pocket the excess money?
This deal is happening fast, and I need to make a decision quickly! I am open for any suggestions.
Thank you in advance for your response!!!