Investment loan or home loan?

[Rich Lyons]

I am buying my first piece of investment/rental property. I plan to use it as a long term investment. I do not have a mortgage and I do not rent. Should I get a home loan or an investment loan? Any suggestions/advice would be greatly appreciated. Thank you.

[Don Konipol]

I think you need to reread Jon's post. Loan fraud is loan fraud whether you get away with it or not. Even if you do get away with it the first time it establishes a pattern of lies and deceit which will eventually trip you up.

Suceesful real estate investing entails trust. With the internet and easy access to all kinds of information about people, negative information travels fast and is readily available. In a successful real estate career you will need people who trust you to lend you money, to co invest in your deals, to turn their savings over to you in a fiduciary way, to believe you will deliver when you say you will in a forced sale.

Do yourself a favor. Determine that you will always pass up the fast profit if it entails doing something unethical, let alone illegal. In todays environment, people with money are paying a premium to deal with people who are proven honest and ethical. That's the group you should aspire to be in.