Looking for an experienced CPA in TN

[Luke Smith]

I have got several specific questions regarding second home mortgage taxes, short term rental legalities tied to vacation home loans, and the process of paying back HELOCs via an LLC.

Message me if you or you know anyone that could help me get some of these questions answered! 

Thanks!

[Mindy Jensen]

Hi @Luke Smith

This is the place to ask your questions. No need to have people DM you, you can just ask right here. That is what the forums are for. 

HELOCs have historically been difficult to get on rental properties, and the only lender I knew of who did write HELOCs on rentals is no longer doing that, as of April. 

You're asking about Vacation Homes and Second Homes, which tells me you're probably trying to utilize a Vacation Home Mortgage to purchase a property, that perhaps you would then rent out short term? If you have no plans to use this solely as your vacation home, you should not use that type of mortgage. Instead, use a traditional rental mortgage. 

You're probably not intending to be fraudulent, however as the Community Manager here, I feel compelled to inform you that lying on a mortgage application, stating that you intend to use the property in one way when you actually intend to use it in an altogether different way, is mortgage fraud which is a felony punishable by up to $1 million in fines and significant prison time.

We recently released an episode of the BiggerPockets Money Podcast with @Jon Lallande, where he gave mortgage tips and we touched on mortgage fraud near the end. Jon shared several different ways to help you qualify for a loan, different loan options, etc. Check out

https://www.biggerpockets.com/...