All Forum Posts by: Adam Gonzalez

Thank you both for your reply. This information is very useful! 

Good Morning Everyone!

New guy here. So I was hoping to get some clarity as to getting a 2nd home mortgage and what constitutes as occupancy fraud. I have noticed that many investors, even some who run Biggerpockets, claim that you can get a 2nd home mortgage with 10% down, can use the property a little yourself, and convert the property to an Airbnb investment. This sounds great at first. However, I am hearing that this would constitute as occupancy fraud. My mortgage guy told me as such and other articles indicate the same. Am I possibly missing something here? I am unsure if people are able to pull this off simply by "using" the home for a short period of time. Also, I have heard that you cannot rent a 2nd home, while other claim you can if the lender allows it?

Because I am new, and obviously want to abide by the law, I was hoping someone could shed some light on this for me, especially if they are in the mortgage business, or, you are someone who took out a 2nd home mortgage, converted the property to an Airbnb, and it worked for you. Thanks so much for all of your time! I am sure if anyone can answer this, it would be very helpful to the community.

- Adam

Good Morning Everyone!

New guy here. So I was hoping to get some clarity as to getting a 2nd home mortgage and what constitutes as occupancy fraud. I have noticed that many investors, even some who run Biggerpockets, claim that you can get a 2nd home mortgage with 10% down, can use the property a little yourself, and convert the property to an Airbnb investment. This sounds great at first. However, I am hearing that this would constitute as occupancy fraud. My mortgage guy told me as such and other articles indicate the same. Am I possibly missing something here? I am unsure if people are able to pull this off simply by "using" the home for a short period of time. Also, I have heard that you cannot rent a 2nd home, while other claim you can if the lender allows it? 

Because I am new, and obviously want to abide by the law, I was hoping someone could shed some light on this for me, especially if they are in the mortgage business, or, you are someone who took out a 2nd home mortgage, converted the property to an Airbnb, and it worked for you. Thanks so much for all of your time! I am sure if anyone can answer this, it would be very helpful to the community. 

- Adam

Hello everyone! I hope you all enjoyed the holidays and are happy / healthy! Just sending this message into the internet universe in the hopes of connecting with any wholesalers in Rockland County, NY or the surrounding areas, or, any real estate investors. Unfortunately, it does not appear there is a REIA group in Rockland that is active. I look forward to networking with you all!

- Adam G. 

What are some methods you implement when pre-qualifying a potential seller? Congratulations on your efforts! 

Has anyone signed up and taken the Rookie Bootcamp, Multi Family Bootcamp, or STR Bootcamp? If so, what did you think? Loved it? Hated it? Very useful? Same stuff you can teach yourself here or online? Curios as to an alumni's thoughts! =)

Tim:

Thank you for your feedback and suggestions. I will definitely take some time to explore each option you provided! Have a great holiday. 

- A.G. 

Hey everyone! Newbie here and just looking for ideas from the community. If you were a beginner, had $30K, and lived in lower NY, how would you invest that money in real estate and why? All ideas are welcome :). 

Duncan:

Wow you hit the nail on the head. I see a lot of hate regarding Wholesalers which definitely can be discouraging. I am just in the learning phase but plan to pull the trigger soon. Would be awesome if we could connect sometime and chat. Not looking for handouts as I am sure your time is valuable. Thanks for the Wednesday motivation my friend. 

Brian:

Thank you for taking the time to reply to my post. Your feedback was extremely useful. Hopefully we can connect! Happy holidays to you and your family.