All Forum Posts by: Tim Heindl

Is this true if the home is not located in a resort/mountain area?  It's within 50 miles of my current home and not a beach house or anything, but it is closer to my location of work.

Hello All,

I know there are several posts here on BiggerPockets regarding treatment of primary residence vs. investment property but this question applies to my specific situation.  We are looking to purchase a rehab, make renovations, and sell within 6 months.  Clearly, this falls into the investment category.  

However, the property is closer to my work than my current home and my family situation would allow me to live there full time during the rehab.  Can I finance this as a primary residence (even though I have intentions of selling short-term) by living there during the rehab?

Thanks!

Thank you very much for the response!  Sounds like we are close to the light at the end of the tunnel!

Hello All!  First time poster here.

I put in an offer on a short sale property with two mortgage companies involved.  I am a first time home buyer and am a total novice when it comes to short sales.  A negotiator is involved who receives a commission if we reach a deal with the lenders.

I just received word from the negotiator that the 2nd mortgage company accepted what the 1st mortgage company offered them.  The whole process has felt pretty complex to me, but this seems like a big hurdle has been overcome.  Can anyone here with experience comment on what is left to accomplish at this phase of short sale negotiations?  Does this indicate we are close to closing?