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Lol damn, your buddy is kind of a POS for asking you to do that, especially when you own a home yourself.
So sketchy.
Meh. It's massive consequence and arbitrarily close to zero probability on the risk matrix.
Because family member tenants don’t count, need 3rd partyThis quote is hidden because you are ignoring this member. Show Quote
I’m with this response. It’s just a rental agreement, sign it, he gets to buy another property then sign another one stating you ended the lease. If it goes bad, you’re not liable for anything, it’s on him.This quote is hidden because you are ignoring this member. Show Quote
I like neat cars.
Why wouldn’t the friend just make a fake lease agreement with a made up person then? If he’s gonna lie might as well go all out.
Let buddy write his own fraudulent documents.
MS Word has a fake signature feature, which is handy.
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You're probably doing your 'buddy' a favor by not forging lease docs. Sounds like he has little understanding of risk and math in general. It's not even remotely attractive to buy rental property in Calgary or most cities in Canada right now.
If its a close friend tell him its a dumb idea. If its not tell him to beat it.
For my most recent mortgage I had to print off my last 3-6 months of bank statements to see the cash flow
Same, plus all my investment accounts etc.This quote is hidden because you are ignoring this member. Show Quote
Same as both above. Way more hoops than the previous couple.This quote is hidden because you are ignoring this member. Show Quote
Beyond mortgage fraud meet?
In.This quote is hidden because you are ignoring this member. Show Quote
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I'll sign my friend up.This quote is hidden because you are ignoring this member. Show Quote
I'm switching my opinion.
i think he should do it.
Existing rentals is a PITA… converting is easyThis quote is hidden because you are ignoring this member. Show Quote
This. Who does this at a time when prices are spiraling out of control...? Like there are reasons to still do it, but if you're having to commit mortgage fraud in the process, that's not one of them.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by killramos
It's a Chrysler, it won't last long enough to depreciate.
HahaThis quote is hidden because you are ignoring this member. Show Quote
The real issue here is that your buddy is using a broker that didn't offer him the correct way to do this. That, or your buddy just didn't understand and chose this route instead.
Holy christ I'm glad I have better friends than the guys replying to this thread. lol. Zero risk to me, why would I get in the way of my buddy's real estate investing? My friends would do the same for me. Only reason not to is because it's not an actual buddy, and just more of an acquaintance. To each their own, if you're not understanding your risks in the matter(or lack thereof), then maybe best to steer clear and let a friend more knowledgeable help him out.