Hi folks - Quick question: I would like to purchase a home and rehab it slowly over the course of 2 - 3 years, paying as I go. My wife and I are jointly applying for the loan through a local bank that I have done business with in the past. I understand that even if the home remains vacant, I will be banged with non-homestead property taxes because it is not owner occupied. We have considered changing my wife’s mailing address to this property to avoid this. Will this work? Is there any other method I am unaware of?
This property is located in Michigan.
Thanks!
It might work but it isn’t legal or ethical. It definitely won’t work if you have an insurance claim and your policy states owner occupied. The insurance company will do whatever it takes to deny the claim. For them, it is very easy to find out if it is occupied or not.
"Life's a journey - not a destination"
The quote in your signature says it all. If you are starting your journey unethically to reach a destination, then your path to success is failure.
Wow, that sounds prophetic or is it pathetic? :beer