#1 flag
April 2nd, 2018 at 7:08 AM
Join Date: Feb 2018
Posts: 6
RideFixer
newcomer
Hi,
I ran out of conventional loan slots. But, I have formed a partnership with someone who still has 9 left (he owns his personal residence). How do we buy property with his loan and my money?
I know that some people will say to make an LLC. We already have one, but the problem is purchasing the property.
From my experience with conventional loans, the money for the down payment has to come from the person taking out the loan. It cannot be a gift. Is the only way to put the money in a joint account? Can I put the money in our LLC business checking account and use that? Or, will the conventional lender not allow it.
This is one of the things you hear people do all the time, but no one shares the details. How do you do this?
Please help.
I didn't find the right solution from the Internet.
References
https://bit.ly/2Jch29O
Bitcoin Explainer Video
Thanks
Hi,
I ran out of conventional loan slots. But, I have formed a partnership with someone who still has 9 left (he owns his personal residence). How do we buy property with his loan and my money?
I know that some people will say to make an LLC. We already have one, but the problem is purchasing the property.
From my experience with conventional loans, the money for the down payment has to come from the person taking out the loan. It cannot be a gift. Is the only way to put the money in a joint account? Can I put the money in our LLC business checking account and use that? Or, will the conventional lender not allow it.
This is one of the things you hear people do all the time, but no one shares the details. How do you do this?
Please help.
I didn't find the right solution from the Internet.
References
https://bit.ly/2Jch29O
Bitcoin Explainer Video
Thanks
