I am 20 years old currently, a junior in college, and about to partially buy my first house. My business partner and I are going to be purchasing a house between March-May to turn into a rental property. We are cutting down operating expenses by doing all the house maintenance/reconstruction ourselves. This is just to get our feet wet, aside from me being a full-time student, my partner has a kid and is in an apprenticeship school for HVAC. This first property will allow us to get the feel for the business before I get out of school and before he gets his license. We are currently looking to buy the property with a mortgage, more specifically an FHA 203k loan (this allows you to buy distressed properties and you can get the money needed for renovations and time off the market).
My question is this: We are planning on splitting ownership rights and expenses 50/50 but he is getting the mortgage in his name. Is it possible, for me not to sign the mortgage (lack of credit lines), but still be on the deed? Any insight on this would be greatly appreciated, as well as any other tips and tricks you might have based on personal experience in the real estate industry.
Thank you
Joey
My question is this: We are planning on splitting ownership rights and expenses 50/50 but he is getting the mortgage in his name. Is it possible, for me not to sign the mortgage (lack of credit lines), but still be on the deed? Any insight on this would be greatly appreciated, as well as any other tips and tricks you might have based on personal experience in the real estate industry.
Thank you
Joey
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