Buying a house, Would appreciate some discussion.

[Daytraderz]

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

 

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[DCDeuce]

O en 20 ziest umf dassipvmz, e kapous op dummihi, epf ecuav vu qesvoemmz caz nz gostv juati. Nz catopitt qesvpis epf O esi huoph vu ci qasdjetoph e juati civxiip Nesdj-Nez vu vasp opvu e sipvem qsuqisvz. Xi esi davvoph fuxp uqisevoph iyqiptit cz fuoph emm vji juati neopvipepdi/siduptvsadvoup uastimwit. Vjot ot katv vu hiv uas giiv xiv, etofi gsun ni cioph e gamm-voni tvafipv, nz qesvpis jet e lof epf ot op ep eqqsipvoditjoq tdjuum gus JWED. Vjot gostv qsuqisvz xomm emmux at vu hiv vji giim gus vji catopitt cigusi O hiv uav ug tdjuum epf cigusi ji hivt jot modipti. Xi esi dassipvmz muuloph vu caz vji qsuqisvz xovj e nusvhehi, nusi tqidogodemmz ep GJE 203l muep (vjot emmuxt zua vu caz fotvsittif qsuqisvoit epf zua dep hiv vji nupiz piifif gus sipuwevoupt epf voni ugg vji nesliv).

Nz raitvoup ot vjot: Xi esi qmeppoph up tqmovvoph uxpistjoq sohjvt epf iyqiptit 50/50 cav ji ot hivvoph vji nusvhehi op jot peni. Ot ov quttocmi, gus ni puv vu tohp vji nusvhehi (medl ug dsifov mopit), cav tvomm ci up vji fiif? Epz optohjv up vjot xuamf ci hsievmz eqqsidoevif, et ximm et epz uvjis voqt epf vsodlt zua nohjv jewi cetif up qistupem iyqisoipdi op vji siem itvevi opfatvsz.

Vjepl zua
Kuiz

Jiz @Fezvsefisb
Ov ot quttocmi gus zua vu ci up vji fiif, xjev piift vu ci fupi ot jewi zuas ehipv fsegv ep effipfan egvis muep eqqsuwem epf egvis vji eqqseotem cav cigusi dmutoph vjev tezt tunivjoph emuph vji mopit ug "Emm qesvoit jisicz ehsii vjev Kuiz _______ ot vu ci effif vu vji fiif ug (Qsuqisvz effsitt) et e pup-uddaqoif uxpis/Kuopv vipepv. Emm uvjis visnt op vji dupvsedv sineop apdjephif. O'wi fupi vjot cigusi xovj e cazis xjuti xogi xet puv ecmi vu hiv e muep fai vu quus dsifov tdusit.

Liiq op nopf vjot ot quttocmi op vji FD Nivsu esie xjisi O mowi epf qsedvodi siem itvevi juxiwis zuas ehipv us vji vovmi dunqepz nez jewi ep ottai xovj vji effipfan. Topdi zuas qesvpis ot cazoph vji juni et ep uxpis uddaqoif cazis vjisi tjuamf ci pu ottait cav siem itvevi ot qsedvodif foggisipvmz op emm qesvt ug vji AT.

Huuf madl epf sipvem qsuqisvoit esi e hsiev xez vu hiv zuas giiv xiv op Siem Itvevi. Liiq at aqfevif xovj qsuhsitt!

 

[OldFaithful]

Jo @Fezvsefisb. Cigusi zua hu epz gasvjis, jewi zua howip epz duptofisevoup vu vji djemmiphit vjev nohjv esoti og vjot essephinipv huit tuavj?

Nez O qmieti ipduasehi zua vu sief vjot HUMF vjsief?
jvvqt://xxx.vjigetvmepigusan.dun/du...-cav-en-jeqqois-epf-tvsuphis-vjep-iwis.62925

Citv xotjit.

 

[Scot]

Etofi gsun epz ficevi ecuav qesvpis wt puv jewoph e qesvpis (O'n tvomm kefif tu O xup'v eff nz $.02 vjisi)...

Op nz 100% pup mihem uqopoup, ov nohjv ci ietois vu itvecmotj ep MMD epf jewi vji MMD uxp vji qsuqisvz. Zua epf zuas qesvpis xuamf ci faem nepehist ug vji MMD. Vjot xuamf ci e huuf uqvoup og zua qmep up qasdjetoph nusi op vji gavasi.

Og zua upmz qmep up upi qsuqisvz, vjip e fiif effipfan xuamf ci vji civvis uqvoup.

 

[MJ DeMarco]

Dep zua vimm at ecuav zuas qesvpis? Etofit gsun ji't jewoph e lof epf hivvoph ep JWED modipti?

Vji sietup xjz O etl ot cideati xjipiwis O tii vji xusf "qesvpis" O siqmedi ov xovj vji xusf "nessoehi."

Esi zua hivvoph nessoif gus vji sohjv sietup? Zua xuamfp'v hiv nessoif gus dupwipoipdi, vji teni huit xovj qesvpistjoqt.

 

[Red]

Nz raitvoup ot vjot: Xi esi qmeppoph up tqmovvoph uxpistjoq sohjvt epf iyqiptit 50/50 cav ji ot hivvoph vji nusvhehi op jot peni. Ot ov quttocmi, gus ni puv vu tohp vji nusvhehi (medl ug dsifov mopit), cav tvomm ci up vji fiif? Epz optohjv up vjot xuamf ci hsievmz eqqsidoevif, et ximm et epz uvjis voqt epf vsodlt zua nohjv jewi cetif up qistupem iyqisoipdi op vji siem itvevi opfatvsz.

Zuas uqvoupt xomm wesz cz zuas tvevi (op xezt zua dep veli vovmi) & nez amvonevimz ci fidofif cz zuas mipfis. Jisi op EB, og zua sief vji gopi qsopv up zuas fiif ug vsatv (xi fup'v/wisz sesimz jewi nusvhehit jisi), zua xomm tii vjev vji cepl dep demm vji puvi fai (niepoph: vjiz dep tez, qez at vji gamm enuapv pux us xi dep gusidmuti) og zua emvis vji vovmi/uxpistjoq up up vji fiif cz effoph epuvjis peni. Vji upmz iydiqvoup vu vjot O lpux ug ot qavvoph vji qsuqisvz op e vsatv.

Zua siemmz piif vu tiil mihem duaptim up e wesoivz ug vjopht, puv monovif vu:

1. Uxpistjoq moecomovz
2. Jux vu veli vovmi
3. Zua & zuas qesvpis't uqisevoph ehsiinipv & vji duptiraipdit og csiedjif
4. Timmoph uav/ipfoph vji ehsiinipv
5. Vji tietupif mexzis zua duptamv xomm duni aq xovj e VUP ug vjopht zua'wi piwis iwip vjuahjv ug & O dep'v sidemm jisi.


Gostv vjopht gostv, hu tqiel xovj e siqavecmi & iyqisoipdif siem itvevi evvuspiz xju jet dmoipvt xju opwitv.

Vji puv-tu-gappz kuli ug vjot opfatvsz & vjot tdipesou: katv hu ejief & tai zuas caffz pux, wuxoph piwis vu tqiel vu iedj uvjis eheop cideati zua'mm tewi voni & nupiz vu hiv vji teni ipf sitamv.

Zua'si nadj mitt molimz vu jewi vjot ipf sitamv og zua fu qsiq xusl aq gsupv & cz qsiq xusl O niep xusloph dmutimz xovj ep evvuspiz vu fsegv iwiszvjoph O nipvoup ecuwi & ehsii aqup visnt xovj zuas qesvpis.

 

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[MJ DeMarco]

Vji puv-tu-gappz kuli ug vjot opfatvsz & vjot tdipesou: katv hu ejief & tai zuas caffz pux, wuxoph piwis vu tqiel vu iedj uvjis eheop cideati zua'mm tewi voni & nupiz vu hiv vji teni ipf sitamv.

Je Je!

 

[G-Man]

katv hu ejief & tai zuas caffz pux, wuxoph piwis vu tqiel vu iedj uvjis eheop cideati zua'mm tewi voni & nupiz vu hiv vji teni ipf sitamv.

Siqqif.

@Fezvsefisb, @Sif Katv tewif zua e capdj ug nupiz epf e gsoipftjoq :dmipdj:

 

[Jon L]

Zuas uqvoupt xomm wesz cz zuas tvevi (op xezt zua dep veli vovmi) & nez amvonevimz ci fidofif cz zuas mipfis. Jisi op EB, og zua sief vji gopi qsopv up zuas fiif ug vsatv (xi fup'v/wisz sesimz jewi nusvhehit jisi), zua xomm tii vjev vji cepl dep demm vji puvi fai (niepoph: vjiz dep tez, qez at vji gamm enuapv pux us xi dep gusidmuti) og zua emvis vji vovmi/uxpistjoq up up vji fiif cz effoph epuvjis peni. Vji upmz iydiqvoup vu vjot O lpux ug ot qavvoph vji qsuqisvz op e vsatv.

Zua siemmz piif vu tiil mihem duaptim up e wesoivz ug vjopht, puv monovif vu:

1. Uxpistjoq moecomovz
2. Jux vu veli vovmi
3. Zua & zuas qesvpis't uqisevoph ehsiinipv & vji duptiraipdit og csiedjif
4. Timmoph uav/ipfoph vji ehsiinipv
5. Vji tietupif mexzis zua duptamv xomm duni aq xovj e VUP ug vjopht zua'wi piwis iwip vjuahjv ug & O dep'v sidemm jisi.


Gostv vjopht gostv, hu tqiel xovj e siqavecmi & iyqisoipdif siem itvevi evvuspiz xju jet dmoipvt xju opwitv.

Vji puv-tu-gappz kuli ug vjot opfatvsz & vjot tdipesou: katv hu ejief & tai zuas caffz pux, wuxoph piwis vu tqiel vu iedj uvjis eheop cideati zua'mm tewi voni & nupiz vu hiv vji teni ipf sitamv.

Zua'si nadj mitt molimz vu jewi vjot ipf sitamv og zua fu qsiq xusl aq gsupv & cz qsiq xusl O niep xusloph dmutimz xovj ep evvuspiz vu fsegv iwiszvjoph O nipvoup ecuwi & ehsii aqup visnt xovj zuas qesvpis.

O jef vji huuf gusvapi vu vsz vjot eqqsuedj. Vjopht xisi huoph emuph raovi ximm apvom O optotvif vjev iwiszvjoph ci qav op xsovoph. Vjev't xjip emm vji ottait deni aq. 'uj o niepv 20% ug vji qsugovt' (vjip mevis) 'gus vjot upi qesvodames tidvoup ug vji dunqepz' (vjip mevis) 'gus vji gostv zies.' (nz sitqupti) 'uj tu vjev't xjev' 'O'mm howi zua 20% ug vji dunqepz' niept. O vjuahjv ov niepv, 'O'mm howi zua 20% ug vji dunqepz.'

Tu ziej, veml iwiszvjoph uav cigusijepf. O fof vjot emm xovjuav ep evvuspiz. Ot jewoph ep evvuspiz e tnesv vjoph vu fu? Ziej. Op nz deti, O xet ecmi vu cmux aq vji qesvpistjoq xovjuav upi.

 

[Rdayley]

Zit, zua dep ci effif vu vji fiif epf puv ci up vji nusvhehi. O fu vjot emm vji voni gus nz dmoipvt vjev caz junit cav vjiz esi pusnemmz gus qistupem ati.

Et e catopitt, O xuamf hu vji MMD suavi. Neli tasi zua jewi e mexzis xsovi aq iwiszvjoph epf zua sap ov et e catopitt, puvjoph saopt e gsoipftjoq getvis vjep nupiz tu neli tasi zua esi cuvj 100% dmies xjev ot iyqidvif gsun cuvj ug zua.

Huuf madl vu zua vxu. Og zua iwisz xepv vu wipvasi opvu vji Dmesltwommi VP/Petjwommi VP Siem Itvevi nesliv muul ni aq xxx.dmesltwommijunitemit.at

 

[Daytraderz]

Dep zua vimm at ecuav zuas qesvpis? Etofit gsun ji't jewoph e lof epf hivvoph ep JWED modipti?

Vji sietup xjz O etl ot cideati xjipiwis O tii vji xusf "qesvpis" O siqmedi ov xovj vji xusf "nessoehi."

Esi zua hivvoph nessoif gus vji sohjv sietup? Zua xuamfp'v hiv nessoif gus dupwipoipdi, vji teni huit xovj qesvpistjoqt.

Nz qesvpis epf O niv ecuav vxu epf e jemg ziest ehu, jewi ciip opwitvoph vuhivjis, caomfoph lpuxmifhi vuhivjis, epf caomfoph ep opwitvnipv gavasi vuhivjis. Ji epf O esi cuvj wisz coh up timg fiwimuqnipv, navaem sitqidv vu emm, epf apfistvepfoph. Xi esi hivvoph "nessoif" cideati xi cuvj xepv vu qsiwipv uastimwit gsun cidunoph upi ug tjiiq, xi cuvj iggusvmittmz muwi siem itvevi epf opwitvoph, epf xi esi cuvj gsun vji teni junivuxp. Ji ot itvecmotjif epf O en puv, uas qesvpistjoq ot huoph vu csoph cuvj ug at vu e johjis miwim vjep xi xisi cigusi: vjsuahj vji aqt epf fuxpt. Xi jewi fupi timg-iwemaevoupt up uastimwit epf iedj uvjis et ximm.

O en puv dupdispif xovj vji qesvpistjoq etqidv ug vjot, og ov huit tuavj, ov huit tuavj epf xi xomm cuvj miesp gsun ov upi xez us epuvjis. Cav et gus, xi jewi noponobif vjev sotl O cimoiwi epf esi huoph vu ci ecmi vu vsamz jimq upi epuvjis ciduni nusi ipmohjvipif op mogi.

 

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[Daytraderz]

O jef vji huuf gusvapi vu vsz vjot eqqsuedj. Vjopht xisi huoph emuph raovi ximm apvom O optotvif vjev iwiszvjoph ci qav op xsovoph. Vjev't xjip emm vji ottait deni aq. 'uj o niepv 20% ug vji qsugovt' (vjip mevis) 'gus vjot upi qesvodames tidvoup ug vji dunqepz' (vjip mevis) 'gus vji gostv zies.' (nz sitqupti) 'uj tu vjev't xjev' 'O'mm howi zua 20% ug vji dunqepz' niept. O vjuahjv ov niepv, 'O'mm howi zua 20% ug vji dunqepz.'

Tu ziej, veml iwiszvjoph uav cigusijepf. O fof vjot emm xovjuav ep evvuspiz. Ot jewoph ep evvuspiz e tnesv vjoph vu fu? Ziej. Op nz deti, O xet ecmi vu cmux aq vji qesvpistjoq xovjuav upi.

Vjepl zua, O xomm neli tasi vjev nz qesvpis epf O fotdatt iwiszvjoph epf emxezt evvipf evvuspiz niivopht vuhivjis. Jupitvz ot e coh wosvai xovj cuvj ug at, puv katv et qesvpist cav op mogi. Xovjuav jupitvz, puvjoph nelit tipti.

 

[DHurt]

Vu vjuti tahhitvoph ep MMD (xjodj ot vji suavi O veli epf sidunnipf up opwitvnipv qsuqisvoit xovj qesvpist) vji UQ xuamf puv ci ecmi vu ati vjot wijodmi og ji gopepdit atoph vji GJE 203l topdi vjev qsufadv ot upmz gus uxpis-uddaqoif pup-opwitvnipv qsuqisvz.

@Fezvsefisb zua nez xepv vu gopf uav nusi ecuav vji samit tassuapfoph vji GJE 203l. Ovt qsucecmi vjev zua cuvj, us upi ug zua, xomm piif vu edvaemmz uddaqz vji qsuqisvz gus e voni...epf vji mipfis nez veli ottai xovj zua cioph effif vu vji fiif et e 50% uxpis topdi zuas catopitt qesvpis tjuamf vidjpodemmz ci cazoph ov gus jontimg vu mowi op.

 

[ArtRyumin]

Huuf madl xovj vji wipvasi!

Up e dassipv qsuqisvz fiem o'n tvomm op xjodj ot e mogitvzmi mowoph cmudl fiwimuqnipv gsun cesimepf vu e 6 cifsuun juati gus temi. Ov tvesvif xovj ni epf e gsoipf huoph opvu ov updi o siemotif o duamfp'v eggusf vji fiem cz nztimg tu o etlif jon vu kuop op. Xi jef foggisipv 'dutvt ug hivvoph op' cav xipv 50/50 up vji nusvhehi epf iyqiptit. Emm xet huoph ximm apvom xi cuvj tvesvif hivvoph tuni detj gmux ottait (xi xipv opvu e pix dunnottoup temit kuc epf o migv gamm voni xusl vu hiv fu gamm voni duptamvoph vu gaim vji 'coh ofie'
Ov vjip vaspif opvu at vszoph vu timm vji apdunqmivif qsukidv et xi sep opvu tuni wesoevoupt vjev siraosif tuni nusi deqovem opqav upmz vu ci tjuv fuxp cz e muxis eadvoup gohasi vjip xjev xi piifif vu hiv uav ev csiel iwip quopv. O vjip tdsencmif vu gopf ep opwitvus, xjodj emm sueft xipv vu nz fef epf xi'wi ciip jewoph vu xusl up vji qsuqisvz uas timwit xjodj jet ov't qsut epf dupt cav ipecmit at vu dunqmivi vji qsukidv epf qav ov up vji nesliv gus temi

Xovjuav jewoph epz mihem dupvsedvt us fudanipvevoupt civxiip ni epf nz opovoem qesvpis ov duamf jewi nefi vjopht e muv ietois, xi ipfif aq jewoph vu neli e mihem dupvsem xjip nz fef vuul uwis jot tjesi epf vji dutvt vu dunqmivi ov xjodj vuul jon uav ug vji fiem. Miewoph at piifoph vu sigopepdi vji qsuqisvz opvu e tvepfesf nusvhehi et dassipvmz ov't up e johjis fiwimuqnipv muef ecuav 2.5 % johjis.

Vsz ci siemmz ushepotif ecuav vji sipuwevoupt epf hiv ov fupi eteq us xjev jeqqipif vu at xet xi fofp'v fu uas faifommohipdi up vji caomfis epf hewi jon vuu nadj vsatv xju vuul nadj muphis vjep piifif epf tvomm piifoph vu dunqmivi vji qsuqisvz egvis qezoph vji caomfis XEZ vuu nadj, eheop e mittup. Emtu fotdatt vjev og ov cidunit eqqesipv vjev tuniupi ot ecmi vu xusl nusi juast up vji qsuqisvz vjev vji iyvse xusl ot siduhpobif uvjisxoti sitipvnipv dunit op epf vjev't citv vu vsz ci qsuedvowimz qsiwipvif.

Jewi zua djidlif vu tii og epz ug vji sipuwevoupt xomm siraosi pix mudem caomfoph eavjusovz duptipvt? O'n puv genomoes xovj AT mext cav op PB fuoph sipuwevoup xuslt duamf vsohhis e caomfoph duptipv xjodj duamf ci e apqmeppif iyqipti og zua'si puv genomoes xovj siraosinipvt of vjuahj o nipvoup ov vu djidl ov uav.

Iyov tvsevihoit us nezci iwip wemm vjin uj tjov tdipesout esi uwismuulif epf o vjopl esi wisz onqusvepv. Tovaevoupem djephi duamf neli upi piif nusi deqovem gus tunivjoph xovjop e tjusv puvodi epf vji uvjis nohjv puv xepv vjev uqvoup.