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Investment Property Loans Knowledge Base
Does anyone know the skinny on an investment property loans called "no-doc? Are they as easy as they seem with a decent credit score?
Investment property loans? I need to find who has good investment property loans. i would like to get a loan for a home to rent out. What is the best way to do this? Do I use a regular home loan or is there a special loan for this? The cost of the house is $30,000 and is in decent shape. Any good mortage lenders you recommend? Thanks Wow Alot of scammers here. Only 1 legitt response.
are there any banks that will lend investment property loans at 10% down? single family residence.
want to buy a rental property. Which bank offers best investment property loans w/ least down payment? Can anybody recommend a bank/mortgage company with the least downpayment. We purchased a rental this year and put 20% down. I would like to find a better deal
What are Investment property loan rates and fees for property in brevard county Florida? What are Investment property loan rates and fees for property in brevard county Florida
Home Equity Loans from investment property? Are there any legit (well known) Lenders out there who will give a home equity line of credit from an investment property? We have about 65% equity in a home we currently own and rent out in CO. We have superb credit (above 750). When we built it and bought it with so much cash, we had every intention of it being our final home. Circumstances change and we're now out of State. We make excellent profit off it, so selling it, not an option. But how can we free up some cash?
What kind of Invetsment loans are available for Rental property? We are wanting to apply for a mortgage to purchase what will be our 2nd investment property. We currently own our home & have 1 rental property. However, we do not have the cash available for the required 10% down payment for an investment loan. Since the property is very nearby, my husband and I would be able to categorize it as a second home purchase for personal use. Our question is: If applied for as an investment property, are there 0 % down - type investment loans we could look at? (we are not wanting to use equity on the other properties...one has been used to that extent already for home improvements). If applied for as a 2nd home, what are the requirements for that type of loan?
How do I report interest in 2006 for an investment property sold in 2005? Hi. I received a 1098 substitute form in the amount of $2000 for interest on an investment property loan. Funny thing is, I sold that property on Dec 30, 2005. So for my 2005 tax return, I submitted a form 4797 for the sale of the property. So maybe the loan wasn't paid off right away and interest accumulated in 2006. The 2006 interest must have been paid from the closing costs… after the closing on Dec 30, I did not personally pay for any additional expenses on the property. So how do I report what would normally be a business expense of $2000 for a property that I never owned in 2006? Or maybe I should not include the 1098 in my 2006 return since I did not pay anything on that loan in 2006??? Thanks for any good advice.
Investment Loans on owner occupied property? Is it possible to take an investment home loan but not lease the property and instead occupy it?
I have just got an investment home loan for an investment property, can i get a tennant in the property for? a minimum of 6 months and then decide to live in the property myself so then it becomes my residence instead of investment property, or is that illegal as I would have an investment loan so I could buy the house instead of a normal home loan?
Is it possible these days to obtain a loan for a rental/investment property purchase? In 2003 I obtained several loans for rental properties that were not much money. I have since sold them. I wanted to buy another, but I don't think it's possible in this market getting loans. I'm not poor, but I don't have a lot of money in the bank either. Is it possible to get a loan for an investment property in this market?
I move into an investment property & lease primary residence. Can I negatively gear my high investment loan? I purchase an investment property and move in there after leasing my primary residence. Can I claim tax exemption for my high investment loan (negative gearing) based on low rental income that I get from my primary residence.
Investment Property? I have an investment loan at 6.5% and a positivie cashflow on it. Does it make sense to refinance my primary home at 5.37% and get some cash out to pay off that investment loan (in terms of tax write-off, deduction, and so on)? Thanks
Looking for a 100% Investment Property loan in Pgh PA? I am looking for a 100% loan for a 3 unit townhome in pittsburgh. We just used our cash reserve for another building and this one came up. We dont have any money for another downpayment. Does anyone have any ideas or suggestions? I have other props that have some equity in them, but not enough to take out because they are rentals also. The building is only around 60k and my credit is so so 630ish. I hope to stay away from hard money, but am willing to pay a higher rate, I could refi in a yr and bring that down, I would like to keep points as low as possible. But this would have tobe a $0 down deal. I know I can try to get the seller to carry a second. Just trying to make it a little simpler... I agree... That was a very poor answear... 85 to 90% resisidential LTV is usually the max and anyone knows this is still classified a residetial... Im sorry that is my biggest grip with this site the amount of people who try to give advice but end up with wrong info... I already know I am in a tough perdicament... otherwise I wouldnt be asking for any suggestions... Im sorry that sounds harsh... Im just trying to get some ideas outside the box or if anyone has seen any programs that would allow me to use my other property as security with a second.
Questions about getting a loan for investment property? A friend and I are going to try to get a loan for investment property. The properties that we are looking at are all under 20,000. They are condo's, and townhouses. We are going to rent them out. My question is: 1. How much will the bank require us to put down? 2. How long will they finance it for? 3. Will they do 30 years of financing/ 4. Is buying investment property any different from buying a regular home. 5. Does anyone recommend any bank? Especially in NC
Getting an investment property loan - the criteria? ? I'm a bit confused about how investment property loans work. Do they need to verify that you could handle the mortgage on your own without any rental income? Or do they take the potential rental income into consideration? We just bought our first house (primary residence) in February...a fixer upper, and we've made a lot of home improvements, so we're feeling a lot more confident about the buying process and how to make improvements. I have taken my state's real estate course and plan to become licensed as an agent. I work for a property management company so I work with tenants and rent collecting (and sometimes evicting) on a daily basis. We want to buy an investment property, but we had a hard enough time getting a loan for our own home (fairly good credit scores, hovering in the high 600's/low 700s) but my fiance is self-employed, which scared off a lot of lenders. However we've faithfully made our mortgage payments on time for the last 8 months, and paid a little extra toward principal, so hopefully that makes us look a little better? In our area, the types of homes we would probably be looking at for potential rental properties are in the $170-$200k range. We expect to have about $15-$20k as a downpayment. Income in the $40-60k range annually, depending on how my fiance writes stuff off on his self employment taxes. :P Is this remotely a realistic idea, or would we need much more of a downpayment? Thoughts? Landlord said: "Also, sorry, but there is NO WAY you can charge between 3 and 5k a month rent on cheap 170-120k property. Not in the real world." I don't know what you mean by this. $170-$200k in our area is not "cheap" for a single family home or duplex. Median home price is $200k or a little under. Also I don't know what you mean by getting 3-5k rent. I see single family rental homes in our area going from $1000-$2000/month depending on size and amenities.
Do 80/20 Loans Exist for Multifamily Investment Property? Just wondering if I can get 100% Financing for a Multifamily Investment Property in Western Massachusetts. I have checked several banks and even though my credit rating is in the high 700s there doesn't seem to be anything other than 20% down. I don't want to use up all the equity in my home. Advice would be very much appreciated. Scott
Is it possible to get a 100% loan for an investment property? I am a first time buyer and want to buy an investment property because a primary residence in my region is too expensive. Can I get a 100% loan, if so how?
How do you find banks to give LLC loans for investment properties? I would like to find some institutions that provide mortgage loans to an LLC but haven't been able to find any that don't require 40% down payments or something ridiculous like that. Is this the norm?
What is the minimum loan amount for investment property? What is the minimum amount quickin will loan for an investment property?
how I can get a loan modification for investment property? I have 8 investment properties. I am in financial hardship to keep making the payment. the only way to save them is by modify the loans to lower rate. How I can do modification to this loans
Should I use a HELOC to buy investment property? With the real estate market in a rut, I want to buy one or more investment properties. I can take out a HELOC for about $50K for prime minus one. I would use this to put money down and then borrow the rest in an investment loan. However, I don't want to open too big of a HELOC and restrict my ability to get an investment loan. What is the best strategy and were are some good guides to turn to in this area?
Question about loans and taxes on real estate investment property? I own an investment property that I paid of 39K. The property is worth 60K giving me a loan to value of 65%. If I take out a second loan on the property to do some repairs for 9K giving me a total loan to value of 80% ((39K + 9K)/60K) of the value and then sell the property for 52K, what do I pay takes on? Is it the difference of the sales price of 52K minus loan 1 of 39K or is it the difference of the sales price of 52K minus loan 1 of 39 K minus loan 2 of 9K? Thanks Alex in Memphis, TN
Which mortgage company is best rated for 40 year loans on investment properties? Are there any pitfalls? I am trying to refinance a second home that is an investment property. I do not intend to keep it for many more years and so 40 year refinancing made sense to me
How long do my wife & I have after we divorce until we must change the name on our joint property loan? My wife and I have an investment property in joint names. We will be getting divorced soon. The divorce may be processed before anything is done about changing our investment property ownership/loan from joint names to a single name. Does anyone know if it's ok to leave an investment loan in joint (married) names for a few months after our divorce is processed? Thanks.
How do you buy investment property with a home equity loan? My husband and I are thinking of purchasing an investment property by way of using a home equity loan on our first home. Is this a smart thing to do? what are the down sides of it? We don't have money of our own in the bank to do it, but it seems like a good time to take advantage of the changing real estate market.
We are buying an investment property. With little to put down, what is the best way to finance the property? We have a large amount of equity in our current house. We have no bills other than the mortgage on our current house. Is a home equity loan to get to the 20% down payment and then a conventional loan on the investment property itself the best way to go? Or is it best to finance the investment property itself rather than using the equity in the primary residence. We could finance 100% of the loan purchase price or do a secondary mortgage to come up with a 20% down payment.
Where is a good place to get a loan for an investment property with no money to put down? I am very interested in buying a real estate investment property for about 130 k. I am 21 years old and make about 25-30k per year. I really dont have much money to put down. Has anyone ever done something like this before and who would you recommend?
Investment property loan? Hi all, 1st post from Sydney Australia. I dont know if anyone can help me maybe there is a property investor on here. What is the best type of loan for an investment property?? Ive found the house it's $288,000 and i have the 10% deposit of $28,080 but i want to find the right loan im leaning toward an interest only loan. It will rent out for roughly $350-$370 p/w and the loan repayments will roughly be the same, And i will also pay a bit of the loan out of my own pocket every week im thinking around $500 myself to get the loan down ASAP so the loan will have roughly $800-$900 paid of it every week. Now here is my question if i get an interest only loan is it possible to have the rent payment pay of the interest and my contribution to pay of the principle??? Or can anyone not can anyone recomend a better way to get the loan amount down ASAP Thanks in advance.
California Investment Property Loan? I want to buy a mulit-unit property. My credit is not great so want to go no doc. How much down payment would I need to do a no doc loan?
part of investment property paid from home loan - is interest deductible? we are in australia - to purchase our investment property we got a mortgage on the property for 85% of the value and the balance we drew from our existing home loan. Is the interest on the amount drawn from our home loan deductible?
Thinking about turning primary property into rental? How hard will it be to get a loan on an investment property? Things I need to look out for? Will my condo dues go up because it's a rental? Are interest rates higher on investment property loans? My bylaws state that I can rent, as long as I get them notice as to who is living there.
Investment properties & loans? lets say i the bank is financing 80% of the property that im purchasing as a real estate investor, in this particular situation is it like a person just buying a home to live in? as far as the the length of the loan, i here a lot about 30year fixed deals on average for home buyers but im talking about the loan terms between the bank and a investor are they different or could it be the same?
Paid off investment home. Can I take a 1st mortgage on that property or must I go with a home equity loan? My brother and I need cash for a business venture and would like to take a loan out against an residential investment property that we co-own free and clear. Is our only option a Home Equity Loan? Ideally we would like to take advantage of the lower rates of a standard mortgage.
How likely is it that I could get approved for an investment property loan ? Cost of home (duplex) - 129,000 Down Payment - 15,000 Loan Amount - 114,000 Monthly Income before taxes - 3500 (annual $42,000) Additional Income - House is leased I am not sure if rental agreement can be used as proof of the additional income the property will give me? Amount of monthly debts/loans - 0 Credit Score - 589 (working to get it higher so lets say I get it to 620) My plan was to use the home as a personal residence but in a year or 2 .. and to rent it out first (investment property) I have a good job in California and the duplex is in Texas .. Instead of moving there and trying to find good jobs over there and THEN getting a loan I figured why not use my current job to qualify .. what if I can get my score to 660 and I have 25k down .. better ?
HELOC or Home Equity Loan on Investment Property? I own a house outright in another state (TX) and would like to take out a HELOC against it to help with a down payment for a house to live in here in my home state (CA). It seems to make sense because the interest rate is lower than taking out a 2nd. I would also like to do this a few months before I actually purchase to increase my credit score and help my credit history. Any thoughts?
What is the type of loan called that you used for investment property? For investment property you don't usually get mortgages, but you get a different type of loan. What is the name of that type of loan? Thanks
I have a loan on a investment property that I stopped making payments on since June. I took a second mortgage? with a diiferent institution. I paid for couple of months the second mortgage, but I want to know if I have to continue paying the second mortgage if that house will probably foreclose?
can the sale of an investment property be financed by a living trust ? I would like to sell an investment property. There is no outstanding loan on the property. I also have a living trust. Can I sell the property but have it financed via my living trust ? Or do I need to put the property in my trust before selling and financing ?
what are the benefits and disadvantages in a interest-only loan, for an investment property? I am thinking about investing in a rental home (I will be renting it out), but due to the fact that I am a novice, I do not know if I should go for a interest-only loan. What are the advantages/disadvantages? Anything will help. Thanks.
Is interest on a loan for an investment property, rental, tax deductible.? I have heard that you can't deduct the interest unless you are considered, "in the business" also, what are the current depreciation rates on investment property? 15 year, 30 year or what?
Can get another primary home loan? Or switch to investment property? I currently have a primary home but I want to buy and move to a larger home and keep the current home as a rental property. But the current home loan was taken out as a primary home. How do I switch this home to a investment home and get the new home as a primary home? Thanks
Refinancing an FHA to an investment property? Can you please tell me if there are any flaws in the following scenerio? Anything I missed? I can not find much information about refinancing an FHA loan into an investment property loan. Would this work? Is there anything I am missing? Such as you can't use a lump sum, or can't refinance from FHA to investment, etc. THE BACKGROUND + We purchased our townhouse at 150k 16 months ago. + Have made some minor & cosmetic improvements to it such as nicer paint, better flooring, appliance upgrades, etc. it presents MUCH better than before so I hope it would have slightly higher appraisal) + We bought using FHA. Home is legimately owner-occupied. I am just thinking ahead and really want a backyard soon. + Husband is on the title but income could not be used at the time due to lack of 2-yearjob history (he was a new immigrant at the time) THE PLAN + Refinance as investment property down to 75% loan to value - paying a lump sum of about $35,000 - $40,000 to help it get there if home value is still appraised at only 150k + Monthly payment (including taxes, PMI, etc.) would be reduced by about $200 a month. Is currently $1035. + PMI would go away then right? Reducing it by about another $50 a month? + Credit is not very good does this matter in a refinance? + Roll closing costs into the new loan + Rent to husband's parents at $1200 which is slightly below FMV + Can use 85% as future rental income (no 2-year history needed for FHA) = $1020 + Take a loss of about $93 per month (new mortgage including taxes of around $825 + insurance of $35 + HOA of $253) = 1113 and (expense 1168 - countable income 1020) = $93 + Go out and qualify for a new FHA loan on a SFR to be owner-occupied for good + This time include my husband's income assuming he then has a good 2-year work history
Is there any programs for property managers to purchase investment properties with zero down mortgage? I would like to purchase a property for investment purposes (renting) but cant really afford 20 nor 10% down on loans. Is there any loans offered by banks that offer such help for investors?
Can I Cosign a loan if I had a foreclosure on an investment property one year ago? I had an investment property in AZ, it was foreclosed on a year ago because I could not get a renter to offset payments. Now my gfriend wanted to buy a house in CA which where we live, what are my chances of co signing a loan with her? I have a good job and pay and currently have no debt. Thanks
can i use my homes equity to purchase investment property? i have a 1st and 2nd mortgage on my home but i have enough equity to purchase or place a down payment on a second home. i'm looking at refi the 2nd mortgage for a line of credit but i'm being told that is not a good idea because if something goes wrong with the second home i could lose my primary home. am i better off getting a separate loan for the investment property?
Does anyone have suggestions on how I should purchase my first investment property? I live in Texas and I'm planning on buying a property to rehab. Unfortunately I don't have the money to pay cash so I was wondering if anyone could give me some information on other financing options. Should I go to a bank or a mortgage company? Are there special loans to apply for? I plan on starting a small L.L.C. company for my investment properties. Is there any government assistance for small businesses such as this? I don't really know anyone in the industry so I am having trouble finding a lot of the information I need.
property investment loan? Hi all, Was just wondering if anyone can shed some light on obtaining a loan for a property to be rented out in Australia. Does the lender take the rental income into consideration when summing up what you can afford to borrow and repay? Do they take tax deductions into account? I have $500 spare ever month after all expenses. The repayments would be $1400, and rental income would be $1300. Is this too tight? Any advice or reflections on your own experiences would be handy. Oh and i forgot to mention, i have 12.5%deposit.
Can I increase mortgage on investment property (Australia)? I have an investment property with a loan equivalent to 75% of its market value. I have also have a mortgage on my residential home. I would like to increase the investment property mortgage (as the interest is deductable) and use the money to pay down my home loan (which is not deductable)? Is this allowed? If not, can I get around it?
Property investment loan...? Hi all, Was just wondering if anyone can shed some light on obtaining a loan for a property to be rented out in Australia. Does the lender take the rental income into consideration when summing up what you can afford to borrow and repay? Do they take tax deductions into account? I have $500 spare every month after all expenses. The repayments would be $1400, and rental income would be $1300. Is this too tight? Any advice or reflections on your own experiences would be handy. Along with this information.. i have a 12% deposit.
FHA loan to purchase a investment property? Can I use an FHA oan along with other first time home buyer offers to purchase an investment property. My wife is not on our mortgage and she would like to but some investment property with an FHA and refi in appx 2yrs. Is this possible or breaking the rules??
Is it possible to purchase investment property with no money down? I have recently moved and was a victum to an adj rate mortgage. Now I am renting for the first time in 14 yrs. My family has agreed to purchase a home for myself with it in their name. We have been checking and for them to purchase the home it is %20 down on investment property? There credit is about 695 so a loan is real possible. We are wanting a way to purchase an $80,000 with minumun money down if possible.
What is a good formula for splitting profits on a rental property investment? I am involved in a 3-way investment on a rental property and we are being forced to sell because of a DOT project. Our profit on this property will be approximately $75,000 and we need to figure out how to split this up. Being close family members, we weren't too concerned about figuring this out we bought the property. I would really appreciate any suggestions from real estate investors experienced with partnership investments like this. Here are the figures for the capital and work/mangement invested by each party. Investor #1: Invested $150, 000 by taking out a regular home loan. Lived at the property and payed "rent". Did 85% of the maintenance, improvements and rental property management. Investor #2: Invested $75,000 from a home equity line of credit. Did 0% of the maintenance, improvements and rental property management. Investor #3: Invested $25,000 from a home equity line of credit. Did 15% of the maintenance, improvements and rental property management. Thank you!
Can you continue getting loans to buy investment properties? -15%-20% Down in Every Loan (Loan to Purchase Price) -Residential or Commercial -Possibly using a legal entity such as LLC. -Income continues to grow with investment returns (Cash flow) -You meet debt/income ratio requirement -Reserves to meet payment obligations for 4-6 months.
Has anyone ever heard of getting an SBA loan for the downpayment of real estate investment property? is it possible? is it permissible? i want to buy a plex and on the verge of closing a hardmoney loan to get it, i have the score for conventional stated just not the downpayment required. I have a real estate investment LLC, would it be possible to get an SBA loan just for the downpayment in order to get me started. any all tips welcome. thanks
If a foreclosure is placed on my investment property, will I ever have to pay the loan back? In other words, will the bank ever go after the equity on my other property or my salary once I get a job and steady income?
in illinois what is the best bank to get a loan from for an investment property if your middle score is 547? also I don't work but my spouse does and I have the better score between us. I would like to buy a 27,000 house with value of 103,222 and rehab it.
How do you buy an investment property with an LLC? I purchased a investment property then formed an LLC. I was then warned that if I transferred ownership that I would end up causing myself a lot of problems with the mortgage company. I am about to buy a second investment property and want to do it right this time. Do I obtain the loan in the name of the company?
what to do with investment property? I am about to purchase a townhouse in lexington,ky for 28,000 the value of the house is 41,000. I'm wondering if I could use this house to make a down payment on another? Also if I take out a loan using the investment house and then sell the investment property to move into another house will anything happen.. i mean can i do that, or do i have to keep the investment house until i pay the loan for the second house off?
Can an investment property and primary residence be purchased at the same time? My fico scores are above 700. I am 25 and I want to buy my first home, and another property as an investment property. how can I do it at the same time? I plan on getting a "no doc" loan for both. I'm new to the real estate industry, and just looking for a few more answers than the ones I've gotten from brokers.
Purchasing investment property with little/no money down? I've been watching flip this house on A&E and following the story of one of the investment teams. In an interview online -- one of the founders said that he and his family were on welfare and food stamps and he was able to get a loan for his first investment property. I'm not that dire - but was wondering how can that be?
in illinois what is the best back to get a loan from for an investment property if your middle score is 547? also I don't work but my spouse does and I have the better score between us. I would like to buy a 27,000 house with value of 103,222 and rehab it.
Where can I get a home equity line of credit (HELOC) on a condominium investment property? I own a condominium that I rent out and owe nothing on the mortgage. I've applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
how can one change their residency status on their fixed mortgage loan-Exp:from primary to investment property? FHA loan 30yr fixed mortgage.
Can I refinance my primary residence as investment property & then buy a new primary home with an FHA loan? My current primary home was purchased with an FHA loan. I'm interested in buying the house next door to me and living there.
Need help re: bankruptcy protection of investment property in 4 names when 1 signatory not financial inputter? Investment property is in 4 names signed as 25% each. One signatory is about to declare bankruptcy. However, this person has never been a financial contributor to the loan. Is there a way for the property to be exempted from action by the bankruptcy tustee? Only legal responses please
How will my life really change if I go thru foreclosure on an investment property? My husband and I will still have 6 investment properties and the house we live in. Our credit score right now is 744. We're in our late 30s. We've never had any debt and have never had trouble getting a loan. So what will life be like after foreclosure?
Paying back a real estate investment loan? I have just bought a piece of property to update/repair and sell. The cost was a little over 100K and should sell for close to 140K. My loan is for Cost of house + updates. I have kept a little money aside for back up, in case it takes longer to sell than I think. I have done this once before and paid the loan off in full once I sold the house and used the profit on that to use as a down payment for this house. On this loan, should I pay it back in full or should I pay minimum payments on that loan so I will have more money(1031) to put into a new investment property(flip)? Is there any advantage to either? Are there any other loan pay-back strategies that I might consider?
Credit is good I have an investment property that is paid in full should I refinance or get home equity loan.? I want to consolidate my credit card bills and use some of the cash for more property. I want to consolidate my bills and use some of the cash to purchase additional properties.
what is the combined loan-to-value required for investment property currently? I was getting some conflicting information. One lender said it was 80% while another said it was 90% but could be 85% for declining areas. Can both information be correct? thanks.
Does anyone know any hard money lenders in the UK thanks?Look for £100,000 loan for property investment.? I am looking for £100,000 hard money loan for property investment especially in England. Please state name of companies and their websites if available.Thank you.
I found a sweet investment property out of the country for 200K Where can I get a loan to help finance this? There really is no financing available in the country. The builder is offering financing but would require putting at least $60K on a step up plan down over the next 6 months then 9% interest payments on 50% of the purchasing price. I don't have that kind of cash on hand. The entire property amount is only 200K and I can put down 20%. Any thoughts would be great. Thanks winmar
Loan for investment property.? If I have a house with no morgage worth about 750K, and about 250K to put down on an investment property, BUT have no income, will I be able to borrow a further 250K from a bank to buy a 500k Investment property?
What losses can be deducted to offset a 1099-C for an investment property? I own this home since feb/06. Will I be able to deduct mortgage interest, taxes,maintenance and other expenses to any income I have to report (1099-C)? What about the downpayment I walked away from. In my case I put down 20k. My loan balance is $172K and properties in area are appraising for $172K-$177k. I purchased for $192k. I 've paid about 23K in interest only payments and other expenses in my attempt to try and sell and not ruin my credit. But I'm at the end of my rope. I would like to understand all the financial consequences of doing this "deed in lieu" beside of course ruining my credit. Thanks Sorry. The downpayment is for this house not another. Haven't walk away from it yet.
How can I buy an investment property? I just bought a home with the VA. I want to buy another property a year from now. Can I use an FHA loan to buy it and rent out my VA property?
Where is the best place to go for a real estate investment loan in FL? I'm looking to buy a property and I don't have much to put down, what kind of finacial requit\rements do banks usually require to purchase investment properties?
How do I protect my interests purchasing an investment property with co-owner? We have decided to purchase an investment property & be co-owners with my boyfriend so we can split the profits upon selling it after 1yr. What legal steps do I need to take to ensure my interests are protected? The mortgage will be under my name. The plan is for him to lease the property for 1 year & make monthly payments that will cover the mortgage. I will continue to rent. We will both contribute equally towards upgrades needed for the house to sell after 1 year. How should he be listed on the title? should the interest be 50/50? What additional legal documentation would be needed incase we decide to split. I realize as the loan will be under my name I will be solely responsible. How can I ensure I can sell the property if I need to if he ceases to rent & I decide not to move in to the property, can I remove his name from the title? How would I need to set this up to begin with to allow for such flexibility. I haven't closed the deal as yet but will be doing so soon.
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