JV on a property but only 1 partner has their name on everything

2 Replies

Hi BP friends, just a quick question in an attempt to find a best course of action. My friend and I, purchase a property together a couple years back but for the simplicity of things at the time just have the loan under his name. So all documents ( loan , deed etc...) are currently under his name ONLY.
Just want to know the best way to get the property back under both names. We were thinking about refinancing the house under the LLC we both established recently but we were thinking we might be better off deploying that money into other properties. However we do understand there is risks having the first property just under his name for the "estate planning" standpoint.
Any advice. Already know now it was the greatest move to start with but looking for correction. Thanks

Originally posted by @Edem Dosseh :

Hi BP friends, just a quick question in an attempt to find a best course of action. My friend and I, purchase a property together a couple years back but for the simplicity of things at the time just have the loan under his name. So all documents ( loan , deed etc...) are currently under his name ONLY. 
Just want to know the best way to get the property back under both names. We were thinking about refinancing the house under the LLC we both established recently but we were thinking we might be better off deploying that money into other properties. However we do understand there is risks having the first property just under his name for the "estate planning" standpoint.
Any advice. Already know now it was the greatest move to start with but looking for correction. Thanks

If you are hanging onto the property you can Quit Claim you onto title. Check with a title or escrow company or if you close using attorneys in your area check with one of them. The loan will still only be in his name but the title will be in both names.

If you refinance both of your names will be on the loan and on the title. It's unlikely you can get financing for a newly formed LLC. The LLC has to show income and have credit just like any other borrower.

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