Rental Property Investor · Brooklyn, NY · Member since 2016 · 219 posts · 174 votes
6y
@Jerome Jewell I would make sure that you have structured a really good partnership with your brother before structuring a deal. We know how the saying goes never mix "family and business" but if you do, establish who will be responsible for what, what is the exit strategy, what is the goal for each property, play out every thing that could go wrong and etc.
Brampton, ON · Member since 2020 · 3 posts · 0 votes
6y
@Jerome Jewell
Hey Jewell,
Your partner can apply for the loan with your down payment. As you are looking for FHA, try to get 3.5% down. It would be great for 4 units multifamily. You can split the profit in 50/50.
If you need more information, read “How To Invest In Real Estate With Little Or No Money?”
Rental Property Investor · Brooklyn, NY · Member since 2016 · 219 posts · 174 votes
6y
@Jerome Jewell I would make sure that you have structured a really good partnership with your brother before structuring a deal. We know how the saying goes never mix "family and business" but if you do, establish who will be responsible for what, what is the exit strategy, what is the goal for each property, play out every thing that could go wrong and etc.
Wholesaler · ….. · Member since 2016 · 43 posts · 13 votes
6y
thanks and yes me and my brother have great business relationship already. I just wanted to know how it would be possible for me to add my self to the deed to make it a legit partnership since I have not so great credit but I have the cash . is there a contract I do with him once he is approved for loan?
Rental Property Investor · Brooklyn, NY · Member since 2016 · 219 posts · 174 votes
6y
@Jerome Jewell Once your brother gets the financing and you guys have a property. You would let the title company know that you want to be added to the Deed. Then it would look like this, your brother is holding the mortgage and you guys are both owners of the property according to the deed.