Updated over 4 years ago on . Most recent reply
Partnership - Gifting Money while Investing
Hello, I am looking at purchasing my first rental property this year. Whoop whoop! My dad has decided he would like to be a part of that with me so we will do a 50/50 partnership where he will provide 50% of the money and I will provide the other 50%.
After talking with my lender she said this is not allowed with investing. She said you need to have it in your account before 60 days so it does not show up on my account. Is there another way around this? The longer we wait the more money both my dad and I can put in and I don't want to have to wait 60 days before I put in an offer on a house.
Any advice on partnership and lending would be greatly appreciated :)
Jason