Updated about 4 years ago on . Most recent reply
Joint Venture House Hacking
Hello,
A friend and business partner of mine and myself are looking to purchase a SFH in our local college town to live in while we both attend the school. Our current plan is to split the down payment, secure traditional financing through the use of co-signers, and rent out the remaining bedrooms to other roommates who will pay us a fixed rent amount, and we will use that money to pay the operating expenses of the home. My main two questions are: How would we structure ownership of this property? I explored the idea of forming an LLC, but we would both like to obtain a non-commercial loan to take advantage of lower down payments. My other question is: We both have part-time jobs while in school, and we are trying to obtain a mortgage through one co-signer each, are we just wasting our time trying to finance a property this way? Thanks BP Community.