Investor · Chicago, IL · Member since 2013 · 59 posts · 6 votes
So I'm under contract with one property and since it's a little messy it my take a while. Of course now a great deal pops up but I'm under contract. I'm thinking I could get both. But I don't want to mess up the first one, an FHA deal. Could I put the new one under say my sisters name? Any creative ideas for getting this done?
Not sure why you can't submit an offer on the other deal while you are under contract with the current deal unless financing both will be a problem.
If the second deal is put under your sisters name, she may have to submit her financing/credit/proof of funds for the deal . I also believe everything will have to go into her name in regards to title and things of that nature, which can probably be changed into your name (gift deed) after the deal closes.
I guess I'm afraid that it will mess with my first home's financing. I wouldn't mind putting it into my sisters name as long as there are no tax problems with her gifting it to me later. The second one is a 6 unit apartment building and therefor I think just needs to prove that it's self sustaining.