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.
This seems like a better question for your lender.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing