Buying 1st Property with a Partner
Me and a partner are buying a rental duplex. He has the 740 credit score and my credit is bad. We are both putting up the money but the bank is saying he has to get money from a close family member. How can you do a deal together with a partner if you can't get money from them. We both have great w2 jobs and we created a llc together. The bank said he can't buy it under the llc and have to buy under his name. Also when refinancing what's the avg loan to value can we borrow up to. We would own 56000 and the property value is 90000. Which is almost 60% can we borrow up to 80% to take our money back out? Will be submitting investment offer today