Updated over 5 years ago on . Most recent reply
Out of state investing with VA Loan
Hello Bigger pockets forum,
My friend and I are thinking about a partnership in an out of state investment(for myself out of state/ in state for him-primary residence). We plan to use his VA loan( 0% down) to get into the property and we will spit the cost of the remodel to get it tenant ready. We plan to have him in one room and rent out the other two.
My questions:
For this type of loan can I be a co-owner even though I am not a veteran?
If I cannot be on the loan itself would we have to do a refinance to put myself on the legal title of the home?
If I wanted to put this into a LLC what complications could happen, Knowing that an LLC cannot be a primary residence would we wait to put it into a LLC when he moves into another home and we start this process again?
Most Popular Reply
1. Long story short, you'd either have to get married, or put 12.5% down, for you to be on the loan.
2. No, you could be on title at closing, just not on the loan.