So I've found a property I want to invest in. I have the down payment, I have the credit, but I DON'T have the income- I'm an actor- it happens SO what are my options? Have my father co-sign? co-borrow? Have my father take out the loan entirely and then somehow transfer it to me? Maybe through a joint LLC? I'd love some creative input here.
He won't be able to use your funds as down payment because its investment property. He can co-sign with you.
Partner with him through an LLC, have the LLC buy the property, over time maybe he can gift his shares of the company to you. the Commercial loan you get will be to the llc, they may ask for personal backing, but the loan technically will be to the llc. Consult with a CPA and Attorney before setting anything up to make sure you are doing it right.
If you form an LLC you can use your money and his credit and signature on the loan. The bank may make both of you sign on the loan. More signatures=more people to pursue if you default. Speak with a mortgage broker. At the very least the two of you could co-apply but then both of your incomes and debts will apply.
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