Updated over 5 years ago on . Most recent reply
Multiple buyers one deal
My family and I are investing into a home for my parents. What are our options as far as multiple buyers on a real estate deal are?
Could we do a portfolio loan where we all pool in equal shares of the required down payment?
Most Popular Reply
Conan,
1. Every Buyer that shows up on the P&S will need to get approved for the mortgage on the property
2. Ownership of the property is based on the parties to the contract
I hope this answers your question. If you are all contributing cash to make the purchase all cash, then all you need to do is assign value to the contributions and you deed the interests in the property accordingly. You could also purchase in a corp and assign value of the property through the shares in the corp.
Talk to an Attorney, the above is based on how I have structured transactions in the past as an Agent; I am NOT an Attorney.