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Updated over 7 years ago on . Most recent reply

User Stats

35
Posts
5
Votes
Kyle Dutson
  • Laramie, WY
5
Votes |
35
Posts

Can I use a cosigner on investment property loan?

Kyle Dutson
  • Laramie, WY
Posted

So, I am trying to get in the REI with little funds. So I am resorting to what Bigger Pockets refers to as creative financing.

I have some potential partners lined up and a property with a seller financer. I was going to propose to the seller carrying a note w/ a second pos. on deed for 30% of purchase price. Or whatever my partner can not cover. This may allow me to get a bank loan. Maybe!

If he goes for it I am unsure if I would qualify. I am a seasonal employee and am out of work at the moment (getting my real estate licence, but that's another story) and a credit score around 700 (2 late payments, shame). My partner (the old man) has exceptional credit, a six figure salary, and plenty in liquid assets. He offered up gis credit last we spoke. Just kind of hinted "you know Kyle, I have great credit." 

Is it even possible to use a cosigner on an investment property? Commertial residential at that (6 units).

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