Joint Mortgage Ownership
Hey BP Community,
I and two of my close friends are looking to buy a duplex. We're looking for a 6 bd 2 ba where we can live in one half and rent the other half out, hoping that this will make our monthly payment very low. This is also our first step into real estate investing, as we are all due to move out from our parents houses soon and need to find a new place to live anyways. I'm currently looking into mortgage shopping and am doing a lot of research into the topic, and I then hit a thought that has caused me to hesitate: should we all put our names on the mortgage, thereby legally spreading exposure and allowing us to combine our resources (cash reserves, credit scores, etc.) or should one of us apply for the mortgage.
Also, if we all take mortgage ownership, do we get pre-approved together? How would that process look?
Thanks to anyone who takes the time to respond, this one has been (stupidly) causing me a mental roadblock and preventing me from taking action steps.