Using other people’s credit

4 Replies

Does anyone have any examples/stories of deals where they used someone else’s credit to get a mortgage? How would you suggest structuring that deal? Say the only thing they do is get the mortgage and you provide the downpayment/take care of everything else. What percentage of that deal is fair?

Whatever they agree to is fair. That being said I would never do that, it's a huge risk on their end. If your deal is amazing and you had a great track record I might change my mind for a 50/50 split. If it's a marginal deal and you have little to no experience you should probably just fix your credit.

The money also has to come from their funds sourced from their asset statements over the last 60 days in order to get approved by the lender.

Yes, mainly. I mean, could you do it for a flip?

What if I co-signed on the loan? Wouldn’t that reduce their risk as I would be on the hook for the mortgage as well? I’m a Canadian investor so it’s hard to get US bank financing with that good of terms. But I do have friends and family in the US.

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