Updated almost 7 years ago on .
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2 people on title, 1 taking the mortgage - Partnerships
I just finished listening to BP Podcast 92 where @Brandon Turner talks about partnerships. He mentioned structuring his partnerships where his partner takes on the mortgage and down payment and both their names are on the title. Also he has an LLC for each of his partnerships.
My question is, firstly, are most banks ok with this putting one name on the mortgage but where that person really only owns half the property because there are 2 names on the title?
Second, maybe he meant that the LLC is the name on title but each LLC has 2 owners so there really is only 1 name on title (LLC) and 1 name on mortgage (Partner)?
If anyone can shed light on what he meant or how to structure these properly, I'd greatly appreciate it.