Hello community, I need your guidance.
I have a chance to partner with a foreign investor to buy and hold a rental property. The idea is he would put down payment and we would use my credit to get better finance terms. Do you know finance companies that would allow this arrangement? Should his funds be transferred to a shared bank account or to an entity bank account?
Do we need to get his money some kind of seasoning if the fund are not already in a US bank?
How should we structure the partnership? Do we need to create an LLC or an LP?
If you have similar experience I really appreciate your comments or if you can point me in the right direction to get more information.
I am on the same boat with you. Also want to hear more on this topic.
I talked to my banker and he said my down payment has to be gifted to me from a family member, not just anyone (at least not in his bank). His suggestion is to talk to a portfolio lender (most likely local community banks, credit unions, etc).
@Jesus Betancourt I could possibly help you out with this deal. As a general rule- Your clients funds would need to be deposited into a US Bank account, pm me if you want to know more.
Thanks for your comments @Scott Buchholz , my partner already has the money in a US account. I found out what to do and actually already got a pre-approval letter.
You're welcome @Jesus Betancourt feel free to reach out if you need any other questions.
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