House Hacking Partnership

[Jacob Zivanovich]

Hey there,

I'm almost ready to purchase a house hack and have found some good deals right off the MLS. Trouble is that I don't yet have long-term employment in place (just moved to the area a month ago). I really want to make this happen, but I won't be qualified without that income. I have the reserves in place for the 5% down payment, 15K for emergencies, and have no debts!

I recently connected with a gal through a BP meetup and want to try and organize a partnership. I would provide the cash and backup reserves, I house hack one of the units, then she becomes the cosigner for me in order to be approved. In exchange, I'm thinking that she would collect all the cash flow and potential equity until I refinance and get the loan originated in my name... Is this a thing? Is this a equitable partnership?

[Sarita Scherpereel]

Have you connected with any local banks? We have one in Chicago that would work through the things you're lacking for a purchase and offer a first time buyer grant! Local banks can have some wonderful lending options because they want to grow the area. 

Personal Partnerships with someone you recently met are too risky for my blood. I wouldn't want to partner with some of my family and friends. It takes a very special relationship to work with someone in such a risky industry.