All Forum Posts by: Hayden Schaefer

Greetings, I and a friend live in the NoVa area right outside of DC. We have a desire to dive in and buy a property together, yet we have enough of a downpayment for only 3 percent between the two of us. However, we have the ability to get a 3rd party involved that would help pay for the down payment to get us to 20 percent. This third party would act more as a personal loan rather than a straight up gift. It would equal the rate of the interest rate we were approved for. What do you think is the best course of action? Wait and get more capital? Buy it at 3 percent? Buy at 20 percent? Here for all the help!

Are you planning to purchase this as a primary residence for you all to live in or as an investment property?

It will be a primary residence to start but we will rent out additional rooms to help with the mortgage payment. Eventually, we want to turn it into a full time long term rental. We thought about going in as an LLC to start, do you think that would be better?

0 Votes

Washington, DC

Quote from @Russell Brazil:

Quote from @Hayden Schaefer:

Ive had a few clients who have had 2 people buy together. I think Ive only had one client where there was 3 of them that bought together.

Youll want to make sure whatever agreement you have, you have all the details written out so you can reference. How do you decide to sell, how do you decide to renovate, how are repairs paid etc. Everything should be spelled out clearly to dispell any possible future disputes

For the agreement, should that be written up by a lawyer? In addition, there will only be two people on the title. The 3 party is doing like a personal loan (they are relatives).

0 Votes

Washington, DC

2 Votes

Washington, DC

All Forum Posts by: Hayden Schaefer

Hayden Schaefer has started 1 posts and replied 3 times.

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