All Forum Posts by: Richard T Himes

@Caleb Heimsoth gotcha!  Thanks for sharing a similar experience.  It makes me feel a little less crazy for thinking it's possible!

@Caleb Heimsoth that's kind of why I posed the question.  Is it possible to have him handle the financing end, I provide 50% for DP and still be 50/50?

@Jordan Deeney I wasn't aware that you could claim the income that fast.  It seems two years was the number I heard thrown around.  Thanks for the advice!

@Matt Nusbaum we are doing our best to be up front and transparent at the beginning.  I know we wanted to get with an attorney to see what kind of agreement we could write just so everyone is on the same page!

@Carl Crump @Edward Liu @Michael Glaspie

Thanks for the comments guys! I should have made sure to say we WILL be setting up and LLC for this deal. With that being said, does LLC financing differ much from an individual or partnership financing option?

So I'm looking into investing in a duplex with a close friend and I'm not sure how to go about the deal.

Here's what we're thinking: he finances the loan, and we each contribute 50% of the down payment (around $18k each.)  We will be 50/50 partners in the property, but from the banks side of things it will go through him.

The reason we are thinking of leaving me out of the lending side is because my DTI is a little off because of student loans and a car payment (which my company pays for both), and I'm renting out the first house I bought with an FHA, but it hasn't been long enough to count as income. I recently applied for a LOC at a credit union and they weren't a fan of my "debt" even though the payments aren't actually coming out of my pocket. But nonetheless, I understand where they are coming from so we are trying to navigate around that.

I feel like all of our ducks are in order but didn't know if there's something about that deal that I'm missing and would be bad for either party.  Our families are close so we aren't trying to get over on each other.

Would love to hear your thoughts! Thanks in advance.

@Kyle Rountree I figured that a LOC would come with a higher price tag. I'm just trying to explore some options. I'm actually in Hamilton (between cincy and dayton) near Miami University! Are you close?

@Kris Wong you bring up some legitimate concerns!  Thanks for your input, it's definitely something I need to consider.  Just getting eager and impatient to make a deal; don't want to wait a year to save up for the DP! lol

Hey guys!

I'm new here but would love some input. I'm working on an offer on a duplex, which will be my first deal in southwest Ohio (north of cincinnati), and I'm working through options for a down payment. I only have about $4k cash at the moment, and need about $30k. Does anyone have recommendations or contacts of lenders that could help with a personal line of credit? I own my house by got an FHA so I don't have a ton of cash to pull out of it, or else I would do a HELOC.

Would love some feedback, advice or recommendations.

Thanks!

Tyler