All Forum Posts by: Heshel Mangel

A partnership where one person has the drive and is willing to do all the work, and the other just wants their money to be invested in RE and receive a nice return compared to other forms of investing. Instead of putting 50k in the stock market they can put it into a house where they'll receive 50% cash flow and 50% profit from future sale of house. 

Putting the mortgage in their name is easier, as they can better qualify for the mortgage due to better credit and/or not having any other loans currently on their record, and they are one's bringing the downpayment. 

Amazing that I am finding posts about this from years past, there really is everything on this site! So far every question I've had about REI I've been able to find answers on this site. Thank you BP!

Do you find this to still be true? Do banks allow this? How about if I am just an LLC?

@Ben Bakhshi I've been harping onto these threads here looking for answers. Do you remember how you ended up working these partnership structures? How did you formalize with the banks and the title?

Thanks!

Thanks for the response. 

I just spoke to a MLO who told me they have no problem with 2 people on the deed one on the mortgage but won't lend a residential loan with an LLC on title.

Is this whole discussion just case-by-case depending on the particular bank? I can't seem to find one answer that people have done. 

I don't feel like my question is anything revolutionary, I'm sure many people have had partnerships and LLC's, I just can't seem to get a clear answer.

@Brandon Turner I am so happy I came across this. I just finished listening to your Podcast Show 92, where you explained this strategy and it seems to have worked for you. Based on where this thread started, can you explain what you did to make it work? Are banks OK with having both names on the title but only your partner taking the Mortgage? 

When you create the LLC for this partnership, are both your names in the LLC?

Would love to hear from you my man! Huge fan! 

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. 

Let me know if you try any of those. I have been working with Roofstock for a bit, still have not had an offer accepted but have put in a few offers. You definitely are paying a premium for the convenience and using their platform. 

Yes, I have been pre-approved for a 30 year mortgage. Things may change based on purchase price, etc..but banks generally have no issue lending for an investment. Although, the rates may be higher because there's more risk for them. 

Thanks. I'm looking at the 31907 area.

Hi, I am looking currently at a SFH in Columbus, GA. Would you be able to recommend a PM? Have you heard of Atlantic PM?

In general, as an OOS investor, anything I should know about the market in your area?

Thank you!