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Updated almost 6 years ago on . Most recent reply

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Travis Hargreaves
  • Sartell, MN
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Financing question in regard to a partnership

Travis Hargreaves
  • Sartell, MN
Posted

I have done a lot of homework through reading books, reading forums, and listening to podcast and had a quick question. I have started to gear up for my first purchase when the numbers make sense with a BRRRR strategy as the niche. My partner is a general contractor and I will be providing the landlord aspect once the property is occupied. My question is with a known partnership going into a deal how should one go about getting the financial situation with either a conventional financing or portfolio lender. Our plan is a long-term relationship in which one person would purchase the first property and the other person would buy the next and so on and so forth. If this was to be the case would a lender require both of us present for the loan or just the one who will be owning the asset. We are thinking of doing it this way in case a tragedy of either death or divorce at it will hopefully shelter the other one if this where to happen. Any help is very appreciated.

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Stephanie P.
#4 Mortgage Brokers & Lenders Contributor
  • Washington, DC Mortgage Lender/Broker
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Stephanie P.
#4 Mortgage Brokers & Lenders Contributor
  • Washington, DC Mortgage Lender/Broker
Replied

Call @Tim Swierczek.  He's up by you and is an financing expert.

  • Stephanie P.
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