Buying 2 Properties at the Same Time with a Partner

[Bobby Njoo]

Hello BP Family,

I need some financing insight on my current situation. I am an active duty military (already have a primary residence) and a junior REI who is looking for his first deal. Along the way I found 1 good deal and 1 potentially great deal.

Property 1:

Over under duplex. Asking price 125K with seller already agreed to pay for closing. Both units 1 bed and 1 bath with downstairs unit already have a tenant and top unit is vacant and can be turned to a 2 bed 1 bath. Both unit is in decent shape, at a good location, and will cash flows decent.

Property 2:

A foreclosed single family home with a free standing "in-law suite" next to the house, but realistically it is an over under duplex with 1 bed and bath per unit. asking price 180K with an offer we pay for all closing cost. Potential of subdividing the lot to make the in law suite a legitimate duplex. Offer pending.

So here is my current plan on financing these 2 properties. 

Property 1: Already pre approved with Lender A (mortgage broker) and plan to use the VA loan and put 10% down and live in the top unit assuming it passes the VA inspection.

Property 2: Already pre approved with Lender B (bank) to do conventional and put down 20% but i have to bring in my partner who is willing to transfer half of the down payment and closing to my account before closing and split cashflow 50/50.

My questions are how does the underwriter feels about seeing someone else transferring a large sum of money in my account? How does taking out 2 mortgage loans at the same time affect me? Do i have to disclosed to each institution about my plan?

Any feedback is much appreciated!

Thank you.

Bobby.

[Chris Mason]

Full stop, no having two loans in process at the same time with different lenders. One, or more than likely both, will be denied. Not going to be able to hide A from B or B from A.

Also don't partner on mortgages unless it's with your spouse.