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Updated about 9 years ago on . Most recent reply

User Stats

48
Posts
18
Votes
Ryan Schuler
  • Rental Property Investor
  • Memphis, TN
18
Votes |
48
Posts

Funds from Parents for buying investment Properties

Ryan Schuler
  • Rental Property Investor
  • Memphis, TN
Posted

I am in the beginning stages of looking into how to work a deal with my father on my first investment property and the best way to structure a deal with him where he would provide a chunk of change for the deal.

I recently read a lot of posts in the forum "Cash Gift From Parents can't be used for investment purchase?" that was started by @Brandon Hall. 

One suggestion that was not brought up but that I have a question for is- Would opening a joint bank account with my father help with the technicalities of the "gifting of funds" or would it not matter? I have an old bank account that I believe my father still has access to (was originally granted access to the account along with me to have control in case funds were short when I was a kid and I never took him off). I actually still use that account and have all my money from work direct deposited into that account. His name is not actually on the account though. If they just transferred money from a bank account at the same bank would the "gifting" requirement/rules still apply?

Thanks,

Ryan

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