Buying a home and i have no idea

[Ana Barreda]

Hi there, I was looking for advice. My brother and I want to buy a property as an investment. He got pre approved. Is that posible that my name could be in the title? What about the legal stuff? I am new on investment and we wanted to partner but I don't now anything legal. Any advice?

[Danny Weber]

Hey Ana!

If you're income is good enough, I would just let your brother buy the house and then quit claim your name on the deed later on. This will allow you to buy a different house in your name so your debt to income ratio isn't effected by your brothers home. Hence using the banks money to get 2 houses instead of one. There's this clause called the alienation/due on sale clause which the lender can call the note to be paid in full when ownership changes on title. I've worked for the servicing side of loans for Chase for 3 years and we never did anything about it as long as the note was paid on time. Good luck with investing!