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Updated over 7 years ago,

User Stats

29
Posts
6
Votes
Scott Rosslow
Pro Member
  • West Palm Beach, FL
6
Votes |
29
Posts

Found a multifamily - Proof of cash to see it

Scott Rosslow
Pro Member
  • West Palm Beach, FL
Posted

I found a multifamily property that I want to buy and hold. The listing agent is requiring that 100% proof of funds for the asking price to show the property. I am partnering with my dad who gave me a bank statement with 50% of the asking price in the bank account. I don't think I can qualify for a loan for the half and I don't want to expose my dad to that much risk as its my first rental property. I would like to see the property to either know if I should adjust my offer or how else I might structure a deal.

We were looking into maybe use creating an LLC together and trying to get a mortgage for the LLC and him maintaining 51% control of it until I was able to cash him out.

Does anyone have any advice?

  • Scott Rosslow
  • Loading replies...