Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Found a multifamily - Proof of cash to see it
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?