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Updated over 6 years ago on . Most recent reply

User Stats

29
Posts
6
Votes
Noah Milstein
6
Votes |
29
Posts

Newbie partnership contract/loan question

Noah Milstein
Posted

I'm looking at purchasing a duplex with a friend where we would split the downpayment and distribute profits proportional to our contribution towards the downpayment. We don't have enough cash for an all cash deal so we'd still need to get a mortgage. I'm trying to figure out how that would be structured. I'm led to believe that a bank is unlikely to loan to a corp so it would have to be personal. 


I'm entirely new to this so please excuse my ignorance. Would we each apply for distinct loans and then pool that to make the purchase or would we be able to share a single mortgage between the two of us? Is it possible to list both parties on the deed or will it have to fall to just one of us? Where are good resources for learning specifically about partnership contracts? 

Thanks!

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