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Updated about 5 years ago on . Most recent reply
Stuck with financing headaches
Getting a heloc loan from my commercial property to have my partner ( my brother ) purchase our next investment. I was going to gift him the money for the down payment but we are told we can’t by multiple banks. What options are out there for us? The commercial property has over 300K in equity can potentially buy a 3-4 plex cash and then refi any thoughts ? TIA
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Kevin Sobilo
#2 Tenant Screening Contributor
#2 Tenant Screening Contributor
- Rental Property Investor
- Hanover Twp, PA
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Kevin Sobilo#2 Tenant Screening Contributor
#2 Tenant Screening Contributor
- Rental Property Investor
- Hanover Twp, PA
@Darren Rogers, why do you want to gift your brother the down payment?
If you are partnering with your brother, why aren't you buying through something like an LLC where each of you have a defined percentage of equity and defined roles in the business?