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Updated over 3 years ago on .

User Stats

9
Posts
3
Votes
Jason Renner
  • Richmond, VA
3
Votes |
9
Posts

Specifics of funding a deal with partner

Jason Renner
  • Richmond, VA
Posted

So a partner and I are ready to go in on a deal together and have a basic operating agreement in place and plan to deed the property into an LLC after the sale. However, I am still confused on the specifics of how we pay the down payment if we are splitting the amount 50/50. Say I take out the loan but both our names go on the deed, would he write me a check for half the amount and I cash it to the account from where I will wire the closing to the bank? Do he and I separately wire the amount and I explain the setup to the lender? I have yet to see anyone explain this exact process in detail on a thread so would appreciate any input. Thanks in advance!