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Updated over 8 years ago on . Most recent reply
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Partnering up with an investor (co-sign)...How to structure..
In need for some creative ideas/help in how to finance a new place...
Quick backstory... Recently bought a 350K condo in Portland, OR - currently living there. Interested in figuring out how I could buy an 800K house that has a 2bd detached ADU. However, I don't have the money for the down payment, but I have two friends/family that would.
Two part question....
1. How could I get approved for such a purchase (10-20% down)
2. What are my options to structure a partnership of sorts? Which I imagine would amount to co-signing.
The down payment would have to come 100% from the 'investor'. As for property, I would plan on living in the main house (4 bds, 3 baths) and airbnb the 2bd detached adu. With roommates in the main house and the adu, I figure I could bring in 7K a month.
Any advice would be great!