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Updated almost 8 years ago,
Sole Ownership or Joint Tenancy for Loan
Hi All,
I have not consulted with a lender or CPA about this yet, but I was hoping to get the community's opinion aboutgetting a conventional loan based on Sole Ownership and Joint Tenancy.
Me and my wife are looking into purchasing our first investment, and we are deciding on whether to buy under sole or joint. I've heard that if we buy sole/seperate, we will be able to obtain more loan this way in the future and have more flexibility to grow our portfolio. For example, 10 REI under my name and 10 REI under her name.
Also if we buy sole, would this property be considered a community property? Would it still have the right of survivorship to the other spouse? What are the pros and cons of sole and joint?
I hope I addressed this correctly for people to understand. Your expertise and comments would be very appreciated. Thank you.
James