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Updated over 7 years ago,

User Stats

5
Posts
4
Votes
Seth Wells
  • Investor
  • San Antonio, TX
4
Votes |
5
Posts

How to buy a rental with a partner under their name.

Seth Wells
  • Investor
  • San Antonio, TX
Posted

I currently own 7 properties (in contract on the 8th one) but I am looking to purchase a property with a partner and I honestly have no idea how to do that.. Our deal structure is that I will find the property to purchase, he will buy it under his personal name, we will split all costs 50/50, I will manage the property, and we will split all the profits 50/50. I like this because I will not have the property in my name so it will be easier to get loans since I will not be required to have reserves. The issue is that I am not sure how to do this. We have an LLC, so after he purchases it, do we just quit claim deed the property to the LLC? My mortgage broker said that we cannot buy it under the LLC even if he personally guarantees the loan. How have y'all done this? Also, if he has to buy it in his name first, how will I be able to pay for half of the costs, since you cannot gift money for an investment purchase? Should I just deposit X amount of money into his account so it can "season". I feel like there has to be a more logical way investors do this, I just do not know how. Any advice would be greatly appreciated.

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