Interested in making an offer on a 2 family in Lowell, Massachusetts. I don't have too many details about the property just yet but it appears to be making money. I'm trying to get my ducks in a row as it relates to financing and down payment. I have average to poor credit and don't physically have a down payment. My partner and I are considering forming an LLC to purchase this property together, it would be our first of, hopefully many income properties.
I do have a defined income (annuity) with approximately $15-20k available. Does it make sense to pull this for a down payment? Is there a way to avoid penalties if I am a first-time home buyer and would the property have to be solely in my name to do this? My partner has good credit, has his real estate license but doesn't have a down payment. I have poor credit with access to down payment.
This property would be a hold for us, as it is generating approximately $800/month at its current asking price. Is this deal out of my reach? How can I realistically make this happen and what is the smartest way to structure this deal?
