All Forum Posts by: Theiborh Almanzar

Hey @Theiborh Almanzar - now is a good time to actually speak with a lender about this and make sure you include your other 2 siblings into the conversation as well. 

When using and FHA loan, if there is a non-occupant co-borrower that is a family member, on a 2-4 unit the max. LTV is 75% so a 25% down payment. Confirm that with a lender that you will be using for the loan.

Hey Theiborh

Interesting situation you have on your hands over there. My guess is that you actually won't be able to get the loan with that many people on it but that is just a hunch.

Regardless, a few things I'd want really organized before going into any type of partnership like that . . .

- Get really clear on a 1 year, 3 year, 5 year, 10 year plans

- Get really clear on who's responsible for what

- Decide EXACTLY how you are going to pay for repairs

Buying anything with a group of family members is totally possible to succeed as long as you really prep yourselves on the way in. Where things will go wrong is when you need a roof and only one of you has the cash. What might be a good idea is to set it up with your own little 'HOA'. You each can set aside some money each month into a reserve account so you have some capital to draw on for repairs that affect the whole house. If you wanted to be really diligent, you could have a lawyer set up a contract for something like that for not much money at all.

Happy Investing !
Jaryn