I have partners who want to buy a house.But, we don't have enough money to put as downpayment. So, we like to form LLC and share the portion of downpayment and monthly mortgage payment as well.
209685
I do not know what state you are in but for my state which is NC I typed in the search engine NC secretary of state and what I got was www.secretary.state.nc.us/corporations and then clicked on Corporations Home it directed me to where I needed to go and what to do.
472115
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
71900
there are laws protecting you to a point. The bank wants their money and they would rather you pay the entire load and not go into bankruptcy. So talk to them, ask them if you can add small payment onto the load.\n\nSeek advice from an accountant/lawyer.
100144
If someone has a mortgage on their house, the bank owns the house and has the deed.  They don't release the deed until the mortgage is paid.  It is very hard to buy real estate without you yourself getting a bank loan.  I think you have gotten some bad information.
394225
Apparently some mortgages are now based on affordability, ie you show them what all your outogings are and they assess what you could comfortably pay. So if you're single and don't have children, you might be given more. Also if you have no other debts this will help too.
355649
I applaud your ambition.  However... \n\nYou, my friend, unfortunately bring very little to the table that an investor wouldn't have - except time.  You've got no money, no experience, no credit, no connections and not business savvy to know that this structure is... if you pardon my bluntness... ludicrous. I wouldn't advise putting an ad in the paper as it would be a waste of money. \n\nI would recommend training for a real estate position, title insurance, mortgage company, property management or property development if you are serious about property.  Someone will teach you the REAL property game with somebody else's equity and give you a salary too. \n\nYour chance of getting a 50/50 partnership is about zero.  Why would somebody trade their equity position for you because you work.  You are better off getting a job related to property so that you can learn the ropes.
312653
if u live in california i can do the work for you. does your friend currently have a second on his house? if he does refinance depending on how much equity over the house you have u can join both loans into one and at the same time add in the $5-10 k you owe(u would get a check or cash if ud like at the signing). if he only has one loan on his house he can open up a second for the total equity you have available. im pretty sure they wont do a $5-10k loan but wat will happen is that u open a second for the total equity available to u and u just use what you need that come with really low interest rate
97888
It's not easy, and without more information I cannot give you direct advice. But visit the mortgage Professor - you'll find a link to his website on mine.\n\nSee source pages below.\n\nGood luck!
554230
Its totally up to the both of you mike,renting a place IS dead money,you are correct,its a fact--a mortgage though is a millstone around the neck--another fact,so really,you're fecked if you do,you're fecked if you dont,fecked if i know the answer to that one!!Then you have the patter of tiny feet to consider in the future,and everyone knows how costly those little feckers are...very!! Wish you all the best in whatever you decide mike,i know its not easy-decisions,decisions,decisions:-/
67005
well, in my state rent to oun does not work vary well. I'm kind of in the same place. Me and my best friend bought a house 4 years ago becouse rent was getting to hight. Well now we want to sell but can't right now becouse of a lean from her icecream store. So we are kind of married but don't want to be. So you might want to get married first.
554820
Find a company that offers low or no closing costs and get a mortgage....it is a lot lower interest rate and you can take it out for 15, 20, or 30 years to control the payment amount.\n\nMike\n\n==============
549471
There are companies that purchase mortgage notes. However, I believe that you must be in first position. Check out this site\nwww.aandgnotepurchasers.com
315003
better to do a partnership agreement. then you can specify your and his responsibilities and percentage of of ownership and liability
477022
If you can't come up with all the mortgage you are left with no other options. If you and him are both on the title...you have to change that and get only your name on it if you will be the only one paying for it....sorry......good luck... :(
646899
if your PMI exceeds 400 a month- something is wrong--check with a mortgage Broker- who represents different lenders- and get an opinion of you mtg deal- sounds like you got a less than wonder full mtg deal--perhaps because of poor credit ratings-- or maybe the home was bought for no down payment-some of these seem attractive-yet can be very costly because of high interest rates or added extras like PMI- go to a broker or bank ASAP- don't wait to find out what can be changed- do it ASAP- and hopefully- someone can find you a better deal, right now !!! i am a retired CPA & CFP and a former bank auditor--if i can be of further help to you- holler back at me- good luck to you !!
609471
I work for a firm like that.  Yes you share in the profits in the form of fees.  Fees for locating, selling, fixing etc.  Basically, learn the abc's of real estate which are locating as-is deals, valuation, and repair estimation.  Locating as-is deals are pretty easy.  Valuation requires knowing what other properties have SOLD for in the area, so befriend a Realtor (or get your license in a weekend).  Estimating repairs takes experience so befriend a good contractor.  Then approach Homevestors for starters as these guys do pay.  As you gain experience, private investors will be begging for your services.
517972
There's a couple things they should consider: First, as previously mentioned, joint tenancy gives automatic survivorship rights to the other party if one party dies.  This is great for a married couple, not good for two unrelated guys buying a home together.  They should probably take title as "tenants in common".  This is usually done with investors, and anyone else that may not wish their stake in the home to go to the other party with no compensation.\n\nSecond, and BEFORE THEY CLOSE, they need to find an attorney who can advise them on a couple issues.  First, what happens if one person dies?  If your BF's friend dies, his stake in the property is locked up in probate for a while.  A will should probably be drafted for both parties to address what happens to their stake.  If the BF's friend leaves his stake to his parents, is there a buy/sell clause?  Your BF should have the right to buy out his partner's stake, before being forced to sell the home to cash-out his heirs.  \n\nLastly, the will should probably address the survivor's rights to collect on payments for X amount of time, or something to protect your BF from having to make 100% of the payments during the transition period.\n\nAssuming this is being purchased as an investment, they may wish to incorporate themselves, to protect their personal assets against lawsuits, etc...  They can potentially purchase the property and quit-claim the deed into their corporation's name.  It is very common for partners like this to purchase some form of cheap term life insurance to cover the other in case of their death. \n\nBottom line, he has no business completing this transaction without spending a couple hours with a competent real estate attorney.  A few hundred bucks today could save many thousands later, if for any reason tragedy did strike.  \n\nThe attorney can always draft the purchase agreement for you for a nominal cost.