This is a a little complex in my opinion, as i am still new to real estate investment.
This deal is a venture with a friend.
my friend owns the house on a secured line of credit, and has 80,000 equity.
I want to buy his house with no cash down.
I will carry the mortgage
I am preapproved for $440,000 (the price of the house.)
Here is where it gets more complex.
He will own the house 50/50, but I will carry the complete mortgage. He is willing to leave some equity in the house up to $40,000. I am buying the house from him so he can purchase another house on his line of credit, (which has nothing to do with this venture)
My question is how can i structure this deal to buy this house with no cash down?
This deal is a venture with a friend.
my friend owns the house on a secured line of credit, and has 80,000 equity.
I want to buy his house with no cash down.
I will carry the mortgage
I am preapproved for $440,000 (the price of the house.)
Here is where it gets more complex.
He will own the house 50/50, but I will carry the complete mortgage. He is willing to leave some equity in the house up to $40,000. I am buying the house from him so he can purchase another house on his line of credit, (which has nothing to do with this venture)
My question is how can i structure this deal to buy this house with no cash down?