How To Buy This Short Sale From Bank
I found a 50/50 money partner to buy this foreclosure that is next door to my current rental in Denver and am wondering how best to get funding for this type of deal quickly? My FICO is 680 range and my partner is 700 plus, but with limited cash for a down and closing.
We are buying for less than 40% of market value.
Does anyone know best way to get a loan to include closing costs?
the point of getting a money partner is so that you dont have to get a loan. what is this partner doing for you? his score is only 20 higher and between the two of you, you have limited cash, so he isnt bringing any cash worth mentioning. Basically it sounds like h e will take half the profit...
Eric5 hit the nail on the head. If you are going to share profits 50 - 50 with a money partner, no loan is necessary. At that rate of profit sharing, the money partner should finance the purchase and rehab costs of the entire deal.
You need to find a REAL money partner.
[addsig]
Partner actually is willing to pull $30K out of his house to give me for this purchase for a $60K house. This would make getting the loan easier, but want to know how would this contract work to get the partner to feel safe about giving money to me if I am the only one on the mortgage.
How would this work?
Put both of you on title. He puts up the money and you put up your credit and you both own. Neither of you could sell behind the others back. Or you buy in your name using his $ and your credit and you give him a mortgage on the property for the amount you owe him.