Investor Wants To Use My Credit To Purchase Condo
he will pay me 10,000 for putting it in my name. he makes mortgage payments/ rehabs place, then flips. then split the profits with me.
is this legal? where do i make sure his paperwork is legitament?
what is this transaction called? a partnership?
thnks!
put what in your name? the deed? or the mortgage?
I recall an old Andy Griffith show, they were discussing golf scores, Barney was so uneducated on it that he thought the higher the score the better. I forget the exact verbage, but the gist he put out was that if the good golfer took a few pointers from the bad golfer he would soon have much higher scores. A true statement, but not exatly the desired result. The revelance? Use caution when taking finacial advise from people who's financial condition is worse than your own.
If you do this deal and the guy flakes on you, would you celebrate your good fortune in having the property all to yourself for such a great price? To me the answer to that question is the answer to if I do the deal or not.
I'm sorry, I don't know what documentation you would need, I'm not that creative an invester, if I was doing it the less the better, my loan, my house, he would be the one worrying about protecting his interests, not me. I would make a contract covering what work was to be done and at what cost.
There are some very knowledgeable people who post here who will be more helpful I'm sure.
Mykle
Mykle