Posted by Montrose Max on March 23, 2004 at 07:41:45:
We do not own it outright. It’s valued around 145K and we owe about 98K.
-Max
Can you buy (finance) 1/2 a house? - Posted by Montrose Max
Posted by Montrose Max on March 22, 2004 at 22:00:48:
Looking for an answer to a question. My wife and I are looking to buy another house and we have always planned to keep our current house and rent it out when we do this. My in-laws are looking for an investment in RE and we thought maybe they could buy half of our current house (which would help with our down payment for the 2nd house)and get half the income from the rent and such. Will a bank finance this type of deal (Them buying 1/2 the house)? I also know there are some very creative people on this forum so if you had an alternative CRE solution I would be interested in hearing it.
Thanks,
-Max
Re: Can you buy (finance) 1/2 a house? - Posted by ryan
Posted by ryan on March 25, 2004 at 12:31:36:
I would think both banks would want a first on it, so it wouldn’t work. You could form a LLC with the them and have the LLC purchase it from you. Downside is expenses of maintain the LLC just for one property (check fees in your state). I would refinance the house at 80% or get a equity line to help with your downpayment for the new house.
Re: Can you buy (finance) 1/2 a house? - Posted by SteveS(CPA)
Posted by SteveS(CPA) on March 22, 2004 at 22:53:40:
What it sounds like you’re talking about is an equity sharing type deal.
A bank will want to put a first or second mortgage on the entire house. Not just 50% of the house, because then what would they foreclose on?
Re: Can you buy (finance) 1/2 a house? - Posted by Beau Driggers
Posted by Beau Driggers on March 22, 2004 at 23:31:35:
Do you own your house outright?