Posted by NJDave on June 20, 2001 at 10:25:01:
Why not consider shared appreciation, and shared ability to utilize tax benefits? I don’t know the particulars of your opportunity, but I would try to structure the deal so that the difference between actual expenses and gross revenue is applied to mortgage principal, and the mortgage balance is paid down ASAP.
Partnership percentage?? - Posted by Steve T.
Posted by Steve T. on June 20, 2001 at 09:34:47:
A friend of mine is looking to purchase a condo to rent out in the D.C. area. He has the downpayment, but can not get another mortgage by himself. He has asked me to partner with him on the mortgage. My question is: If I do this and contribute nothing to the downpayment, what percentage of the rent each month should I ask for? If I go ahead with this I plan on covering all the issues of the eventual sale of the house, but what % should I ask for as far as rent. Thanks. Any other feedback is appreciated.
Re: Partnership percentage?? - Posted by Kim (FL)
Posted by Kim (FL) on June 21, 2001 at 10:11:05:
Are you going to be managing this property and covering the cost of repairs and fixing it up and so forth? I say much less than 50% if you’re ONLY signing your name and tying up your credit. If you’re contributing more than just your name and credit it’s different - but I say 10 to 15% if you’re just helping obtain the mortgage. Just my thought!
Kim
How about 50%? - Posted by Big Rob
Posted by Big Rob on June 21, 2001 at 24:02:40:
He has down, you have the credit. You cant buy without him and he cant buy without you. 50/50 sounds good doesnt it?