With a name like Tom Jones you should be able to pay cash?? lol but I am sure you get that every day!!
I doubt that there is a bank who would give you a loan without having a personal guarantee from the partners. What you could do is buy the property in a corporation and get everyone to sign personally for the loan so that everyone is on the hook for the same amount. You should also have a partnership agreement explaining every minute detail for all the what if’s. good luck wpage
Purchase of 300 acres of farm ground - Posted by Tom Jones
Posted by Tom Jones on January 03, 2003 at 12:23:53:
I have a question. Myself and five friends are interested in buying 300 acres of raw ground for hunting/recreation but not sure about the best way to do the deal.
Should we form an S Corp., LLC or some other corporation and get one loan for the property and everyone pays their share each month and the corp. issues a check to the bank. If we do this, what if one of the partners wants to pay his $50k early?
Or should each get their own home equity loan and bring their money forward, (if they can get it) and do a cash deal.
My preference would be to get one loan for the group and we all pay on the one loan.
Has anybody had any experience with this??
Thanks in advance