you will need $ 1,000 each. This is an expensive business and you gotta have some cash at hand or in your credit cards to enter it. Property taxes, insurances, escrow fees etc. Loan fees can be pretty steep, too! And you gotta have some equity to get a loan at all or better terms.
I’m like a wet blanket, casting a gloom on your project, but be realistic!
Maybe you can focus financially to make it happen? Review all your expenses and cut back. Sell the car and take the bus kind of decisions might make this possible. good luck! Chris
My Brother, Sister, and I are considering purchasing our 1st investment property. It is a single family home. It is being sold to us by a friend for $85,000. What would be the best way to finance this property. I have fair credit, my brother has good credit, and my sister has poor credit.
What did you have in mind? 1/3 for each? would your brother with the best credit get the financing for all of you? How much cash at hand can all of you invest?
Yes, 1/3 each. If my brother is proven to have the best credit, he would get the loan. If I have the best credit, then I would get the loan. If I get the loan, how would I file income tax? Would I have to count the entire income/expenses as if it was all mine? Would that be legal? We could only aford to give 1,000 each, unless we ise a credot card.