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Can I purchase a house hack within a 50/50 partnership?

Yes, here are the two most common methods we see for securing a home loan:

  1. Bringing on a parent as a co-signer to help boost the pre-approval amount.
  2. Two friends pooling funds to combine for pre-approval and down payment.

Important takeaways:

  1. Talk with a lender to help navigate the nuances of the home loan process.
  2. Ensure you have a formal operating agreement in place that defines
    1. Responsibilities
    2. Equity share
    3. Funding rehab costs
    4. Etc.
  3. As soon as you start lending to an entity (such as an LLC) instead of an individual, the loan changes from conventional to commercial. Commercial loans generally come with higher interest rates and shorter loan terms.

Connect with Byron Elliot at 3 Pillars Law if you need help drafting up an operating agreement.

Contact: Byron Elliott

Phone: 303-284-3850

Email: [email protected]

Website: https://www.3pillarslaw.com/

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