First Deal
I'm fresh out of college, i've been working for about 1 1/2 making 32k. My two cousins have been offered to buy the unit they currently rent (92K tax value). They have about 8K in savings. I don't have much savings but I do have a vacant lot with 4K tax value. My questions are: 1) can we use the vacant lot in addition to their savings to secure a mortgage? 2) can we get a mortgage with all three our names? Plese help guys.
if the owner is interested in your land, then sure that could help with the down payment. I think it would be more important to deed the property into an entity like an LLC with all three of your names than get a mortgage in all three.
I would highly reccomend thinking of all the ramifications of a partnership, let alone, three people in this arrangement. What happens when one of you wants to walk? Do the other two buy them out or do you sell and split into thirds? Things to think about...
Thanks for you help Ray. I appreciate the response. I guess the next step is to find a lawyer...
Be sure to research, discuss, decide how the 3 of you will take title. You will have to tell the closing agents Before closing several days/week. Major diffence to your future and estate plans.
What do you mean by "how the 3 of you will take title"? What are the options?
Don't sell the lot for tax value, it is probably worth much more.
Don't sell the lot for tax value, it is probably worth much more.