- Joined
- Mar 26, 2017
- Messages
- 12
i am going to buy a duplex with my brother it is a 4plex with just one title.
My brother will be selling his condo (market is good should have no problem selling) he should be able to put in about
30 % down payment we intend to do the same. He is going to move in and rent out the downstairs. On our side both side it will
Be rented out.
The primary reason of my doing this is to help get my brother get a leg up. But here is the complication...because he does not have a full time job the bank will not give him the full mortgage he needs. He does have 2 good job ...
I might have to carry the mortgage...can anyone give me any pointers of what the pitfall might be.
We intend to have a lawyer draw up an agreement..
I intend to help him regardless of how stupid some people may think this idea is..but I will greatly appreciate the best
Way to structure the agreement...if there is anyone that has done this would like to hear how it was done.
We also intend to stratify the property.. and maybe sell our side down the road...
Thank you for your suggestion in advance
My brother will be selling his condo (market is good should have no problem selling) he should be able to put in about
30 % down payment we intend to do the same. He is going to move in and rent out the downstairs. On our side both side it will
Be rented out.
The primary reason of my doing this is to help get my brother get a leg up. But here is the complication...because he does not have a full time job the bank will not give him the full mortgage he needs. He does have 2 good job ...
I might have to carry the mortgage...can anyone give me any pointers of what the pitfall might be.
We intend to have a lawyer draw up an agreement..
I intend to help him regardless of how stupid some people may think this idea is..but I will greatly appreciate the best
Way to structure the agreement...if there is anyone that has done this would like to hear how it was done.
We also intend to stratify the property.. and maybe sell our side down the road...
Thank you for your suggestion in advance