Quit Claim Question to the Pros - Posted by CSH
Posted by CSH on September 21, 2003 at 22:27:15:
I am trying to purchase a condo for a rental, and it was to be purchased in my name and my boyfriend (partner in the business). We have the first rental in my name only, we were going to put some in his name and some in both names. We have hit a snag with this one. (both our credit scores are in the Mid 700s) He had alot of financial problems about 4 or 5 years ago, and there is a judgement on his credit report that the finance company will pay and roll into this loan. The only problem is we are getting this FSBO with some equity in it, this judgment will eat up that equity so it will no longer be a good deal. The finance company can’t put it in just my name this time because I am not working right now.
My idea is to get future purchases in my name and a trust family member (my mom, daughter, sister…just to show an income)for loan purposes. I have the money for downs, will manage the rentals… the family member has no money in the deal, so I will fill out a quit claim deed from family to my partner, just not file it until we get this judgment sraightened out. Then the property would be in both our names and the family member is only on the loan until it is refinanced years later.
My question is has anyone done this and is there any problems lurking with this deal that I can’t see. The family member will have no financial obligation at all and is trusted to not make any claims on the property. Thanks