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Can multiple people buy a home together as an investment home?

Can multiple people buy a home together as an investment home? If so, what is the best way to go about doing that? setting up a corp? can you combine all debt to income ratio's together and purchase the home between three people? 
  • November 18 2012 - Greenville
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Answers (7)

Profile picture for BradNiemann
Contact an attorney, a cpa and a Realtor and you should have very few problems.
  • March 21 2013
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Profile picture for RealEstateCrew
1.  Yes
2.  Talk to your attorney
3.  May be
4.  Yes
  • March 21 2013
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Sure why not following the advice of the other posters here and contacting the proper people so you will be all legal.  I have heard of several well heeled folks buying into a property just to sit on it for the income tax benefits, then as an investment to sell it off when the market comes back around.    
  • March 21 2013
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  • March 21 2013
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Yes but it is important that all the buyers understand the advantages and disadvantages to the different ways of holding title. Best to talk face to face with a realtor about all of the circumstances surrounding your purchase...
  • November 18 2012
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Yes this is a viable option, but for tax purposes you will want to talk to a tax advisor.  I have clients that buy and resell homes, as well as buy and rent out homes and they set up an LLC. 
  • November 18 2012
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Profile picture for wetdawgs
Yes, three people can  purchase a home together.   Lenders don't like to lend to LLCs, especially ones that have only been formed (i.e. have no financial track record).    Therefore, the loan may be need to be in your names.

Forming an LLC with an attorney is useful to work through all the steps of responsibilities, expectations, disbanding etc.
  • November 18 2012
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