Hello All
I currently own a investment property with my Dad, we own 50% each. Saying it has increased in equity can I then use that to go on and buy my next property or does my Dad have to be involved in the next property as he's tied in in the first one?
Thanks in advance.
Hello dansempire
Here is a link to this same sort of question I asked some time ago.
https://www.propertyinvesting.com/forums/getting-technical/finance/23605
Hope this helps
ElkaYou could get a Line of Credit loan on your half of the equity in your name. Then use this as a deposit for a completely new loan.
If you need your Dad to help you with the deposit he could take out his half of the equity as an LOC in his name and he could lend it to you. Or your DAD could go guarantor on his half of the equity so you can borrow the whole equity his share and yours as an LOC.You may need to go to a solicitor so it can be explained to your Dad and yourself what the legal implications are on both of you to protect the banks from loss and for you to know the downfalls of such an arrangement.
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