Token Las
What is the most possible co-signers for a loan on a house?
There is this 5000+ sq. ft. home for sale, sitting on top of an acre land I might add, and since it's in Las Vegas they want to tear it down to make room for suburban housing. He's asking for 1.5 million dollars because he really doesn't want to sell it, but at the same token, he wants to make a pretty penny. Me, family, and 20 some odd friends, quite easily more if they buy out the trailer park, can make the down payment since we all have fast food and construction jobs, but I'm not sure what the maximum amount of co-signers are. I really don't know too much about buying a home, so please explain in detail as much as you can.
I also am curious how exactly the buying process goes, as well as the loan, types of loans, interest, down payment, insurance, et al. If necessary, provide links or any other source of information. Thank you.
You and your friends would have to form a corporation before you bought this. Even then finding a bank willing to lend you 1.5million for 1 house is unlikely, you are going to need other assets to use as collateral. All 20 of you will also need to have amazing and established credit, something most burger flippers are lacking.
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