scarberiankhatru
Senior Member
Oddly enough, it gets easier when the market's flooded.
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- Thread starter new co-buyer
- Start date
Oddly enough, it gets easier when the market's flooded.
J
justonerealtor
Guest
Hmm, didnt think I'd say this, but I partially agree with vultur here.
Unless its a large property (preferably investment or commercial), this isnt really a good idea. At least iwth an income producing property like the above you could purchase it as Tenants in Common (each person owns an equal share) rather than Joint Tenant (equal ownership BUT if one person passes the remaining people get ownership).
The benefit of TIC is you can sell your 1/3 or 1/4 share to whoever you want, without having to ask the partners. Its possible on a single family or duplex, but isnt seen too often.
REITs wouldnt be a bad idea. Yes it does cost you the money to buy them, and theres management fees and such, but less headache.
If you DO decide to do this though, you should make sure both people's names are on the mortgage as you dont want to get completely stuck if the other person says "OH well the mortgage isnt in my name, I'm gone. Bye".
Unless its a large property (preferably investment or commercial), this isnt really a good idea. At least iwth an income producing property like the above you could purchase it as Tenants in Common (each person owns an equal share) rather than Joint Tenant (equal ownership BUT if one person passes the remaining people get ownership).
The benefit of TIC is you can sell your 1/3 or 1/4 share to whoever you want, without having to ask the partners. Its possible on a single family or duplex, but isnt seen too often.
REITs wouldnt be a bad idea. Yes it does cost you the money to buy them, and theres management fees and such, but less headache.
If you DO decide to do this though, you should make sure both people's names are on the mortgage as you dont want to get completely stuck if the other person says "OH well the mortgage isnt in my name, I'm gone. Bye".