I've got a few friends interested in possibly buying a house together. We all know it would save us quite a bit of money on rent, and we live in an expensive city. Does anyone know how to go about purchasing a home with other parties? Do I need to form a company/corporation? Any and all info would be appreciated. Thanks for your time!
2006-07-26 17:59:10 · 5 answers · asked by the_thoughtless_ponderer 4 in Business & Finance ➔ Renting & Real Estate
Don't do this. Let me repeat, don't do this. You will get yourself in so deep that you will not get out. You will hate your friends at the end of it.
2006-07-26 18:03:44 · answer #1 · answered by Princess 5 · 1⤊ 0⤋
no corp or company is needed. it's called fractional ownership and is handled through escrow.
I agree with the others though. Partnering with friends in homeownership can lead to some serious headaches including hurting your credit, not be able to sell, not being able to keep the property, etc.
2006-07-27 01:10:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Stop being interested in home buying until you can afford to do it alone. Ever hear of foreclosures? They come from people just like you.
2006-07-27 01:44:25 · answer #3 · answered by Dustin 3 · 0⤊ 0⤋
DONT YOU EVER DO THAT...unless you are able to see the future.
That is the dumbest thing anyone could do. Ask any realtor.
2006-07-27 01:02:29 · answer #4 · answered by DEEDEE Y 1 · 0⤊ 0⤋
not a very good idea,friend`s will let you down
2006-07-27 05:17:11 · answer #5 · answered by krusty_blue_spaz 5 · 0⤊ 0⤋