My boyfriend and I are considering buying a home with another couple. They have the money but have very bad credit. We have the credit but don't have the money right now. We figured we could buy a 2 to 3 family home. Is this a good idea? Do you think we could get approved with this arrangement? We haven't really sat down and discussed everything fully yet but I want some people's thoughts on it. Thanks.
2007-11-12 23:12:09 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Personally, I would not do it. There are so many things that could happen. The couple could be into having guests all the time, or parties, they could be night owls or morning people. The list goes on and on. Besides, what happens if they don't pay their half of the mortgage? You would have to come up with the money to pay it. What about groceries, cooking and cleaning? You will have enough money to buy your own home one day, in the mean time, save your money for a down payment. Besides, with them having bad credit, the loan would probably only be in your and your boyfriend's name. So they could just be free and clear to walk and leave you with a mortgage you couldn't afford.
oh and you couldn't walk around naked :D (or get loud and freaky...lol)
If you are just dead set on doing it though, I would get a lawyer and have a stack of papers knee deep securing my assets and naming each persons liabilities. But I still wouldn't do it.
2007-11-13 00:59:46 · answer #1 · answered by GreeneyedCowgirl 5 · 0⤊ 0⤋
I wouldn't even go there!!!! What happens if you have a falling out or if the couple split up??? You will be left without a home!!
Given that you have said that these people have bad credit I wouldn't enter a mortgage with them, they may not even get a mortgage.
One idea might be to buy the property between the two of you but have the other couple as tenants?
Seek the advice of a reputable financial advisor before embarking on what is already a bit of a gamble without adding another couple into the mix!! How do you feel about it all?? Are you unsure and that is why you are asking?
2007-11-12 23:22:58 · answer #2 · answered by JOANNE C 3 · 0⤊ 0⤋
I would seriously think this one through. Your friends now, but should something happen, where will it leave you if you didn't invest in purchasing the house to begin with. No loan company will put your name on the loan, you probably could have your name on the deed, but if they other couple decided it they couldn't afford or didn't want to afford the place, that would leave you hanging. If you couldn't afford the mortgage payments and they didn't pay them, you'd be evicted during the foreclosure proceedings.
So, no I wouldn't do it. Being friends is more important.
If you have credit issues, I suggest you work on them and try to improve your situation and buy your own home in the future. If you start working on cleaning up your credit today, a year from now, you could be eligible to buy a home!
2007-11-12 23:24:40 · answer #3 · answered by just ask'n 1 · 0⤊ 0⤋
BAD move. Nothing will dissolve good relationships faster than such a business arrangement. As co-owners, you may not agree on maintenance and repair issues amongst other things. What will happen if an unexpected major repair hits you, since you and the BF 'have no money'? Assuming that both couples would share the costs equally, how would you pay for your half?
If you are not able to pay, I'd venture that the other couple would quickly learn to dislike you a LOT. Don't do it.
2007-11-12 23:19:16 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
alot of people do that, i just would make sure the bedrooms are far from each others
2007-11-12 23:16:40 · answer #5 · answered by ? 2 · 0⤊ 0⤋
Very bad idea. You will reget it
2007-11-12 23:17:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋