Joint house ownership

[fox-3]

A group of roomates want to split a house purchase at a new location.  2-3 captains can get approved for a $1 mil+ mortgage (7 bedroom mansion).  Rent out a couple rooms, and you're more than breaking even in equity once the house is sold in 5 years or so.

 

Anyone do this before? Good idea? Pitfalls?

[Champ Kind]

What could go wrong?

[Blue]

On 2/12/2016 at 2:24 AM, fox-3 said:

 2-3 captains can get approved for a $1 mil+ mortgage (7 bedroom mansion).  

Have you all talked to your banks about that?  I tend to think getting 3 people on one mortgage for $1 mil+ would be easier said than done......

[HuggyU2]

Get a lawyer before you do it.  

[Blue]

Also, I think when folks have done this before, they've rented the mansion, as opposed to buying it.

Always heard it was kinda common amongst the CGO's at the Space and Missile Center at Los Angeles AFB.

[brabus]

Know a few bros who have done this type of thing, but renting.  I see a lot of potential disasters happening if you go the purchase route, and that's IF you can somehow manage a 2-3 way mortgage.  Rent a mansion, don't buy.

[Day Man]

go for it! #yolo

[Clark Griswold]

Just to join the chorus trying to keep you from jumping off the cliff or going into the dark room to check out a strange noise...

Don't do it.

[nunya]

44 minutes ago, Clark Griswold said:

going into the dark room to check out a strange noise...Don't do it.

[Lawman]

Dude it's messy enough getting two people committed by marriage to make equitable and smart decisions about what to do with a house.... Roommates not a chance in hell.

Probably the only consensus on spending money you will ever have is "Yes we need a Kegarator."

[Stitch]

On 2/14/2016 at 8:42 PM, Lawman said:

 

 

Probably the only consensus on spending money you will ever have is "Yes we need a Kegarator."

Kegarator yes, easy call.  However, then there's the messy "what to plug into it (STS)" discussion.  The cheap asses will want Bud/Coors/Miller others will wanna go with something along the lines of limited edition IPAs and brews that require citrus   garnishes.  There will be no way to win that one...      

[disgruntledemployee]

Zero pitfalls.  You should do it.  No one will complain.  No one will deploy.  Everyone will get along.  No one will move in their GFs.  Everyone will clean up.  Everyone will be responsible with the bills and control their pay per view habits.  No one will break things.  No one will have weird or destructive pets.  No one will PCS without having someone else take over their share.  You will always rent out the spare rooms to nice, responsible people and the rooms will always be full.  No one will go bankrupt.  Nope, never. 

Out

[Fud]

I remember buying a video game with my brother when we were in our teens.  We paid equal shares, and broke a lot of dry wall fighting over it.  I learned early on this concept was a terrible idea.   

[Dupe]

To do this right: make a corporation and hire a manager. Dudes buy in and buy out (or lease in and out depending on how you want to run it)

Y'all make it sound impossible, but this is essentially how frat houses are run. They seem to keep going.

Edited March 22, 2016 by Dupe

[Vito]

 Bought a house with a buddy back in 1989.  We rented the extra bedroom to one of my Squadron bro's and everything was awesome for about 3 weeks.  My Bud gets a job transfer to another State, no prob, I rent his room to another squadron bro.  Then the first renter gets a PCS, and it takes me months to find another dude. I get married and mov a year or so later, then the Air Force decides to change their PCS policy and tells all pilots at my base that if they've been there more than 3 years they need to PCS.  The house was empty for months while I tried to find renters, pay my own mortgage, fix stuff that broke, all the time listening to my whiny bud complain about how much it's costing him, even though he lived in another state and didn't do anything.  Almost bankrupted me at a tough time in my AF and airline career.  Like others have said, what could go wrong? 

BTW the house cost me $139,000 sold it for $ 110,000 6 years later I couldn't fathom buying something worth $1,000,000 

Edited March 23, 2016 by Vito
Grammer