Consulting

Thoughts on investing in real estate with a friend? Anyone have a negative experience?

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Never ever mix money and friendship- it always ends badly

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@BCG1 was thinking more along the lines of purchasing a property with a friend (50/50 equity). Heard it can make friendships go sour if both are not in agreement with goals

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It depends. Could work out if you’re both very clear about exit strategy. Make sure everything is in writing, with clear contingencies. What happens when one of you has a SO move-in? Or moves out to live with an SO? What if the market jumps 25% and one of you wants to sell? Etc

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@PWC1, why?

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As KPMG1 says the key is aligning on the goals before hand. Then it is all about spelling out a predetermined action for every contingency, and there are a lot. The first that you might face is what happens if their are repairs required, who get to make the decision, how are costs split, what if one person doesn't have the money. If you haven't don't this before it might be worth talking g to a lawyer or someone who specializes in real estate management about how to set up the partnership. You need to set this up as a separate business relationship.

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Fundrise.com?

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For rental or personal use?

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^For rental - we're considering buying a duplex and living in one unit to qualify for fha loan

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I would just wait and save till you can afford a place yourself

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Epic stupid idea

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Would love to get thoughts on using FHA v. Traditional loan? FHA has a lower down payment requirement, but higher monthly payment and gross interest ...not sure if worth it for rental

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Very helpful KPMG1 and McK1!

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Run the numbers. If you use an FHA, maybe you can get a triplex instead of a duplex and get pretty close to living for free while renting out the other units

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New weekly traveler, newly gold priority. Came on a great day! 🙏🏼🙏🏼Security at term B at DCA this morning was 😳😱

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