Before judging based on "buying with a friend", let me be clear – I'm doing preliminary research. I am learning about my options, and I am not asking for opinions about my friendship and what I should do with it (aka "don't risk ruining the friendship")
To be clear:
My friend and I are interested in seeing if our combined spending power would allow us more access to home ownership in California. In this process, we also want to see if there are ways to have as little legal intertwinement as possible, so we can minimize risk and we can separately sell when we want to on our own time. What options are out there to achieve these goals if there are any?
[CA] Friend and I want to combine our joint buying power for home ownership opportunities with as little legal ties to each other as possible. What options do we have [PLEASE READ]
byu/Good-Bison008 inRealEstate
Posted by Good-Bison008
4 Comments
The share of ownership can be handled by something called tenancy in common. There are lots of examples of this in SF. But if you have to secure a mortgage, that gets very tricky when someone wants out.
Sorry – there is no way to do this with minimal legal complications unless you do not, and will not care about your credit, your finances or where you live (from the state to the specific house).
No. Can’t be done. I don’t mean “you can’t buy a home with someone else”, I mean “you can’t without a lot of legal implications”.
Buy a single building and turn it into condos or a TIC