Skip to main content

General questions regarding friends buying a duplex to live in separately, not to rent out for profit (yet), in central WI.

The vast majority of opinions/suggestions/etc I see on "my friend and I want to buy a duplex" seem geared towards investing in one and the pitfalls that come with that. But my friend and I are considering buying one for us to live in, one in each half, so there's no investing going on. The idea is that years down the line if they decide to move out to the country and buy land, I'd be left with a unit I can rent out, and until then, we save money on living expenses by splitting the mortgage etc. Vs buying a single family home and doing the same, then me having to cover the entire mortgage of the single family home after they eventually leave.

Neither of us have significant others nor any desire of such, so future families are not a foreseeable issue (nor benefit in my case for paying a mortgage, if they leave). They are a self employed dog sitter (which actually makes really good money) and would be using their half of the duplex to do at home sitting which they can't do in our current apartment (we have been roommates for a little under a year now and friends for 10+ years) which would increase their profits even more. I don't know how that would play in regarding residential/business stuff as that's all on their end.

What do we need to know before actually planning any of this? Nothing will be happening for a good year even if we do go through with it while I adjust to other financial needs and put money aside, but we'd need to know if it's actually a good idea or just one of those "wouldn't it be neat if" scenarios. Would we be best both getting on the loan or me getting it and just having them as a tenant with rent equal to the split costs? Do we need the LLC ideas I often see on this topic? What don't I know that I should be asking about? I do also realize them having large quantities of dogs in their half of the building will likely not be good for the property damage-wise, I would expect including a fee to their half of expenses that will be used for that should definitely happen, and could always be refundable if by some miracle no damage occurs and they do actually move out.

submitted by /u/Ladyjulianne
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/rqdtub/general_questions_regarding_friends_buying_a/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more