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Buying home with 3 people involved

I’m looking to buy my first home, my parents and brother are home owners. This whole plan is to help get my foot in the door with homeownership.

Here is our current scenario and brain storm plan. There is a home listed for $680k. We all agreed to put down $100k ($300k total). I will be the sole person on the loan ($380k) so I can use the house as a deductible. All 3 of us are on the deed of the house. This house for me so I will be living in it and paying the monthly mortgage. My parents do not care for the month they are putting in, it’s basically giving me my inheritance now as buying a home will get even harder in CA. Now, as for my brother. How do we find a way for him to make profit from this or benefit something?

I’m the one paying the mortgage. Say we sell this house in 15yrs, I don’t believe it to be fair that he owns 1/3 which means he gets 1/3 of the profit. Wouldn’t I have lost money considering how much I’ve been paying of those 15yrs?

Any other ideas on how he could profit aside from me refinancing and pulling out is 100k plus an extra 10-15% interest (or whatever he agrees to) to buy him out of the house in possibly 5yrs.

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

source https://www.reddit.com/r/RealEstate/comments/1gnvfa9/buying_home_with_3_people_involved/
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