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Anonymous09/08/26, 03:59No.34902593Buying Property
My friend and I are thinking of splitting a space 50/50 as we wish to be propertychads over rentcucks at all costs. We live in a HCOL area where prices are pretty fucked (500k gets you something decent), but we would each be making around ~100k a year in this scenario. Is this a smart/retarded idea? What are some things we should be aware of? Are there pros/cons in getting a condo/townhouse/house/etc? We'd be in our late 20s by the time we buy.
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Anon09/08/26, 05:14No.34902689
Well fortunately this is my best friend since elementary school and he's not a total degenerate. We would not be moving terribly far and we'd be working, so I doubt we'd always be in the house simultaneously too often.I think we would need a good plan to deal with exit strategy and whatnot, as well as financing, but that's the primary hurdle.
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Anon09/08/26, 05:25No.34902703
28/29
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Anon09/08/26, 06:26No.34902759
Just some important questions to ask that might help you decide:What's the carrying cost?
How will you manage if one of both of you lose income for an extended period of time? Or if one of your experiences a reduced income?
What are the maintenance costs going to be? Can you afford a big expense, like a special assessment if it's a condo?
Will you have savings leftover after making the purchase? Ideally an emergency fund at least?Do you forsee a situation where you will need to find work in a different city in the next 5-10 years?
Do you want to travel for extended periods? How will you cover this while also paying a mortgage?
What will you do if one or both of you hates living there, if you find unexpected issues?
Are either of you planning on starting a family in your 30s?
Buying property in this town will tether you to said town. Are you 1000% okay with that?
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Anon09/08/26, 09:02No.34902971
Can you buy land and put two mobile homes on it? Is that a thing? Or if it's a city look for a run down fix it up with at least 2 apartments.
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Anon09/08/26, 14:54No.34903571
Having two names on a real estate title is likely to become a big problem for one of you. Make sure you have negotiated the exit--for one to buy out the other or to force a sale or something--and have a lawyer draw up a contract for you. Make sure the lawyer represents *you*, not your buddy. There are hundreds of ways this could end and all but two of them are absolute nightmares.
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Anon09/08/26, 15:44No.34903654
Not smart depending on your backgrounds. If you don't know how to repair things and have the proper tools, don't do it. There are also nightmare tenants that can happen. For random people to get into land lording you need a background in being handy.