I haven’t really had any delusions that I’ll ever be able to afford to buy a house anyway, but I’m kind of at the point where I don’t even want to. Maybe a parcel of land or something…
Comment on Charging to tour rental properties...
Deceptichum@quokk.au 4 weeks ago
Hah what are you going to do, buy a house instead? We're all fucked once this is the norm.
prole@lemmy.blahaj.zone 3 weeks ago
Apocalypteroid@lemmy.world 4 weeks ago
I don’t know if this applies in the US but multiple people can take out a mortgage against the same property. If you have 3/4 trustworthy friends then you can pool your money to buy a place. It’s complicated but better to invest your money in your own property than to line the pockets of cunt landlords and letting agents.
aesthelete@lemmy.world 4 weeks ago
That would require people to have three to four close friends that could tolerate their presence. That’s an exceedingly rare thing in the US as we’re mostly all intolerable cunts.
Gerudo@lemmy.zip 4 weeks ago
Also, it would require every friend to have savings to put down a down payment and also credit good enough to actually qualify. That’s on top of finding 3 or 4 friends you’re willing to live with.
fishpen0@lemmy.world 4 weeks ago
Mog_fanatic@lemmy.world 4 weeks ago
Not to mention 3 or 4 ppl that can and will reliably make mortgage payments for 15 or more likely 30 years. Once someone drops out because of life then they’ll want to be bought out by the next person which introduced a whole bunch of headaches. Having watched this exact thing play out, this will most likely turn into a bitter nightmare of endless paperwork and some ruined relationships.
BackgrndNoize@lemmy.world 4 weeks ago
And bam, new laws come out that makes it illegal for more than X people who aren’t related to each other to share a home.
This is actually a thing in many places so people can’t do what you just described, isn’t American Freedumb so beautiful
SoleInvictus@lemmy.blahaj.zone 4 weeks ago
This is called tenency in common. I’m unaware of it being illegal in any states and a cursory search brought up nothing. Do you have any leads you can share?
shalafi@lemmy.world 4 weeks ago
I searched “illegal for more than X people who aren’t related to each other to share a home” and came up with quite a bit.
seralth@lemmy.world 4 weeks ago
Fuzzypyro@lemmy.world 4 weeks ago
Co-ownership is kind of a horrible idea overall. What happens when one of the 4 people wants to use the property as collateral for a loan?
Not to mention that this promotes increase in property costs without fixing the issue. If the norm is to continue pooling money between individuals then real estate can continue to raise prices. Then you just need 6 friends 10 friends 14 friends etc. we need a market crash and we need corporate residential ownership to be heavily regulated.
ramble81@lemmy.zip 4 weeks ago
Nothing major honestly. If they default, they would lose their stake in the claim. Since they don’t own the entire house, the bank couldn’t foreclose but they could assume ownership of their portion of the loan. The bank would view it more like a financial instrument rather than a real property.
JcbAzPx@lemmy.world 4 weeks ago
Millions of tiny houses isn’t the worst idea.
fishpen0@lemmy.world 4 weeks ago
From experience, basically no banks take collateral on co-owned homes. You probably won’t run into problems like that specifically. You can also easily structure an agreement with a lawyer. In many states you have to have an attorney to buy a home anyway (CT, MA, GA, DE, KY, LA, MD, MI, NH, ND, OK, RI, VT, WV, WO). We used ours to write and tack on the equivalent of an HOA arrangement you’d see in a condominium for our shared rooms.
I do find it amusing we have redditors arguing landlords should be illegal and others arguing co-ownership is a bad idea. Yes, let’s build millions of single room houses for everyone who is single that span the entire continent.
CosmicTurtle0@lemmy.dbzer0.com 4 weeks ago
Create a trust instead.
Contact an attorney to draft a trust where you all share equity at an amount you all agree to. The terms of the trust should indicate how someone sells their interest and what happens upon default, etc.
The trust buys the property and owns it. Ownership is managed through the trust.
The hardest part is qualifying for a loan. You’re essentially operating as a business and most home loans are designed for people and couples.
fishpen0@lemmy.world 4 weeks ago
I’m not 100% certain what our attorney did to structure our trust but we were able to do this without the trust having to buy the house itself and still could utilize a CRA loan program loan from a traditional bank and avoid PMI at a lower down payment.
Clent@lemmy.dbzer0.com 4 weeks ago
I knew people who did this after college with an apartment building. Not sure that’s feasible these days but that seems like it would be much easier to transition out of than a roommate situation.