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I am recently looking into the housing market with my friend and we have agreed on a neighborhood where she would like to permanently live and I would like to live for a few years (2-5). Hoping that the market will recover in a few years and assuming the house we are looking at is a good investment, will we both be able to profit if I decide to move in a few years when the market is good?
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Posted: Jan 12, 2009 at 3:23 PM
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Thank you both very much, this was helpful!
Jan 13, 2009 at 10:21 AM
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Connie.......wish we had a crystal ball....but generally..values will eventually gain ....there is speculation as to "when"....remember...location..location..location...
there are geographical locations which have decreased in value over the past 10 yrs..while other locations were celebrating huge value gains in appreciation. depending where you go...so I would first look into "market trends" for the area you choose....cause the market may not recover there as you project.
due dilligence..is a total resposibilty for purchasing any property...do not trust just what you hear. also...
if you plan to move out and quit claim your share of ownership with your friend.you will need to configure how you will settle the split...a real estate attorney can assist you with that issue...there are so many variables regarding that issue it would be difficult to cover all here...generally, you have to have terms with your investment partner...will your partner afford to buy you out of deal at time of quit-claim..? or will partner compensate you at time they sell property which could be many years down the road....so those issues have to be spelled out.....get a very clear understanding of all tangibles prior to making any decision.
happy new year...
Mike Schneider, abr
20 yrs experience
ReMax Superior
847-659-0213
www.just-ask-mike.com
Jan 13, 2009 at 9:21 AM
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Connie - It will depend on how you structure the purchase and how well you document what you hope to obtain from the purchase. I would suggest speaking with an a good real estate attorney after you discuss a common agreement with your friend.
Jan 13, 2009 at 8:00 AM
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