Stay in tiny shack in Bby or Move to Coq for more space?

[Duncan]

the downside is that it's keian... lolol...

all kidding aside, yea, we'd have to look at that stuff. It was just a passing idea and it's not fully thought out at the moment. Keian tends to keep to himself and him getting married and wanting to move out? who's kidding who? lol

I was thinking if we were to buy him out or the other way around, the person who keeps the place can rent out the basement and buy the other person out with payment plans based on the rental income. worse comes to worse, we can always look to sell the entire place and just divvy up the money based on % owned. I'm pretty flexible in that regard. If the other person falls on financial hardship, then we'd do the best we can to support each other since we're family. If we realise it can't be done, then we'd probably sell like i said earlier.

I think calling the shots wouldn't be too big of a deal since keian doesn't really care too much about anything as long as it doesn't affect him much. I know if this were to happen, i'd be doing all the maintenance anyways. I'd just tell him to pay a percent of costs... it's just easier than expecting him to get something done... plus it's probably the way keian wants it anyways since he wouldn't want to bother with all that crap.

[nature boy]

[Duncan]

well, it depends on how personally you take it... to joel's point, it's only a problem if you don't have a solution for it, or rather, a predetermined solution that both parties agreed on. keian's pretty good with his finances, and short of getting fired, it's not like he's gonna blow all his money on hooker and blow and not pay rent. to his credit, he's been living on his own for quite a while now and he's been fine.

and if something like this ruins my relationship with keian, then oh well... not like we were best buds anyways lol

for me, i'd make sure that we both agree that we would have to be in on it for 5 years and then at the end of 5 years, evaluate if either one of us could afford to buy the other one out, or we could sell the place or "renew our lease" with each other for another few years. It'd have to be almost like a termed lease thing... then that way we know that either one of us would have expectations to not screw each other over unless there were extreme circumstances like job loss or marriage (heh) or whatever

[joel]

just some food for thought in your scenario.

if one party does need to sell due to financial hardship there's always the option to re-finance the loan to be buy out the other individual. it may not be feasible say in your first couple years, but say in 5 or 6 years the principal loan could be at a point where one party could take on the full principal plus the other parties half.

another option is just an investment partner. if happens just to be an investment for keian for example and he doesn't want to move in for example, then it negates the whole issue of one partying wanting to move out.

another option say if one party wanted/needed to sell their stake, perhaps it's possible to find an alternate investor interested in taking on that person's stake/payments/etc... for example lets say keian wanted to sell. maybe you'd be able to convince brendan to buy with slightly different negotiated terms (if the upfront cost was too much), or someone just willing to invest: your parents? your inlaws? etc...

yes, i think there is certainly a lot more to consider when involving another party in a home investment, but the rewards in doing so may be worth the extra efforts involved. in terms of investing partners, its good to know what partners you can get along with amicably before getting invovled. You've shared a car with keian before, so i guess you already have experience splitting things of a financial nature with him. How did you guys work together for things like car payments/maintenance payments/insurance/gas costs/etc... did it cause lots of conflicts?

[joel]

i guess you answered some of my questions already... whoops.

[joel]

cars and larks own a small stake in my place at patterson. and it hasn't raised any issues in our relationships for the past 3 years. at least not from my perspective. and they've never brought up an issue from theirs.

cars and larks also bought the place in delta together and have gotten along well enough over those years that they still want to be neighbors. so it's not all horror stories in those situations.

[nature boy]

[Wetundies]

Mayfair Place in Richmond has a 2 bedroom for 409k. 938 sq ft. Not too bad.

[nature boy]

oh yeah, i found out the other day that turbo from eden fellowship is a realtor. he told me about the townhouses at champlain that are going for like $500k or something like that. he said a bunch of other mumbo jumbo but between the realtor lingo and his accent, i had no idea what he meant. either case kitty said it was a good deal (i think she wants to kick us out haha).