Home Buying in Downtown>Question Details

Jonathan, Home Buyer in Downtown, Boston, MA

Is it feasible to buy a condo for 4 people with a mortgage of most likely 30 years if we are going to sell.?

Asked by Jonathan, Downtown, Boston, MA Wed May 27, 2009

Is it feasible to buy a condo for 4 people with a mortgage of most likely 30 years if we areit in 5 years? There will be 4 of us, 2 in med school and one in law school and we are looking for a place to live while at the same time a place to invest.

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4
Depends on specifics of the situation. There are ways to do it if you can provide me. Call me at 857-258-0185 for free private consultation.
0 votes Thank Flag Link Tue Apr 7, 2015
Yes, this can be done- maybe a bit tricky. But it might be a smart idea. Assuming all of you will reside there, it shouldn't be an issue with the lender. Keep in mind that the lender will base the approval on the worst person's credit score. So be careful who you are paring up with. Ask everyone what their credit score is- right upfront. If you need any help, I am local and could help out with questions or a loan quote, etc.
Thanks and good luck,

Ken L.
0 votes Thank Flag Link Thu May 28, 2009
The answer is yes of course you can do it but clearly the tricky part might be investing with 4 different personalities. keep in mind each individuals lives could change at any moment and therefore effect the investment. I suggest you draft rules about resale before you get into the investment (an attorney can help you with this). Otherwise, sounds very interesting and like I said definitely doable.

I would consider investing in a multi family.
0 votes Thank Flag Link Wed May 27, 2009
You would each need an attorney to draft an agreement together of what & how things will work, and then you'd need a lender familiar with the lending scenario you are suggesting. Sounds like it could be an interesting proposition, although it will take patience & understanding on each of your parts.

Good luck in your endeavor, let us knowhow you make out,
0 votes Thank Flag Link Wed May 27, 2009
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