Hello, you can definitely buy a property with a friend but you're right it can get messy! As a full time agent for the last several years, I can testify to relationships that have fallen apart over real estate. It will take very mature adults that can communicate and be flexible in order to buy property together.

With real estate there are many legalities involved and responsibilities. Below are some concerns you should consider:

-Make sure the person you plan to invest with has long term employment and solid credit. The last thing you want is to invest with someone that cannot sustain the property with you.
- If possible both of you should go on the mortgage to be equally responsible for the house.
-If possible both of you should put down the same down payment amount.
-Have your real estate attorney get involved to advise how to protect yourselves in case issues arise or one of you want to sell before the other is ready, etc.
-The two of you need to have an understanding about any repairs that need to be done and who is responsible for what separately and together.

There are so many what ifs, when you purchase with relatives or friends or even a spouse because there's alot of money involved. Just go everything I mentioned and if you still decide to move ahead I hope you cover all your bases and protect yourself. Good luck.

Rhonda Holt
Full Time Top Sales Agent
Weichert Realtors, H.P Greenfield
Brooklyn, NY 11234

Obtaining legal advice would be wise.

Hi, I live in Park Slope, Brooklyn and think as far as location, there are many fabulous condo developments in Brooklyn, so you got past the first hurdle of finding where you want to buy.

It sounds like you will both invest in the condo and only you will be living there, is that correct? If so, you are smart to have chosed a condo, because a co-op would want it owner-occupied, and would not be big on the one resident/one investor scenario. From a condo's perspective they would not care. From a lender's perspective, it should be fine though you should check with your lender.

So as far as it being a "messy" proposition, I'd say it is the relationship between you and your friend that is the unpredictable part. For example, are you going in on it 50/50? If so, your friend might come to resent that you are benefitting more from the partnership. What if one of you loses a job or your circumstances change and you want out? What if it happens sooner than you expect and no profit is made or even a loss? What if your friendship gets strained for other reasons? I would say these are the real issues.

Hope this helps.

Jenet Levy
Halstead Property
jlevy@halstead.com
(212) 744-7158

I answer soooooooooo many questions across the country how these situations did not work out or destroyed friendships.

Goals, directions, financial income due change I would put all in writing.

Time published an article about this subject matter year ago. direct link
http://www.time.com/time/magazine/article/0,9171,1834675,00.html

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

From what you are saying, it appears that your friend will be what we call a non-occupant co-borrower. There are various issues that will come into play, but one thing that I would not say is that it is necessarily any messier from a financing point of view. It really depends on why you want to buy with someone else, and what your goals are. Please call me and we can discuss this.

Robin Silverberg
Senior Loan Officer
Preferred Empire Mortgage
516-972-1687

Just make sure that very thing contracts is cut and clear. If you have
additional questions, please direct them
to me or need an agent feel free to call.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.

Biggest problem in my opinion is if your friendship ends. You should decide ahead of time what will happen and have an attorney draft an instrument to make it a legal way to get out of the ownership.