fox-3 Posted February 12, 2016 Share Posted February 12, 2016 A group of roomates want to split a house purchase at a new location. 2-3 captains can get approved for a $1 mil+ mortgage (7 bedroom mansion). Rent out a couple rooms, and you're more than breaking even in equity once the house is sold in 5 years or so. Anyone do this before? Good idea? Pitfalls? Link to comment Share on other sites More sharing options...
Champ Kind Posted February 13, 2016 Share Posted February 13, 2016 What could go wrong? 1 Link to comment Share on other sites More sharing options...
Blue Posted February 13, 2016 Share Posted February 13, 2016 On 2/12/2016 at 2:24 AM, fox-3 said: 2-3 captains can get approved for a $1 mil+ mortgage (7 bedroom mansion). Have you all talked to your banks about that? I tend to think getting 3 people on one mortgage for $1 mil+ would be easier said than done...... Link to comment Share on other sites More sharing options...
HuggyU2 Posted February 13, 2016 Share Posted February 13, 2016 Get a lawyer before you do it. Link to comment Share on other sites More sharing options...
joe1234 Posted February 13, 2016 Share Posted February 13, 2016 (edited) On February 12, 2016 at 2:24 AM, fox-3 said: A group of roomates want to split a house purchase at a new location. 2-3 captains can get approved for a $1 mil+ mortgage (7 bedroom mansion). Rent out a couple rooms, and you're more than breaking even in equity once the house is sold in 5 years or so. Anyone do this before? Good idea? Pitfalls? The fact that you can't see the glaringly obvious downsides to this is enough to tell me that you shouldn't do it. To avoid torturing you... What happens if someone PCSes? What happens if someone gets married and doesn't want to raise a kid in the bro mansion? Who pays for something if it breaks? How do you enforce that? How easy do you think it is to resell a million dollar mansion? Edited February 13, 2016 by joe1234 1 Link to comment Share on other sites More sharing options...
Blue Posted February 13, 2016 Share Posted February 13, 2016 Also, I think when folks have done this before, they've rented the mansion, as opposed to buying it. Always heard it was kinda common amongst the CGO's at the Space and Missile Center at Los Angeles AFB. Link to comment Share on other sites More sharing options...
brabus Posted February 13, 2016 Share Posted February 13, 2016 Know a few bros who have done this type of thing, but renting. I see a lot of potential disasters happening if you go the purchase route, and that's IF you can somehow manage a 2-3 way mortgage. Rent a mansion, don't buy. Link to comment Share on other sites More sharing options...
Day Man Posted February 13, 2016 Share Posted February 13, 2016 go for it! #yolo 5 Link to comment Share on other sites More sharing options...
Clark Griswold Posted February 13, 2016 Share Posted February 13, 2016 Just to join the chorus trying to keep you from jumping off the cliff or going into the dark room to check out a strange noise... Don't do it. Link to comment Share on other sites More sharing options...
nunya Posted February 13, 2016 Share Posted February 13, 2016 44 minutes ago, Clark Griswold said: going into the dark room to check out a strange noise...Don't do it. Link to comment Share on other sites More sharing options...
Lawman Posted February 14, 2016 Share Posted February 14, 2016 Dude it's messy enough getting two people committed by marriage to make equitable and smart decisions about what to do with a house.... Roommates not a chance in hell. Probably the only consensus on spending money you will ever have is "Yes we need a Kegarator." Link to comment Share on other sites More sharing options...
Stitch Posted February 16, 2016 Share Posted February 16, 2016 On 2/14/2016 at 8:42 PM, Lawman said: Probably the only consensus on spending money you will ever have is "Yes we need a Kegarator." Kegarator yes, easy call. However, then there's the messy "what to plug into it (STS)" discussion. The cheap asses will want Bud/Coors/Miller others will wanna go with something along the lines of limited edition IPAs and brews that require citrus garnishes. There will be no way to win that one... 2 Link to comment Share on other sites More sharing options...
disgruntledemployee Posted February 21, 2016 Share Posted February 21, 2016 Zero pitfalls. You should do it. No one will complain. No one will deploy. Everyone will get along. No one will move in their GFs. Everyone will clean up. Everyone will be responsible with the bills and control their pay per view habits. No one will break things. No one will have weird or destructive pets. No one will PCS without having someone else take over their share. You will always rent out the spare rooms to nice, responsible people and the rooms will always be full. No one will go bankrupt. Nope, never. Out 3 Link to comment Share on other sites More sharing options...
Fud Posted March 21, 2016 Share Posted March 21, 2016 I remember buying a video game with my brother when we were in our teens. We paid equal shares, and broke a lot of dry wall fighting over it. I learned early on this concept was a terrible idea. 3 Link to comment Share on other sites More sharing options...
Dupe Posted March 22, 2016 Share Posted March 22, 2016 (edited) To do this right: make a corporation and hire a manager. Dudes buy in and buy out (or lease in and out depending on how you want to run it) Y'all make it sound impossible, but this is essentially how frat houses are run. They seem to keep going. Edited March 22, 2016 by Dupe 2 Link to comment Share on other sites More sharing options...
Vito Posted March 23, 2016 Share Posted March 23, 2016 (edited) Bought a house with a buddy back in 1989. We rented the extra bedroom to one of my Squadron bro's and everything was awesome for about 3 weeks. My Bud gets a job transfer to another State, no prob, I rent his room to another squadron bro. Then the first renter gets a PCS, and it takes me months to find another dude. I get married and mov a year or so later, then the Air Force decides to change their PCS policy and tells all pilots at my base that if they've been there more than 3 years they need to PCS. The house was empty for months while I tried to find renters, pay my own mortgage, fix stuff that broke, all the time listening to my whiny bud complain about how much it's costing him, even though he lived in another state and didn't do anything. Almost bankrupted me at a tough time in my AF and airline career. Like others have said, what could go wrong? BTW the house cost me $139,000 sold it for $ 110,000 6 years later I couldn't fathom buying something worth $1,000,000 Edited March 23, 2016 by Vito Grammer 2 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now