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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Fri, 20 May 2005 20:57:15 -0400
/ Author of the message: Randy Day |
Title of the message: |
Re: Two parties investing in multi-property, big question
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Text of the message: |
nymphetamine@mail.com wrote: > I need some advice on purchasing a multi-family home in NY with an > associate, sharing equal title ownership. > > What I would like is for my share to be paying the down payment, about > 30%, and have the other party pay the remaining 70% (mostly with a > mortgage). > > To balance this, the other party would be responsible for collecting > and handling all the rental income. As well as maintenance expenses? Who pays if the furnace dies? In the middle of winter, of course! ;) > > Once the home is paid off, I would like the rental income to be shared > 50/50. > > Is this done, is it common, is it even possible? Is a contract > necessary? Definitely necessary. You need to specify such things as: - one person wants to buy the other out. How is this handled? Be careful with 'shotgun' clauses! - one person wants out. What if the mortgage is |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.