Board 8 > I now own property with 5 other people

(+) Yeah! (+)

...ask me anything?

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which 1/5 of the property do you own

lay claim to the bathrooms

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Snrkiko posted...

which 1/5 of the property do you own

lay claim to the bathrooms

5 other people, jeeze

Also clearly the strategy is to get all the kitchens and starve everyone else out

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Why
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Who

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Because homes are expensive

And because I've known the other couples involved for a long time and would like to have them as neighbors/co-owners

Also it's a multi-unit building so my wife and I live in a separate unit from the other two couples who have their own units

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How are you arranging to divide the equity in case someone needs to take off?
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KingButz posted...

How are you arranging to divide the equity in case someone needs to take off?

We have a Tenancy in Common contract that a lawyer wrote up for us that gives the other owners right of first refusal in the event something like that does happen. There's also a whole procedure where someone can sell their share to an approved person outside the TIC with approval from enough members.

It does admittedly get messy if neither of those options is viable though.

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Where at? Is paperwork ready for things to get messy if someone sells?

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A little north of Berkeley

Yeah, the paperwork the lawyer drew up for us has provisions for worst case scenarios (death, divorces, someone wanting out)

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Swingers? nice

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This kind of thing COULD get ugly. Hopefully it works out fine for you though!

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ChaosTonyV4 posted...

Swingers? nice

variety is the spice of life

Corrik7 posted...

This kind of thing COULD get ugly. Hopefully it works out fine for you though!

I mean people enter into housing arrangements with just one other person, and those always work out fine, right? So what's another four?

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VintageGin posted...

variety is the spice of life

I mean people enter into housing arrangements with just one other person, and those always work out fine, right? So what's another four?

Trust me when I say those don't always work out fine. Haha.

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Where do you live where homes are so expensive you can only afford 1/6th of one

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Corrik7 posted...

Trust me when I say those don't always work out fine. Haha.

Yeah, that was a joke

SantaRPidgey posted...

Where do you live where homes are so expensive you can only afford 1/6th of one

The bay area. Also technically it's more like 1/4 shared with my wife because the shares are uneven.

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So it's essentially a 3 unit condominium that you guys all went in on and then divided up the individual units.

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Obellisk posted...

So it's essentially a 3 unit condominium that you guys all went in on and then divided up the individual units.

Four units because one couple owns two. It's not really condos because the process of turning the units into condos is apparently a bit of a pain in the ass, which is why we have a share of ownership rather than owning just our own units directly.

There's also some parts of the property that we're using as communal space.

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i get the need to do this with house prices over there but yeesh i would not want to do that

still better than not owning anything, though! congrats

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How large are the units?

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X_Dante_X posted...

i get the need to do this with house prices over there but yeesh i would not want to do that

still better than not owning anything, though! congrats

I mean, it's not all down to cost. Part of it is just that these are people that I like spending time with, and it's way easier to have spontaneous interactions with people when they are your neighbors.

Also I've lived with one of the dudes for like 7 years (renting) and we've built quite the bar...splitting that up would be too much of a pain so we might as well just go all in.

Obellisk posted...

How large are the units?

Not large. The interior space is about 900 square feet but there's a fair amount of exterior space attached to each.

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Spent the night in our unit along with one of the other couples to sort of celebrate.

We can't actually move in yet, so we just slept on the floor.

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Nice dude

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