I'd like to buy a house of my own either to live in or to invest in. More the first.
On my own I can only loan up to $300-350K. If I teamed up with another individual (totally unrelated, met on the internet through an ad I placed seeking a partner purely to buy a house with) and we applied jointly for a loan to purchase a property, we'd be able to buy something nicer and in a better suburb than if we did it individually.
I need opinions on this idea or approach to buying or investing in a property. I would want to live in it, as my first home, and this other person would as well, but we'd be open to the idea of buying a property as an investment property, if the math worked. I am a total novice at this, and so is my potential partner.
Questions: Does anyone have any experience with this, or know if anyone who has? I have heard of friends teaming up to buy a property together, but this person would be pretty much a stranger to me. How feasible would it be? Would it be possible to enter into partnership with a total stranger solely to buy the property 50/50, and work out some kind of formal agreement as to how long we would live in it, what would happen if one of us wanted to sell, under what sort of circumstances, and whether one person's "share" of the property could be transferable, etc etc? What are all the possible advantages and pitfalls of this scenario?
I'm eager to own my own property, am saving $1200 a month, and currently have about $15k in the bank, with a $60k a year salary.
I know this all probably sounds incredibly naive, but I'm looking at "alternative" ways of buying and owning asap and am just exploring this idea to see if it could actually work..Be great to hear your views. Thanks.
What's your exit strategy? This may work as a pure investment strategy, but with you both living in it what if you get on each other's nerves.
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