Waiting to buy a home

[guy2073]

Originally Posted by 28CarsLater

Thanks. I'm sure by the time myself, my best friend, and his new wife get our collective stuff together it will be gone.

South Fayette is nice but whoaaa on the taxes. I desperately tried to look at the property below in 2017 as one of my exes grew up there and somehow the house got into some weird ownership state she would never fully explain to me when we dated (2015). I never got to see the inside but the property was very nice from the outside, notice what they listed it at, what it finally sold for, and note the tax assessment even after sale. I think when I inquired the taxes were like 9K all told [!]. I recall my agent explaining three South Hills boroughs have attorneys on retainer to fight every single assessment challenge: USC, Mt Lebo, and South Fayette. Blows my mind what they have it assessed at, then again my own assessment is also too high but not as out of whack as that one.

https://www.zillow.com/homedetails/4...59855106_zpid/

I maybe stepping over the line but i am going to give you some advice. If you are buying property with a friend make sure you buu it under a corporation with a clear written exit strategy. I personally would never buy a property with anyone other than my wife. I have been sitting on a vacant home with a "friend" who convinced me to go 50/50 on. It ends up being ugly when the other party doesnt hold up there end of the agreement.

[28CarsLater]

Originally Posted by guy2073

I maybe stepping over the line but i am going to give you some advice. If you are buying property with a friend make sure you buu it under a corporation with a clear written exit strategy. I personally would never buy a property with anyone other than my wife. I have been sitting on a vacant home with a "friend" who convinced me to go 50/50 on. It ends up being ugly when the other party doesnt hold up there end of the agreement.

Not out of line at all, thank you for the astute advice sir. My issue is on my own I don't think I can finance such a purchase, she is foreign with access to capital and she expressed an interest in a real estate investment(s?) to he and myself when she has all of her affairs settled in Asia.

[guy2073]

Originally Posted by 28CarsLater

Not out of line at all, thank you for the astute advice sir. My issue is on my own I don't think I can finance such a purchase, she is foreign with access to capital and she expressed an interest in a real estate investment(s?) to he and myself when she has all of her affairs settled in Asia.

Lots of people are rolling over there 401k into ira's and buying real estate whith that. I never did that but i know it is happening. There are lots of amateur investors in the market now. I saw it a lot with my contracting business. I think that is why some of the multi family property prices seem inflated to me.

[Copanut]

Originally Posted by guy2073

I maybe stepping over the line but i am going to give you some advice. If you are buying property with a friend make sure you buu it under a corporation with a clear written exit strategy. I personally would never buy a property with anyone other than my wife. I have been sitting on a vacant home with a "friend" who convinced me to go 50/50 on. It ends up being ugly when the other party doesnt hold up there end of the agreement.

Times 100! People change and it can get VERY ugly.

[jea6321]

Originally Posted by guy2073

I maybe stepping over the line but i am going to give you some advice. If you are buying property with a friend make sure you buu it under a corporation with a clear written exit strategy. I personally would never buy a property with anyone other than my wife. I have been sitting on a vacant home with a "friend" who convinced me to go 50/50 on. It ends up being ugly when the other party doesnt hold up there end of the agreement.

you can take title as tenants in common for any partnerships, that way you are free to sell your interest in the property without the other party. Most people would want a right of first refusal in place under this situation to protect both sides.

[28CarsLater]

Originally Posted by guy2073

Lots of people are rolling over there 401k into ira's and buying real estate whith that. I never did that but i know it is happening. There are lots of amateur investors in the market now. I saw it a lot with my contracting business. I think that is why some of the multi family property prices seem inflated to me.

I've been reading about this for the past year or so, most of the articles focus on the "flippers" though. Perhaps the upcoming recession will weed out the unprepared a little bit? Incidentally you may enjoy this piece, I found it very informative:

https://realestatedecoded.com/new-st...odern-bubbles/

[guy2073]

Originally Posted by jea6321

you can take title as tenants in common for any partnerships, that way you are free to sell your interest in the property without the other party. Most people would want a right of first refusal in place under this situation to protect both sides.

I never thought of this, thank you i will look into this.

[guy2073]

Originally Posted by 28CarsLater

I've been reading about this for the past year or so, most of the articles focus on the "flippers" though. Perhaps the upcoming recession will weed out the unprepared a little bit? Incidentally you may enjoy this piece, I found it very informative:

https://realestatedecoded.com/new-st...odern-bubbles/

I was a fat kid in a discounted candy store during the last recession.

[28CarsLater]

Originally Posted by Copanut

Times 100! People change and it can get VERY ugly.

Thanks for the input.