Why Your Good Idea to co-own property with friends and family is...well... a Good Idea
It normally happens when the wine and spirits are flowing…
inevitably, especially if you’re in a major metropolitan city, the conversation will turn to real estate. Either about how expensive it is and impossible to afford, what you’re looking at or or how you really want to get an investment property that doubles as a getaway.
The next phrase also inevitably is said “let’s go in on a place together.”
If I had a dollar for every time I heard this I might actually be able to afford a single family home in San Francisco...yet the reality is that only a small percentage of those friends or family members will actually follow-through with the dinner time conversation they were so eager to chat about.
So why doesn’t this conversation about co-buying manifest more often in reality?
What’s stopping you from wanting to double or triple your potential net-worth at a fraction of the price on an asset class that historically has done well and created wealth for many in this country?
As someone, who has been fortunate enough to co-own a building with family and co-own a building with friends in San Francisco, I’ve been intrigued by the economic empowerment we can unlock through thoughtful, intentional and trustworthy co-buying. By no means am I an expert, in fact I believe I’m just beginning, but the success and fun I’ve had thus far has led to building Nestment with friends.
Over the next several weeks I’m going to delve into specific aspects of the co-buying process from my experience and give access to resources, insights and thoughts along the way from experts in different fields ranging from lenders, agents, investment property managers, lawyers...and of course many of you who have stories of success and times where you’ve failed forward. I hope by sharing my experience I can shed light on co-buying questions you might have and show you a path to finally starting the process with the friends and family you often talk with about it.
What we’ll be covering over the next five blogs.
- Turning that dinner idea into a real conversation
- Building trust amongst co-buying partners
- Finding the right property
- Demystifying the legal structure
- Making property management easy
Nestment, Inc. does not guarantee and is in no way responsible for the accuracy of information provided in this blog post. All information is provided “AS IS” and with all faults. Data presented here may not reflect all real estate activity in the market. While the information on this site is about legal and tax issues, it is not intended as legal or tax advice or as a substitute for the particularized advice of your own attorney and tax professional.
