Hey, so here’s the deal. I’ve been brainstorming a way to help my three sons jump into the homeownership game without each of them having to deal with separate down payments and monthly expenses. The guys are all grown-up now, two are still chilling at home, and the oldest has been renting for a while.
I know personal relationships can sometimes get a bit messy, but luckily, my sons get along like a house on fire. So, let’s just assume for now that there won’t be any drama on that front. Here’s the lowdown on what I’ve been thinking:
First off, we’d each own an equal 25% share in the property. I’ve got solid credit and enough cash to cover most of the down payment, while the boys have some savings that could chip in for the rest. I’m pretty handy around the house, and with the help of other family members nearby, we’ve got maintenance covered.
Our main aim here is to snag a property and start building equity for the lads. We’re not too fussed about making money from it right away, but we’d set up a monthly fund for maintenance costs. While I’m not a real estate expert, I’ve had some experience renting out our old place after we moved.
When it comes to wearing our different hats – owner/landlord versus tenant – we’d keep things separate. If one or more of the boys choose to live in the house, they’d pay rent and cover expenses just like any other tenant.
I’m thinking a duplex would be the dream setup. With one side having three bedrooms, the guys could all crash on one side and rent out the other, lowering their expenses. Plus, it’s kind of like living in a single-family home, which suits their vibe since they’re pretty chill and respectful dudes.
Now, onto the nitty-gritty legal stuff. How would we structure this on a mortgage and deed? And who should I hit up first – a banker, lawyer, accountant, or real estate agent? Would love to hear your thoughts on this whole crazy idea of mine. Feel free to tear it apart if you think it’s bonkers.