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Can friends buy together? Is it a good/terrible idea?

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    #32
    evolving_doors
    Closed Accounts Posts: 11,812 ✭✭✭✭evolving_doors


    daheff wrote: »
    Just to weigh in on this again.


    Think of this as going into business with somebody (which effectively it is).

    so long as you treat it this way and have any and all ground rules in place as if it were a business then there is no difference to buying a property or selling other services to clients.


    You would be setting up a property rental company, house/apt is the asset you are leasing out.

    People get a bit caught up with these types of agreements as they let 'home ownership' feelings & emotions enter the equation.

    I think the difference here is that the OP would be living in said investment whilst the other investor would be off site.
    Emotions would be difficult to avoid whilst the op would effectively be an onsite manager whilst friend would be silent partner ...
    Would both be investing the same amount?
    But I suppose without the partner the op would be paying dead money or worse... not being able to find any place to live.


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    #33
    pauliebdub
    Registered Users Posts: 1,064 ✭✭✭pauliebdub


    I wouldn't dismiss it, it worked out very well between me and a reliable friend. Shared a bought house for over ten years with no drama. Time came to move on, it was amicable and we both left with 50 k in our pockets.


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    #34
    Mrs OBumble
    Registered Users Posts: 25,959 ✭✭✭✭Mrs OBumble


    I know people who did this when they were 40, and it worked very well for them. After 10 years, one bought the other out, and they're both far better off for it. Neither could have bought otherwise.


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    #35
    Ayuntamiento
    Registered Users Posts: 346 ✭✭Ayuntamiento


    I know 2 women who did this. Friend number 1 went on to acquire a truly awful boyfriend who basically moved himself in to the property. Friend 2 moved back to her parent's house because this boyfriend was so grotesque and obnoxious to live with.
    Property market collapsed. Both were left with huge negative equity. Friendship ended.
    Last I heard they'd gone their separate ways and the property was sold. However they both now live in small duplex apartments in rough areas of Dublin so the decision has obviously followed them.


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