It’s my friends who are brothers and we all have same goals to be successful and I’m going into construction there going into welding and concrete we got this we’ve been friends since we were babies basically
So , what if/when your lifelong, same goals buddy meets a girl he loves and wants to marry ? They have a baby, etc. You then move out and rent a caravan because they can't afford to buy you out for about 10yrs because of inflation, despite his friend's high wage and good budgetting, and "no other debt" ethics, and you don't want to force a family with kids to have to grow up in a caravan or live on the streets.. Then you meet the love of your life, and need a home of your own... That is what my husband faced. Luckily I had a small place of my own, so we could wait till his buddy was able to take over the whole mortgage ( though hubby was never able to wait long enough to get any profit from the sale because he needed to be free to take on a shared mortgage with me so we could accomodate our own growing family !!)
I bought a house with my then boyfriend back in the late 90's. We had lived together for awhile, our rent kept going up and we decided to save up a down payment and buy a home together. We found a home that was well below what we were qualified to buy based on our incomes. Not long after we bought, homes started to really rapidly appreciate. We were both working and we both paid 50% of the down payment, maintenance costs, mortgage, utilities, etc just like we had both paid 50% of everything when we were renting. We did wind up getting married a few years later and by that point we had a fair amount of equity in our home. First baby came along and I was able to stop working and stay at home with our child. Then the second baby was born. We were in that home for close to 20 years before we sold and rolled that equity into our current home. I just wanted to relay my story because sometimes it does work out to buy a home with someone you are not married to. For us it turned out to be a darned good move.
@goofy girl Your case is the like the one case that worked out, out of the thousands of cases that failed. Many more examples of failures than success in today's society. This ain't the 90s. People are more selfish in today's age. Count yourself lucky that it worked out for you.
Yea, betting on 14 with $10000 on the roulette board sounds like a “good move” if the ball lands on 14. You just were playing the casino game and one of the very low percent where it worked out
@@irl8796 It wasn't as though I picked some random friend to buy a house with. My boyfriend and I both had decent jobs, had shared a rental and had been splitting expenses for years 50/50.
And that’s always good advice, but millennials in particular are doing it because they just can’t afford a house otherwise. Certainly outside of the worst neighborhoods anyway where you can get shot just for walking down the street. It’s really bad out there.
I feel this could be best achieved by purchasing a multi family and each taking a floor. If one leaves the other could potentially supplement the other half of the mortgage with the rent. Fix the place up and sell it after a few years and split the profits. Would have to be someone you trust, would have to really hash it out.
This could possibly work if the friends formed some type of corporation which they each owned a number of shares in. The corporation could then buy the house and each friend would "own" a percentage of the house based on their number of shares in the corporation. It's not something I would do and it could be an incredible pain in the behind but it might work.
True, business partnerships have their pros and cons. With both businesses and "sharing" a home, a HUGE issue is if things go south. Let's say partners share a $1 million business. If one partner wants to back out and claims they are owed their $500k half, that could lead to the other partner going bankrupt.
i will never buy a home with a friend, I will only rent to save money with people until I have enough save so I can get a place on my own. U two will live very different lives. When you have a spouse you guys will always stay together so why buy a property together if your not planning to stay together?
Home ownership has become all about consumerism. People are owning homes for like less than 10 years nowadays not realizing all those gains are eaten up by agents, lawyers, contractors and taxes
There are so many ways to make this work. It’s a great way to increase your investment portfolio. I’ve done it twice. Co habitation agreements can help out so much!
When it comes to big financial decisions you have to be very careful and thorough. Ask all the questions even uncomfortable ones before signing anything
if you're planning to flip the house, it might work, but only if flipping is something you'd do with or without the friend. You get a house together and do the work and renovation together, you can get the work done quicker. Then sell it in a few months.
If someone wants to leave (gets married, move) they are tied up in that house if they want to buy/rent someplace else. The other person may not be able to afford on their own or can't refinance out. Short term seems like a good idea, long term....no one wants to live with a friend forever. People go separate ways not to mention mixing finance and friendship isn't a good ideal. Maybe some please have good experiences. You are lucky of a marriage works.
another reason why I don't like some of Ramsey's team's takes. They could've mentioned getting legal guidance, establishing a trust fund, having structure, having an accountant to distribute rent payments to all owners of the property, etc. WHY DO THEY NOT ADD NUANCE????? People in the comments, please do your research. Yes it COULD be a bad idea, but it COULD be a GREAT idea if you are organized and have people who agree to legal terms/contracts to keep everyone protected.
There are ways to make this work and not necessarily get messy. Yes things can go bad, but there are obvious ways for both individuals to protect themselves if things do go bad. Plus not everybody is the same. Some can simply make it work. Who knows maybe Bob and Larry are a couple but just not letting the world in on that secret. ;) Anyways personally I wouldn't mind exploring options like this. I'm actually stumbling on this video because I was thinking about it. I picture buying property with decent enough acreage. Build an additional property on a part of the land and let "Bob" have the main home... or maybe we both decide to do the same thing and the main plotted land get rented out. Then at some point we do the work to divide the land. Then from there if I decide to move on Bob can refinance the loan without me and the property I'm no longer using can be rented or sold at some point. :D
Well. My wife and I contribute to this statistic, but we closed on our house the week before the wedding because we wanted to move in right away after getting married.
As if we don't consider that stuff before we make a decision to buy the house... You are both so out of touch with reality. I will never own a house if I don't go in with friends. And platonic friendship is just as strong a bond as romantic relationships, too.
You can live in your friends’ house renting a room. Don’t have a stake in the house because if something happens then how in the world would you bet your $$ back! It will ruin your friendship!
@@stellarocquie7957 a marriage has community property. If the house is bought after you get married, it still doesn’t apply in a prenup. So, even if only one person owns 100% of the house, when they get a divorce, it will still be split 50-50. Only changes if the prenup is established AFTER the house was bought and included in it. Been there done that.
I wish I bought a starter home and rented out the rooms! I don’t think I will able to afford a home 🏡! A lot of boyfriends and girlfriends are shacking up. Who cares?
When you're looking at 2k plus square ft home in affluent suburbs, sure. Your comment simply is not true. I wonder where you are looking at home prices?
What generation? The new born generation? I live in New Jersey, one of the highest states for cost of living. I bought a house at 30 in 2020. You need to try harder working up a healthy income is your problem.
Is nothing new, is the same thing as buying a house while married. The guy loses it all. Friends will be more likely to sign an agreement contract than a woman in the united states signing a prenup. Talking from my personal experience and experience from friends who also lost it all in a divorce. Marriage doesnt benefit guys at all and its the most dangerous document to sign where you risk all of your assests and not just the house
one of the problems is there are different laws for singles vs married. the same rules and laws should apply to all. not everyone wants to marry and not everyone will have the opportunity. i am not against marriage or married people but the notion they are more accomplished or have earned more rights than the unmarried is nonsense
Even though they didn't agree with it I thought it was made quite clear in the video why they do it. Rents expensive and home ownership is expensive. We live in a time where a lot of people can't even rent a 1 bed apartment on their own and stay afloat. The sensible option from there is obviously to rent with someone else, but that option becomes less desirable when in a matter of a year or 2 any savings you gained from having a roommate are lost with rent increases. So that brings people to exploring co-home ownership. There are ways to make it work without it needing to get messy or weird when obvious life changes happen. They could purchase a duplex so in the event one or both start a family there is that sense of privacy. If one of the two homeowners decide they need a bigger house or need/want to relocate there's the option of renting out their half of the property.
Is it not discrimination and prejudice to treat one group differently from others? Nothing against married couples but they should not have privileges and rights non married people do not
Skewing that stat might be the number of couples (married or shacking) that don’t share a surname. When we married, my wife kept her family name, as many Asians do.
In this sense, why not just buy a place half the size yourself? 😂 odds are you’re not going to save even if it seems cheaper on paper up front. Factor in the risk of a relationship going south with the friend and you’re in a world of stress
I would rather house hack by buying the house myself and renting out the other floor or rooms to my friends. I actually did this back in then 90s after I went through a divorce. I rented out rooms to a couple of friends and the rent they paid just about covered my house payment. Plus, since they're just renting you can kick them out if you need to for some reason.
@@LG123ABC I think in terms of people that go the route mentioned in the video is to better their odds of getting approved for a mortgage and be able to provide adequate enough down payment. Let's say for example 2 people have their own savings for a down payment ready... 40% does them better than 20%.
At this point, not worth it. Lol. Pay the attorney fee for the contract and then more attorney fees when you end up in court with your friend, now enemy
It's usually not a good idea to become roommates with someone you consider a close friend. You may lose the friend. Happened to me. Not a good idea to live with someone you're not married to. So, buying a house with a friend, by default, REALLY bad idea.
You guys have traction, a load of followers. By your own admition codependance is up more than 700%. Something must be working, right? Just because you see a ton of what ifs, doesn't mean it's not right for others. Co-dependancy legal form checklist, would have been a much better way to answer viewers questions rather than, 'do not do it'. You are my first research stop on Co-dependancy living. I'm not impressed by your advice.
It’s literally the same thing as starting a company with your friends/family especially if the property is being used for driving additional income. I’m not sure why this channel always needs to over index on the risks - there’s always risk in anything we do.
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3hc6Pgt
This is why I bought a house with my enemy.
You take the phrase "Keep your friends close, and your enemies closer" to a whole new level
@@waybogus Yup, that’s why I married her.
@@enricopallazzo3244 😂😂😂
Lol
You probably have a greater chance of becoming friends with them, then successfully buying a house with friends :)
Can’t help but feel like of course landlords and owners of multiple homes don’t want us doing this - they want us to pay them rent every month
Exactly. It’s the only way to buy a house at my age. I refuse to rent
not when it's a friend you've known since middle school and you have the same goals
It’s my friends who are brothers and we all have same goals to be successful and I’m going into construction there going into welding and concrete we got this we’ve been friends since we were babies basically
So , what if/when your lifelong, same goals buddy meets a girl he loves and wants to marry ? They have a baby, etc. You then move out and rent a caravan because they can't afford to buy you out for about 10yrs because of inflation, despite his friend's high wage and good budgetting, and "no other debt" ethics, and you don't want to force a family with kids to have to grow up in a caravan or live on the streets.. Then you meet the love of your life, and need a home of your own...
That is what my husband faced. Luckily I had a small place of my own, so we could wait till his buddy was able to take over the whole mortgage ( though hubby was never able to wait long enough to get any profit from the sale because he needed to be free to take on a shared mortgage with me so we could accomodate our own growing family !!)
You do what you need to do, as long as both are on the same page and all the issues are worked out before hand.
I bought a house with my then boyfriend back in the late 90's. We had lived together for awhile, our rent kept going up and we decided to save up a down payment and buy a home together. We found a home that was well below what we were qualified to buy based on our incomes. Not long after we bought, homes started to really rapidly appreciate. We were both working and we both paid 50% of the down payment, maintenance costs, mortgage, utilities, etc just like we had both paid 50% of everything when we were renting. We did wind up getting married a few years later and by that point we had a fair amount of equity in our home. First baby came along and I was able to stop working and stay at home with our child. Then the second baby was born. We were in that home for close to 20 years before we sold and rolled that equity into our current home. I just wanted to relay my story because sometimes it does work out to buy a home with someone you are not married to. For us it turned out to be a darned good move.
You're a minority.
@goofy girl
Your case is the like the one case that worked out, out of the thousands of cases that failed.
Many more examples of failures than success in today's society. This ain't the 90s. People are more selfish in today's age. Count yourself lucky that it worked out for you.
Yea, betting on 14 with $10000 on the roulette board sounds like a “good move” if the ball lands on 14. You just were playing the casino game and one of the very low percent where it worked out
I will add, that if one of my kids came home talking about wanting to buy a house with a couple of their college buddies I would not encourage that.
@@irl8796 It wasn't as though I picked some random friend to buy a house with. My boyfriend and I both had decent jobs, had shared a rental and had been splitting expenses for years 50/50.
Don’t buy a house or have a baby with someone you aren’t married to.
Divorces don’t exist all of a sudden?
@@alejandroguerrero7841 Do it your way. You will see how bad it can be.
And that’s always good advice, but millennials in particular are doing it because they just can’t afford a house otherwise. Certainly outside of the worst neighborhoods anyway where you can get shot just for walking down the street. It’s really bad out there.
Why? Marriage makes little difference. Plenty of couples that aren’t married that are happier than married couples.
@@millsathn According to statistics or your own imagination?
I feel this could be best achieved by purchasing a multi family and each taking a floor. If one leaves the other could potentially supplement the other half of the mortgage with the rent. Fix the place up and sell it after a few years and split the profits. Would have to be someone you trust, would have to really hash it out.
It gets messy if it goes south even when you are just renting with a friend.
"hey man I'm moving out. The mortgage is all yours!". That's why
Or I want to move and sell the house while your still in it!
Saw that with a colleague and his girlfriend, when she decided to split. But she still wanted her half of the house's price back.
that can happen in a marriage also
@@JFDSmit-rm6tw i mean she did pay half so why not ask for it.
@@musicpro7278 I don't say it is wrong to want her part back, but I do say that it was a clear example of what the OP stated.
This could possibly work if the friends formed some type of corporation which they each owned a number of shares in. The corporation could then buy the house and each friend would "own" a percentage of the house based on their number of shares in the corporation.
It's not something I would do and it could be an incredible pain in the behind but it might work.
This happens all the time… it’s called having a business partner.
True, business partnerships have their pros and cons.
With both businesses and "sharing" a home, a HUGE issue is if things go south. Let's say partners share a $1 million business. If one partner wants to back out and claims they are owed their $500k half, that could lead to the other partner going bankrupt.
i will never buy a home with a friend, I will only rent to save money with people until I have enough save so I can get a place on my own. U two will live very different lives. When you have a spouse you guys will always stay together so why buy a property together if your not planning to stay together?
To use it as an investment property?
@@chadmarrocco nope I would not either unless its used for business purposes and i wouldn't do business with friends.
I will kindly disagree!
what happens when rent is more expensive than a mortgage? Also you could just sell the house if you split up
@@sabus1265 mhm not that easy only if they want to relocate
Yeah, I would never do this. Too many frienemy situations out there. Marriage and home ownership can still be a hot mess of its own though.
HAHAHA! And ALL marriages live happily ever after ?
Home ownership has become all about consumerism. People are owning homes for like less than 10 years nowadays not realizing all those gains are eaten up by agents, lawyers, contractors and taxes
Good point. I hadn’t considered that and appreciate your comment.
What? Please explain
@@insideoutsideupsidedown2218 closing costs and property tax
I've had friends ask me to share investment properties. Even though we have similar mindsets I will always say no. So many things can go wrong.
Name some
There are so many ways to make this work. It’s a great way to increase your investment portfolio. I’ve done it twice. Co habitation agreements can help out so much!
When it comes to big financial decisions you have to be very careful and thorough. Ask all the questions even uncomfortable ones before signing anything
if you're planning to flip the house, it might work, but only if flipping is something you'd do with or without the friend. You get a house together and do the work and renovation together, you can get the work done quicker. Then sell it in a few months.
Flipping houses is for evil people. Anyone who flips houses is part of every problem.
If someone wants to leave (gets married, move) they are tied up in that house if they want to buy/rent someplace else. The other person may not be able to afford on their own or can't refinance out. Short term seems like a good idea, long term....no one wants to live with a friend forever. People go separate ways not to mention mixing finance and friendship isn't a good ideal. Maybe some please have good experiences. You are lucky of a marriage works.
Including "spouses".
it's bad enough renting an apartment with friends... but buying a house with them .. noo thank you
r/badroommates comes to mind
Good negotiations and trust are key. Also having a BIG house.
The writer's wife's boyfriend agrees with this conclusion.
What about siblings? Either going in to buy a family vacation spot or who inherit a house?
Can be worse than dealing with friends.
I'm wondering if most of these homes are investment properties
Good point
Growing pains
These work out well usually, yeah.
Nightmare scenario.
another reason why I don't like some of Ramsey's team's takes. They could've mentioned getting legal guidance, establishing a trust fund, having structure, having an accountant to distribute rent payments to all owners of the property, etc. WHY DO THEY NOT ADD NUANCE????? People in the comments, please do your research. Yes it COULD be a bad idea, but it COULD be a GREAT idea if you are organized and have people who agree to legal terms/contracts to keep everyone protected.
A house? Even you can't buy a book with a friend
There are ways to make this work and not necessarily get messy. Yes things can go bad, but there are obvious ways for both individuals to protect themselves if things do go bad. Plus not everybody is the same. Some can simply make it work. Who knows maybe Bob and Larry are a couple but just not letting the world in on that secret. ;)
Anyways personally I wouldn't mind exploring options like this. I'm actually stumbling on this video because I was thinking about it. I picture buying property with decent enough acreage. Build an additional property on a part of the land and let "Bob" have the main home... or maybe we both decide to do the same thing and the main plotted land get rented out. Then at some point we do the work to divide the land. Then from there if I decide to move on Bob can refinance the loan without me and the property I'm no longer using can be rented or sold at some point. :D
I don’t agree on everything Ramsey say. That one thing I 100percent agree with.
A real estate partnership is fine. There MUST be a legal agreement.
This is as STUPID AND IRRESPONSIBLE as buying a home with a "spouse". Probably MORE SO in a marital arrangement !
No business in friends and family, no friends and family in business.
If it’s an investment property I see no problem with it
Agree, everyone always going to have something negative to say, but if you’re smart about it, I think it’s a great idea
My cousin has lived with her boyfriend for ~35 years. Longer than the majority of marriages.
It could get messy but no more messy than a divorce
I'd only try that if the roommates were dormmates, and you have some experience living with them, and you know what to expect. Otherwise, no way.
I bought a home with my mother, worst decision I made. I want to sell the house and my mother doesn't. I'm stuck!
Same boat.
Well. My wife and I contribute to this statistic, but we closed on our house the week before the wedding because we wanted to move in right away after getting married.
Not quite the same.
But during that week, you both were financially vulnerable in case something stopped the wedding.
As if we don't consider that stuff before we make a decision to buy the house... You are both so out of touch with reality. I will never own a house if I don't go in with friends. And platonic friendship is just as strong a bond as romantic relationships, too.
this is a lie
Anything is a bad Idea with the Wrong people. getting a house with someone you just married can be a bad Idea just the same as a friend.
You can live in your friends’ house renting a room. Don’t have a stake in the house because if something happens then how in the world would you bet your $$ back! It will ruin your friendship!
Why isn't anyone applying these EXACT SAME problems and possibilities to, um, homeownership in a MARRIAGE ?
@@stellarocquie7957 a marriage has community property. If the house is bought after you get married, it still doesn’t apply in a prenup. So, even if only one person owns 100% of the house, when they get a divorce, it will still be split 50-50. Only changes if the prenup is established AFTER the house was bought and included in it. Been there done that.
Thank you for talking about this. I have been hearing this idea more often and have thought it sounded like a bad idea.
As bad as marriage, itself. SOMEBODY had to say it !
Keep things simple.
Bob and Larry... Veggie tales anyone?😂😂
I wish I bought a starter home and rented out the rooms! I don’t think I will able to afford a home 🏡! A lot of boyfriends and girlfriends are shacking up. Who cares?
No choice because houses aren't affordable for our generation.
Because of foreign buyers (not Americans).
BS
When you're looking at 2k plus square ft home in affluent suburbs, sure. Your comment simply is not true. I wonder where you are looking at home prices?
Buy somewhere else.
What generation? The new born generation? I live in New Jersey, one of the highest states for cost of living. I bought a house at 30 in 2020. You need to try harder working up a healthy income is your problem.
Is nothing new, is the same thing as buying a house while married. The guy loses it all. Friends will be more likely to sign an agreement contract than a woman in the united states signing a prenup. Talking from my personal experience and experience from friends who also lost it all in a divorce. Marriage doesnt benefit guys at all and its the most dangerous document to sign where you risk all of your assests and not just the house
When is this show live????????
1-4 pm CT
@@justinbowman2126 thank you
Goodbye friendship! 😬
me searching for this as if me and my bestie can afford a door
Should have used Robert an Lawrence.
Just saying...
How the hell did this come up when I was looking for funny House MD video clips...
Bob and Larry... Veggietales reference!?
Why would anyone do this?? It's so stupid!!
one of the problems is there are different laws for singles vs married. the same rules and laws should apply to all. not everyone wants to marry and not everyone will have the opportunity. i am not against marriage or married people but the notion they are more accomplished or have earned more rights than the unmarried is nonsense
@@eatpigsnot No one says that. You don't have to be married to buy a house. Go buy one when you can afford it.
Even though they didn't agree with it I thought it was made quite clear in the video why they do it. Rents expensive and home ownership is expensive. We live in a time where a lot of people can't even rent a 1 bed apartment on their own and stay afloat. The sensible option from there is obviously to rent with someone else, but that option becomes less desirable when in a matter of a year or 2 any savings you gained from having a roommate are lost with rent increases.
So that brings people to exploring co-home ownership.
There are ways to make it work without it needing to get messy or weird when obvious life changes happen. They could purchase a duplex so in the event one or both start a family there is that sense of privacy. If one of the two homeowners decide they need a bigger house or need/want to relocate there's the option of renting out their half of the property.
This is frightening.
They're called Fiends..... friends without the R
@@rosaliemarie4620 Are they a type of homosexual?
Holy smokes society is imploding faster than I expected.
Do they not know that "Bob" and "Larry" are just nicknames for Robert and Lawrence?
Is it not discrimination and prejudice to treat one group differently from others? Nothing against married couples but they should not have privileges and rights non married people do not
Home's will only sell for what someone is willing to pay, if you work remotely and home's are to expensive in your area then move
good way to lose a friend
Skewing that stat might be the number of couples (married or shacking) that don’t share a surname. When we married, my wife kept her family name, as many Asians do.
As most of the world does.
My wife kept her name because has children
Oof I would never do that. What if you want to move but the other doesn't?
The other can refinance the loan without you.
My uncles bought a house together back in the day. Seems to have worked out just fine for them.
That’s why they need to do the Dave Ramsey program so that they can pay off your student loans and get their own house!
What about with a brother?
Even worse
@@irl8796 it’s still bad but I don’t think worse than with a friend
@@irl8796 to your point it’s a bad idea to co buy with anyone other than a spouse or husband. Good day to you 👍
"Blessed is the man who trusts in the LORD, And whose hope is the LORD.”Jeremiah 17:7
There is only one
Can't be too blessed if they are buying houses with friends and coworkers because wages don't keep up with the cost of living.
Depends on how big the home. If he grts his floor and the other gets his floor they will be alright
In this sense, why not just buy a place half the size yourself? 😂 odds are you’re not going to save even if it seems cheaper on paper up front. Factor in the risk of a relationship going south with the friend and you’re in a world of stress
I would rather house hack by buying the house myself and renting out the other floor or rooms to my friends. I actually did this back in then 90s after I went through a divorce. I rented out rooms to a couple of friends and the rent they paid just about covered my house payment.
Plus, since they're just renting you can kick them out if you need to for some reason.
@@LG123ABC I think in terms of people that go the route mentioned in the video is to better their odds of getting approved for a mortgage and be able to provide adequate enough down payment. Let's say for example 2 people have their own savings for a down payment ready... 40% does them better than 20%.
Robert and Randolf?
Is this James Bond & Lord of the Rings?
Hey, Brandon --- let's go buy a house together! C'mon, let's go Brandon!!
Terrible take ngl
You need to get a lawyer involved and write up a good contract.
Great advice.
At this point, not worth it. Lol. Pay the attorney fee for the contract and then more attorney fees when you end up in court with your friend, now enemy
@@irl8796 It's always better to have things in writing -- worth every penny.
CASEY YOU MOST HATED SPAMMER
@@multistack1502 How is he spamming?
Nope nope nope nope nope
I'd argue that it's more risky to buy a house with a wife.
It's usually not a good idea to become roommates with someone you consider a close friend. You may lose the friend. Happened to me. Not a good idea to live with someone you're not married to. So, buying a house with a friend, by default, REALLY bad idea.
And BUYING and LIVING with a marital partner is a GOOD IDEA? LOL LOL LOL!
@@stellarocquie7957 yes Stella. It is.
omg too much beta energy!
Im be golden girl it.
You guys have traction, a load of followers. By your own admition codependance is up more than 700%. Something must be working, right?
Just because you see a ton of what ifs, doesn't mean it's not right for others.
Co-dependancy legal form checklist, would have been a much better way to answer viewers questions rather than, 'do not do it'.
You are my first research stop on Co-dependancy living. I'm not impressed by your advice.
😎👍👌🖖✌😁
First
It’s literally the same thing as starting a company with your friends/family especially if the property is being used for driving additional income. I’m not sure why this channel always needs to over index on the risks - there’s always risk in anything we do.