Updated about 2 years ago on . Most recent reply
House hacking with family
I have a niece who has been thinking about buying a place but is reluctant to pull the trigger. Meanwhile, I'm interested in getting into real estate investing and am low debt, high income, but cash light outside of emergency savings and my retirement portfolio. I'm trying to imagine how I could partner with my niece to reduce her perceived risk and I'm trying to be creative. I'm thinking about a couple options - 1) Lending her the money for the DP on a multi-family unit and then starting a business where have a joint partnership that owns the house. She would live in one unit and rent out the other; 2) having her provide the down payment, and I would co-sign the loan. We could create a partnership and my niece would live on one side while we rent out the other. We would be co-owners, but I could offer a commitment to buy her out at some point certain if she decides she wants her DP back and to walk away. I'd love thoughts on these ideas or any other ideas especially if anyone has done something like this before. Thanks!