All Forum Posts by: Justin Deshaies
Justin Deshaies has started 1 posts and replied 3 times.
Post: Tips on how to setup a property with a partner
- Posts 3
- Votes 0
Quote from @Jonathan Greene:
None of these steps sound sound. Why are you buying something 2 hours away at 20 years old? Price point differential? Why not house hack where you go to college and put 3.5 to 5 percent down instead of 20 percent? This statement, "I can get all the money from my lender that I need," doesn't make too much sense to me either.
I apreciate the answer
Ill try to answer your questions,
I want to invest were I live and intend to live after college. I currently go to school in Montreal so the market doesn't really interest me there for what i could pay
when I say I can get the all the money its just that it's not like I need for my potential partner to chip in but I just think that he should chip in, at least a little bit so that he would feel more "invested" in the project. To be clear, the lender is in the family and he is pretty flexible if I can say. I would put 0 down
I hope it's more clear
Post: Tips on how to setup a property with a partner
- Posts 3
- Votes 0
Quote from @Caleb Brown:
I think you need a PM and not partner. Not worth the hassle. If you want to check on the property every few weeks you can but a good PM can do everything you need without strings attached that a partner would do
thanks for tip!
Post: Tips on how to setup a property with a partner
- Posts 3
- Votes 0
I am on my way to buy my first property as a 20 year old student. I really want to have a partner because I am not near the property all year round (I study a couple hours away). I found someone that I think would be a good fit because he is firm, trustworthy and he is able to work manually quite well. He also lives near the property and in his mid 50's. I am not sure of his financial situation but it is not really a problem because I can get all the money from my lender that I need.
I want to give him incentives to work with me but I am pretty sure he doesn't want to spend a big sum of money into the property.
My idea is to ask him to pay 5% of the property and get 10% of the property. I would also make sure that he doesn't sell his part for at least 3 years.
What do you guys think of this arrangement? I feel like it is a good deal for both of us but like I said, it is my first time and I don't want to shoot myself in the foot.