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Bunkered View Drop Down
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What AM I smoking?

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    Posted: 10 June 2009 at 8:30am
I'm thinking about getting a foreclosed home for cheap as there are quite a few in my area. I'm thinking about getting a 3bed/2bath house in a slightly rural setting (about 20 miles south of Flint), and charging rent to one other person.
Here's the catch: My girlfriend wants to move in and be a partner in this affair. On the surface, it seems like a great idea; we have a great relationship, don't fight much at all. The additional money from her paycheck would help us get the house in the first place while looking for a roomate, and one person's rent could easily cover the entire payment on some of these houses.

BUT.... I don't know if it's worth it to give up living on my own yet.
Is this going to suck all fun out of my life?
Experiences, anyone?
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oldpbnoob View Drop Down
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Not old, Not noob. May be Dave's grandma

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I would never buy a house with a woman that I was not married to. If you had said "fiance", maybe, but girlfriend... not a chance. If you can't commit to marrying her, why would you even consider buying a house with her? In this market, if something happens and you break up, do you realize how much of a PITA it will be? You risk not only losing money in having to do a quick sale to unload it, you have the added aggravation of dealing with someone you no longer like.
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Benjichang View Drop Down
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I pwned Leroy Jenkins!

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Yeah. If you wanted to buy the house yourself then charge her rent, I may have a different opinion.

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oldpbnoob View Drop Down
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Not old, Not noob. May be Dave's grandma

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You may also want to check with your bank regarding lending rules. I would imagine with the debacle these days, that lending restrictions are a bit tighter. If you are depending on a roomate and another income to be able to afford the house, you might have a hard time qualifying. As far as financial advice, if you can't afford the home on your own, don't even consider it. Roomates are flakey and the last thing you want to do is be married to your mortgage.
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Peter Parker View Drop Down
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Originally posted by oldpbnoob oldpbnoob wrote:

I would never buy a house with a woman that I was not married to. If you had said "fiance", maybe, but girlfriend... not a chance. If you can't commit to marrying her, why would you even consider buying a house with her? In this market, if something happens and you break up, do you realize how much of a PITA it will be? You risk not only losing money in having to do a quick sale to unload it, you have the added aggravation of dealing with someone you no longer like.
 
Yep.

"E Pluribus Unum" does not mean "Every man for himself".

Pop Quiz: What do all the Framers of the Constitution have in common?
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hey bud, let’s party!

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don't put her name on anything. if you want to buy the house then buy it and have everything in YOUR name. like said, she can move in with you and pay rent but don't let her be a legal partner...i would never co-own a house or car with anyone unless i was married to them

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High Voltage View Drop Down
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Fire in the disco

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Originally posted by Boss_DJ Boss_DJ wrote:

don't put her name on anything. if you want to buy the house then buy it and have everything in YOUR name.

QFT
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American Scotchy

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Originally posted by High Voltage High Voltage wrote:


Originally posted by Boss_DJ Boss_DJ wrote:

don't put her name on anything. if you want to buy the house then buy it and have everything in YOUR name.
QFT
saving the world, one warship at a time.
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Commie Canuck

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I'm tempted to agree with those above me. I'm fine with living with my gf, I really like it, but I don't think I would buy a house with her, or even an apartment. I'm too young, and its a big financial burden, and if things went sour it would be the last thing I'd need and want.
Living on your own, especially if you are mature enough to do so, is fantastic. Just be sure you do it right.
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I'm going through the same thing really, but on the "girlfriend" side of it. Boyfriend wanted to buy anothter house. (it's like his 3rd one to own, so i know that he knows what he's doing when it comes to affording it and junk) He asked me if i wanted to move in and i said yes. rather than me just inviting myself. we're not married or engaged, but it's like we have been living with each other for a year out of two houses. but i told him that my name wasn't going on anything for just-in-casers, and i will help contribute to the payments.

we also thought about getting a roomate for the time being. you know, just to help out with bills and to help watch the animals while we're gone and that. we have only 2 friends that we fully trust with rent because they have been out on their own paying $600 a month in rent for years now and they haven't skipped a month at all. so we feel confident in them.

also with the foreclosure thing, we looked at every foreclosure within our pricerange in our area. and we didn't even get a repo. just make sure that you really do your homework and shop around for prices. this was actually my lifesaver. www.trulia.com because every other site wants you to sign up for trials.
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