Maybe you’ve considered an investment property or just really like the idea of a vacation home, but can’t afford it on your own. Is it worth buying real estate with your friends? Or will you regret that later on?
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Imagine going on trip with friends to a big beach house or vacation home and everything seems blissful. Before you know it, everyone on the trip starts dreaming about going in together and buying a house like this. Is that a good idea or bad one?
What do you need to consider before getting a lake house with friends? Sometimes it comes down to your goals. Are you trying to make money off of the home or making memories? Will it be an investment or business endeavor if you rent it out?
Think also about what happens if something changes with your agreement down the line. What kind of partner are you possibly going into the investment on? (And make sure you aren’t getting a timeshare!)
Considering another decision that could back to haunt you, when should you file for Social Security benefits?
[0:51] – Should you buy a vacation house with friends?
[2:17] – Real estate can sometimes be driven by an emotional decision instead of a math-related one.
[3:59] – When you invest in a home with others, consider what happens if someone decides they want to sell their portion.
[7:01] – What are some mistakes that can haunt you long-term?
[8:03] – Do a comprehensive plan to look at your best Social Security options.
Brian Bowen – Contact