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#16
01-12-2013, 04:03 AM
That's correct, just keep both of your mouths shut, and don't admit to anything. Also, still have your brother pay the mortgage on his side using his check, or however he does it. Just don't have him present YOUR check to the bank directly as his payment. If they get suspicious, that's when you can have trouble, as you will then be "guilty" in their eyes, and have to prove you are not, which isn't easy if you are. |
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Multi-Quote| 01-12-2013, 04:03 AM | |
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#17
01-15-2013, 07:56 AM
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This is all kinds of bad idea. What if you lose your job and can't pay? Does your brother evict you? and what if your brother has money issues and instead of paying the mortgage he pockets the money or even files BK or has a lien placed on it? Then you are out of everything you paid.
Either you can buy the place or you can't. You can't. Business and family doesn't end well, you will learn that lesson the hard way. |
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#18
01-15-2013, 10:53 AM
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I'm not an expert here but is contract for deed an option?
As others have stated I would recomend getting your own mortgage ASAP, I don't understand why your brother would want to continue to have the debt on his books with absolutely no upside. The property is going to appreciate over the next 8 years.... why would he want to give you all that gain?? |
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#19
01-15-2013, 05:29 PM
What if an asteroid hits the earth tomorrow? What if all the banks fail tomorrow? What if he drops dead tomorrow? Come on, if you never take a chance, you can't make money. He's at least thinking of getting a money stream, and it's in an area (real estate renting) that has historically made money if bought right, so whether it works for him or NOT, at least he's trying... |
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#20
01-15-2013, 05:43 PM
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#21
01-15-2013, 06:26 PM
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Don't do business with family.
Don't do business with family. Don't do business with family.
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#22
01-15-2013, 08:52 PM
worse case scenario i live there a few years, my family falls apart and im out 1-2 years worth of payments (not much more than rent). i plan on saving extra income and having it paid for and in my name within 5 years. also, if it came down to an issue of ripping off each other, our parents (aunts and uncles too) would definitely have something to say. we all live within 10 miles of each other. i hate to say it but my parents also control the inheritance....if one of us were to significantly wrong the other they could adjust things accordingly lol. Oh Lord make me beautiful within
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#23
01-16-2013, 08:32 AM
So, what happens in a couple of years when you move out and you have your own renters, and they do the same crap to you? if a renter doesn't pay you, do you still pay your brother so he can pay the bank? lotta stuff can go wrong... and it isn't a case of you trying to rip off your brother, or vice versa... it could turn to (at the very least) your brother blaming you for finding bad tenants (and affecting your relationship with him), to a whole lot of family drama imho, I'd avoid this as siblings... Last edited by attgig; 01-16-2013 at 08:34 AM.. i want my Zakk Wylde guitars!
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#24
01-16-2013, 08:32 AM
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I agree with the others that this situation seems like a time-bomb. You should make sure that everything is on paper and that an experienced attorney is working on the contracts. With family, it is even more important that specifics and contingencies be outlined and discussed prior to the transaction.
Worst case is a little worse than loss of money - it is bad blood between the two of you that would never go away. There would always be resent. Please do attempt to get everything hashed out in advance. I'm curious as to why you're unable to get a mortgage, though, as there may be a solution on that end that would solve the whole issue. |
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