Today we want you to think back. Think back to the good old days of college when you were living with your friends and how much fun you had. The world was your oyster. Now fast forward that to today, and you decide you want to invest and make money on real estate in NYC, but what you want to buy, you can't afford. Why not buy it with your friends? It was fun in college, so won't it be fun now? Today we are talking about the unique situation of buying with people who aren't members of your family and what some of the pitfalls can be.

If you are going to buy with friends, you want to have an attorney outline an agreement for you so that you have everything in writing. From down payments to care of the property, expenses, etc. You also want to have a legal plan in place for when you sell. Understand that depending on the market you are buying in, buying with friends in terms of sellers wanting to take your offer vs. a couple or a single person might place you at a disadvantage; however it can be done. The most important thing is to have agreements in place at the beginning so that throughout the life of the ownership of the property, you will hopefully have fewer problems.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com, or you can email us at deniseandsharon@compass.com.

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