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Bought With a Friend |
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Dear Edith
My husband who is not real estate savvy (nor am I, really) invested in a 30-year old condo in Ridgefield, CT aboout five years ago, before we were married, with a friend who inherited about $100k after his father's death. The Condo was $320,000 and the friend's income level would not support a $220k mortgage so he asked my boyfriend at the time to go in on it with him as an investment. My boyfriend thought it was a good idea so he did. However, he never lived there...his "friend" did and still does. The friend pays $1,400 per month and my husband pays $600 per month with no income coming from this investment. In the event this condo is ever sold, the arrangement is that the initial $100k put down by his friend goes back to him -- they would only split the profit after the $100k and the mortgage comes out of the selling price. The market here is DEAD and I believe he should get out of this arrangement ASAP -- I do not think he will ever get out what he is putting into it and we can find better places to invest the money. He keeps telling me he does not want to "cheat" his friend but I think his friend is taking advantage of him. What do you think? |
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I think I'd better stay out of this entirely. |
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Edith
Originally published on February 28, 2008 |
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