Sharing a Double Duplex?
Does anyone have experience buying a double duplex with another party? My husband and I were hoping to buy a two or three family in Clinton Hill, but after talking to a mortgage broker, it doesn’t seem that we could get the necessary financing, even factoring in the rental income. So now we are thinking of trying to find a double duplex in Clinton Hill for under 1.4 to split with someone. That would leave us about $150k for renovation and closing. From what I have learned so far, it seems like the two parties must first secure the mortgage to buy the place and then, after closing, eventually convert into condos and refinance. Any advice, feedback, or referrals for an experienced real estate attorney would be most welcome. Thanks!
