latenight's Profile
Author's Comments
I have a friend moving back to NY from SF because it's boring. That's a great comment about it being a city of consumption vs production. They do love to talk about the weather out there. 70 deg & sunny...
LadybugNYC, I would definitely consider the comments about the perils of buying real estate with a friend. I tried to do it and had a long friendship severely marred by the process. People really do get emotional when it comes to their home.
From what I can remember, condo-ing the building seemed to make the most sense to me after purchasing. I forget if coop or condo was easier/cheaper, but I think it is nearly a 2 year process and $40-$50K. You'll increase the value and untie yourself from your friend/partner. A good lawyer is important.
Posted by: latenight at January 20, 2009 3:11 PM in response to Joint Purchase of 2-Family?
Responses to Author's Forum Comments
Heh heh SF is boring as sh** but certainly it is not sunny.
Posted by: mopar at January 20, 2009 4:33 PM in response to Joint Purchase of 2-Family?
cmu, vbp, I also lived in SF. 12 years. But the food is better.
Posted by: mopar at January 20, 2009 4:36 PM in response to Joint Purchase of 2-Family?
The food in SF is lovely, agreed. It can be very misty or very sunny from day to day, literally dependent on your neighborhood. You may live in a part of the Bay Area that is consistently hot and sunny while a mile away your friends call to say they haven't seen the sun in days and are shivering in the fog.
Posted by: BrooklynGreene at January 20, 2009 5:32 PM in response to Joint Purchase of 2-Family?
If you do decide to go forward spell everything out in a legal document with your attorney. Set out how expenses are handled, how ownership is divided, some basic outlines for eventual sale and how often it can be considered. Anything you might disagree on in the future that you can think of. Having that on paper to refer to can make the whole process smoother and will help you stay
Posted by: bunkerlabs at January 20, 2009 7:11 PM in response to Joint Purchase of 2-Family?
The Bay area is warm. SF is cold. Pacific-coast inversion.
Posted by: mopar at January 20, 2009 11:13 PM in response to Joint Purchase of 2-Family?
Moper, parts of San Francisco are warm, others cold. If you're in the Sunset and call someone in the Mission at many times of day one will be cold and damp and the other hot and sunny.
Posted by: BrooklynGreene at January 21, 2009 11:13 AM in response to Joint Purchase of 2-Family?
If you go forward, perhaps set up an entity to own the property - an llc for example - and have yourself and your friend be the members on 50/50 basis. The operating agreement for the llc should specifically set forth the terms and conditions of the arrangement, including, what the parties are responsible for on a day to day basis, cost and expense allocation, the conditions under which the property gets sold, and dispute resolution of there is a deadlock. In terms of financing, the rate on the mortgage will probably be a point or so higher, and the bank may request personal guarantees. You'll also get the benefit of deducting interest paymments if the llc elects to be taxed as a partnership.
Posted by: jnjnjn2 at January 21, 2009 3:49 PM in response to Joint Purchase of 2-Family?
Something you may want to think about is cooping the building that way each of you is protected. you need a lawyer but if you create a Mutual housing association and the MHA buys the building then each of you are given shares to your rights and interest in the building.
I am in the process of purchasing a multi unit building with a few people this is the way we are going about it. we can not afford by our selves but as a group and as a MHA we can and then we will have a blanket mortgage.If i want to leave there are restrictions to sales but I sell my shares and a new person moves in nice and simple.
This is just an idea but its a legal process. I think group purchases is a smart way to provide an affordable option for urban living.
Not sure if its just the two of you but with the right legal paper work and open communication this sounds like a great idea.
You should just figure out what your both looking for. is this long term investment or something to flip when the market gets good again? make sure you are both on the same page.
Posted by: 646 at January 21, 2009 4:01 PM in response to Joint Purchase of 2-Family?
These dumb ideas still propping up? In this environment? How much do you value your friendship because more than likely that'll end...
Posted by: cornerbodega at January 22, 2009 11:33 AM in response to Joint Purchase of 2-Family?
latenight wrote a review about James on January 23, 2009 6:46 PM
I ate here 2 nights ago based on the brownstoner review. I thought the room is great, they got the vibe right. Drinks are ok... Food is not great. Nothing special is sometimes ok when you just want atmosphere. However, the bill was over $150 (tax&tip) for two. 2 salads, 2 entrees, 2 drinks, 1 desert. That's $$$$$ for prospect heights. No entree is less than $20 except the burger.
Considering the price, I would never go back. There are plenty of restaurants in brooklyn AND manhattan that slam dunk for that money... This price range competes with Po, Blue Ribbon, locanda vini e olii, etc.