Split a Brownstone?

I don’t see why a mortgage would be a problem. The bank doesn’t care if it’s your grandma, spouse, friend etc.. if you both qualify. If anything, two different and independent incomes would be a positive.

But as resident2 said, there are other problems with this arrangement.

And the questions about use is important too. Do you plan to live there, rent it out, flip?

yudashasom

in General Discussion 6 years and 3 months ago

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JohnGabriel | 6 years and 3 months ago

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Looking to purchase a 4 story Brownstone/Townhouse in Brownstone BK (Carroll Gardens, Cobble Hill, Fort Greene, etc) with another buyer. Two floors each. We have about $1.5M to spend. So hoping to purchase a home for $3M total. Please reach out if you’re interested: joecala@me.com

slopefarm | 6 years and 3 months ago

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If you haven’t already, check with a lawyer and check with your gut.
Lawyer — if you are looking to condo this, or even own the whole jointly, this may raise issues with lenders, and you may want to think through how decisionmaking is going to work.
Gut — I have never heard of this working, I have only heard of it coming to blows. Have you thought through the risks, how you will handle? Definitely see if you can find some examples of this working and find out what those folks did. It’s a sensible idea on paper, and I may be risk averse, but I see all kinds of trouble ahead.

resident2 | 6 years and 3 months ago

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In my 40 years of working in Real Estate; I have never seen this work long term. Even if you get through the purchase, the initial renovations, etc. Then life happens! Personal Partners & relationships intrude, etc. Even as a 2 family condo it does Not Work…. it is a constant stalemate!
You are better of on your own with a tenant to help carry it.

mattieweiser1

in General Discussion 6 years and 3 months ago

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Is this for an investment, flip, or will you be living there? Are you looking to do a renovation?

chemosphere | 6 years and 3 months ago

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I’ve heard of it working. Devilishly hard to get a mortgage this way but possible. Also have a friend who bought, converted to 4 condos and sold half of them.