33 replies to this topic

[Victoria Watcher]

this is an advertorial that caught my eye:

 

 

 

Move over dating apps: it’s time to meet the perfect homeowner match

Shared home ownership opens doors for affordable housing in Victoria

https://www.vicnews....omeowner-match/

 

 

 

 

the realtor that run it seems to be generally keen:

 

http://davidhale.com...potentials.html

 

 

 

[Mike K.]

Oh wow, that’s going to get real messy, real fast.

I don’t know if there are many lenders who would take such a lending scenario into consideration.

[Victoria Watcher]

Oh wow, that’s going to get real messy, real fast.

I don’t know if there are many lenders who would take such a lending scenario into consideration.

 

most lenders will.  they will just weight each party's income slightly differently (lower) than if you bought a single house.

 

it's not that uncommon. 

 

in theory it's no messier than any type of small strata property.  say a tri-plex or 4-plex.  some might say it's easier, there is only one other party.

 

some might even say it's less messy than a couple that buys a home then divorces.  at least when you buy with another person or couple you are not all sleeping together.  usually - not always.  look at ABBA* or Fleetwood Mac or Mommas and Poppas. 

 

*i might be wrong about ABBA

[Nparker]

...some might even say it's less messy than a couple that buys a home then divorces.  at least when you buy with another person or couple you are not all sleeping together.  usually - not always.  look at ABBA* or Fleetwood Mac or Mommas and Poppas. 

 

*i might be wrong about ABBA

Unlike Fleetwood Mac and the Mamas & Papas, ABBA's failed marriages were not predicated on the actions of other band members.

[Victoria Watcher]

Unlike Fleetwood Mac and the Mamas & Papas, ABBA's failed marriages were not predicated on the actions of other band members.

 

  i knew there would be an ABBA expert here.  i stand corrected.  i apologize to both fritz and franz - and to the ladies.

Edited by Victoria Watcher, 13 January 2021 - 03:50 PM.

[Nparker]

...i apologize to fritz and franz and the ladies.

Oh come now...the ABBA members names are easy to remember (if not so easy to spell or pronounce), after all, the band name is an acronym.

Agnetha (Faltskog)
Bjorn (Ulvaeus)
Benny (Andersson)
Anni-frid (Lyngstad)

[spanky123]

Oh wow, that’s going to get real messy, real fast.

I don’t know if there are many lenders who would take such a lending scenario into consideration.

 

Never a mess, until something goes wrong that is!

[Mike K.]

most lenders will. they will just weight each party's income slightly differently (lower) than if you bought a single house.

it's not that uncommon.

Hmmm. That’s not the story related to me by a broker, but maybe that was just the one brokerage. The theory is if one person has to sell or wants to sell, the divestment of the property may need to be immediate unless the other party can bring another partner on board ASAP.

I guess where I’m coming from is the bank may introduce additional terms and qualification limits that wouldn’t apply to sophisticated investors or a couple who (technically) have the same interests in mind.

[Victoria Watcher]

Hmmm. That’s not the story related to me by a broker, but maybe that was just the one brokerage. The theory is if one person has to sell or wants to sell, the divestment of the property may need to be immediate unless the other party can bring another partner on board ASAP.

I guess where I’m coming from is the bank may introduce additional terms and qualification limits that wouldn’t apply to sophisticated investors or a couple who (technically) have the same interests in mind.

 

maybe.  but it's not uncommon.

 

maybe a few of the communists on the board can answer better about sharing for the cause?

 

greg?  tommy?

 

j/k  

 

 

 

2014:

 

 

 

The families opted for a mixer mortgage through VanCity credit union; mixer mortgages can be split into separate terms (fixed and variable terms, different amortizations, etc.). “It was born out of necessity,” says Ryan McKinley, VanCity’s senior mortgage development manager. “People have always been able to purchase properties together; but we found there wasn’t a good process for people to co-own responsibly.”

 

https://financialpos...xpensive-market

 

 

 

Mixer mortgage

 

If you’re a first-time homebuyer who wants to share the cost of buying a home with one or more friends, roommates, co-workers, or family members, take a closer look at our Mixer mortgage.

 

Sharing property costs and home ownership among two or more individuals gives you more options for purchasing the home you want in the neighbourhood you want.

 

Mixer mortgages offer competitive rates and the flexible features you’re looking for, plus the legal and insurance support you need to protect everyone’s best interests.

 

https://www.vancity..../MixerMortgage/

Edited by Victoria Watcher, 13 January 2021 - 04:32 PM.

[Mike K.]

Ah, very good.

[Tom Braybrook]

 

 

 

maybe a few of the communists on the board can answer better about sharing for the cause?

 

greg?  tommy?

 

 

 

 

come on now...it was only that one Poish refugee that called me a commie  ;-)  ...and just that once  ;-)

[Tom Braybrook]

^ 

 

but yeah, I personally know of four instances where there are people co-housing...two of them right here in Victoria...

Edited by tommy, 13 January 2021 - 07:50 PM.

[Redd42]

 

 

The families opted for a mixer mortgage through VanCity credit union; mixer mortgages can be split into separate terms (fixed and variable terms, different amortizations, etc.). “It was born out of necessity,” says Ryan McKinley, VanCity’s senior mortgage development manager. “People have always been able to purchase properties together; but we found there wasn’t a good process for people to co-own responsibly.”

 

https://financialpos...xpensive-market

 

 

 

Mixer mortgage

 

If you’re a first-time homebuyer who wants to share the cost of buying a home with one or more friends, roommates, co-workers, or family members, take a closer look at our Mixer mortgage.

 

Sharing property costs and home ownership among two or more individuals gives you more options for purchasing the home you want in the neighbourhood you want.

 

Mixer mortgages offer competitive rates and the flexible features you’re looking for, plus the legal and insurance support you need to protect everyone’s best interests.

 

https://www.vancity..../MixerMortgage/

 

 

I don't think Vancity still offers this. In the fall someone suggested I look into it. Was still listed on their web page. Two brokers were listed as contacts. First one did not reply to my message. Second one said that each person would have to qualify for the whole mortgage which is what a standard broker/bank might say. So didn't see any advantage?

[Tom Braybrook]

whenever i think of share housing...

 

https://youtu.be/mq__Z-Z_Ofs

[Matt R.]

Oh wow, that’s going to get real messy, real fast.

I don’t know if there are many lenders who would take such a lending scenario into consideration.

One of our properties is shared this way (four on title) and the bank had no problemo. We rent our portion out. It’s working very well, two years later.

Matt.

Edited by Matt R., 13 January 2021 - 11:48 PM.

[Matt R.]

Hmmm. That’s not the story related to me by a broker, but maybe that was just the one brokerage. The theory is if one person has to sell or wants to sell, the divestment of the property may need to be immediate unless the other party can bring another partner on board ASAP.

I guess where I’m coming from is the bank may introduce additional terms and qualification limits that wouldn’t apply to sophisticated investors or a couple who (technically) have the same interests in mind.

I can connect you with my guy if you want.

Matt.

[Redd42]

I can connect you with my guy if you want.

Matt.

 

Yes please.

[Mike K.]

One of our properties is shared this way (four on title) and the bank had no problemo. We rent our portion out. It’s working very well, two years later.

Matt.

Yes, but you’re not living there, and have another home you own that you live in, and had another property at the time. You also likely qualify for far more of the home than your 1/4 portion, and/or you’re likely in this investment (not a residence) with your wife (if so, that means 1/2 is on your end) and are the tenants your TFWs?

You also kept telling us you had no problem qualifying for a mortgage as a business person and told us it’s easy peasy, but eventually said it was you and your wife qualifying which changes everything. So the lesson learned is don’t take mortgage advice from Matt!!!

I just don’t want us the be the source of getting people‘s hopes up. 50 investors can buy a property together, but they won’t be first time buyers looking for a home to live in. If you’re looking for a home to live in, the smart advice is to wait until you can purchase on your own or with the help of close family.

[sebberry]

Anyone want to share a house with a polar bear?

[Matt R.]

Yes, but you’re not living there, and have another home you own that you live in, and had another property at the time. You also likely qualify for far more of the home than your 1/4 portion, and/or you’re likely in this investment (not a residence) with your wife (if so, that means 1/2 is on your end) and are the tenants your TFWs?

You also kept telling us you had no problem qualifying for a mortgage as a business person and told us it’s easy peasy, but eventually said it was you and your wife qualifying which changes everything. So the lesson learned is don’t take mortgage advice from Matt!!!

I just don’t want us the be the source of getting people‘s hopes up. 50 investors can buy a property together, but they won’t be first time buyers looking for a home to live in. If you’re looking for a home to live in, the smart advice is to wait until you can purchase on your own or with the help of close family.

Ahhh yes what do I know, I’ve only done this five times. Don’t take my advice, but if you need some actual advice there’s lots out there, but to just say the banks won’t do this or it’ll get messy real quick is also bad advice.

I don’t think co signing with a spouse is really all that unusual, is it? 3/4 of the people on that title are self employed, none of them what you would consider high income earners. Just regular working stiffs. We own a small business and my wife does bookkeeping. We aren’t special or unusual.
The bank didn’t care who the tenants are, one is a tfw and one isn’t. Made no difference.

You have this way of speaking in absolutes sometimes and then when refuted the “buts” come out. Of course every situation is different. YMMV.

Matt.