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Shared home ownership


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#21 Mike K.

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Posted 14 January 2021 - 11:33 AM

What I'm saying is it's not helpful to tell someone it's easy to qualify for a mortgage as a self-employed person, if what you really mean is it's easy to qualify for a mortgage as a self-employed couple operating two different business.

 

One of our properties is shared this way (four on title) and the bank had no problemo. 

 

 

This is what I'm talking about. You have half-ownership together with your wife but you're implying it's an easy-peasy four-way split. Two couples getting together to buy a single investment property is a reasonable transaction when they are already homeowners, have investments, and are likely to qualify for the mortgage on their own.

 

My advice to anyone looking to buy a home is to speak to a mortgage broker, or their mortgage rep at the bank. They will guide you based on your unique situation and set you on the right path down what is so often a very bumpy and difficult to navigate road that the Internet has only made more difficult.

 

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 want to get people's hopes up. Lenders don't like this scenario for unsophisticated first-time buyers trying to find ways to enter the market with a shared home (not investment, but home). It's too often not the recipe for success it's branded to be.


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#22 Matt R.

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Posted 14 January 2021 - 11:47 AM

I don’t think people come to VV to get their hopes up, do they? :)

Some of what you assume about my situation is correct, some isn’t, I’m ok to leave it at that. Bottom line is get your own advice from a pro, not some random people on the internet!

Matt.

#23 Mike K.

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Posted 14 January 2021 - 11:51 AM

100%! I encourage everyone to speak to a broker. Even if you don't intend to buy over the near term, know the direction to head in given your unique situation. They'll be your first stepping stone towards homeownership.


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#24 North Shore

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Posted 14 January 2021 - 01:33 PM

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

 

ALRIGHT, WATCHER!  That's quite enough!  All of that right wing argumentativeness, and general bs can go by the wayside.  Insulting Benny and Bjorn, two of the finest pop music writers to ever write songs together, and by extension, the glorious Agnetha Faltskog.  That's IT!  I've had it with you!  Pistols, or swords, at dawn at the flagpole in Beacon Hill Park (unless we need a permit, of course!)   Fritz and franz, indeed!


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Say, what's that mountain goat doing up here in the mist?

#25 Rob Randall

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Posted 14 January 2021 - 02:29 PM

He's finally met his Waterloo. The winner takes it all!


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#26 Nparker

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Posted 14 January 2021 - 02:34 PM

...Insulting Benny and Bjorn, two of the finest pop music writers to ever write songs together, and by extension, the glorious Agnetha Faltskog.  That's IT!...

No love for Frida?  :(



#27 sukika

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Posted 14 January 2021 - 02:52 PM

ALRIGHT, WATCHER!  That's quite enough!  All of that right wing argumentativeness, and general bs can go by the wayside.  Insulting Benny and Bjorn, two of the finest pop music writers to ever write songs together, and by extension, the glorious Agnetha Faltskog.  That's IT!  I've had it with you!  Pistols, or swords, at dawn at the flagpole in Beacon Hill Park (unless we need a permit, of course!)   Fritz and franz, indeed!

 

Out of concern for the wellbeing of the campers you'll have to move this to a more suitable location, such as across the street at South Park Elementary during school hours.  


Edited by sukika, 14 January 2021 - 02:53 PM.

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#28 Victoria Watcher

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Posted 14 January 2021 - 02:54 PM

He's finally met his Waterloo. The winner takes it all!

 

oh my,  i laughed at that even before i got the first pun.  then i got the second.  well played.   :)


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#29 Nparker

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Posted 14 January 2021 - 02:55 PM

oh my,  i laughed at that even before i got the first pun.  then i got the second.  well played.   :)

In other words, you figured out the name of the game. 


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#30 Victoria Watcher

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Posted 14 January 2021 - 02:59 PM

in retrospect they might not be puns.  i'll have to look up the correct term.

 

double entendre perhaps?


Edited by Victoria Watcher, 14 January 2021 - 03:00 PM.


#31 North Shore

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Posted 15 January 2021 - 12:10 PM

No love for Frida?  :(

No, not really..she never really did it for me..

 

In other words, you figured out the name of the game. 

Stop the puns, make it stop!


Say, what's that mountain goat doing up here in the mist?

#32 Nparker

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Posted 15 January 2021 - 12:15 PM

No love for Frida?  :(

 

No, not really..she never really did it for me...

I have no words. 



#33 Victoria Watcher

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Posted 12 August 2023 - 05:05 AM

In the growing city of Kamloops, B.C., about a four-hour drive north of Vancouver, a group of people decided to pool their funds and come up with a type of sustainable housing that would work for them.

 

They formed an equity co-op, which meant they owned shares of a corporation, but that was only the legal piece. They then had a 6,000-square-foot deluxe house built on a little more than an acre of property within walking distance of downtown that overlooked mountains, a creek and the Thompson River. Each has a private unit within the house but share common areas, including a garden and a large kitchen, with two fridges, two ovens and two dishwashers.

 

The usual co-op is an apartment building where people live their lives individually and only meet on matters involving the building. The RareBirds Housing Co-operative is a rare bird indeed, because the shareholders live together more like a family, taking turns shopping and cooking and sharing meals together each night.

 

 

 

https://www.timescol...-crisis-7395845

 

 

 

One unit is vacant because the shareholder moved to the coast and at the end of July put her one-sixth share on the market, priced at $262,500. The monthly fee is $440, which includes utilities, internet, property taxes, Netflix and more. They each contribute $330 per adult for groceries. For $770, the basics are covered, says Ms. Jordan, and because they own the property, it’s an investment as well as a home. Every three years, they get an appraisal on the property to determine what their shares are worth. Ms. Jordan says her share is worth more now than when she moved in.


Edited by Victoria Watcher, 12 August 2023 - 05:06 AM.

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#34 Victoria Watcher

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Posted 24 October 2023 - 02:13 AM

Landowner asks B.C. court to enforce evictions on two Coquitlam housing co-ops with 300 rental units

 

Pension plan that owns land asking court to enforce eviction because co-ops haven't paid full market rents after 41-year leases expired.

 

 

 

 

 

The Garden Court Co-operative Housing Association has been making payments since the lease expired on Oct. 31, 2022. But it said in an email thread included in landowner’s court documents that it is paying $153,000 a month, based on an independent third party’s valuation, not the $298,000 a month the landowner wants.

 

The pension plan rejected that lower figure, according to its lawyer, Franco Trasolini.

 

On Sept. 29, Trasolini said in a letter that because the full rent hasn’t been paid, the landlord “demands immediate vacant possession of the premises.”

 

Riggs said the amount both co-ops owe will have grown to $7.4 million by Nov. 1.

 

Reached by phone, Carol Cash, lawyer for the Garden Court Housing Co-operative Association, said she wasn’t able to comment. Trasolini didn’t return a request for comment. Messages left with the Tri-Branch co-op weren’t returned and the voicemail for the Garden Court co-op was full.

 

The affidavit filed with the court documents includes a chart that shows market rent for a one-bedroom at $2,000 and for a two-bedroom at $2,875.

 

Cash said in an email that the Garden Court co-op is “working closely with the Community Land Trust” and hopes to continue to operate under a lease with the trust, assuming it ends up owning the land.

 

Armstrong said once a deal goes through, tenants will likely see their rents increase. He said some units have a lot of room for increased rents because some tenants are paying $400 and $500 a month.


Edited by Victoria Watcher, 24 October 2023 - 02:13 AM.


 



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