- Joined
- Sep 24, 2008
- Messages
- 43
Hi everyone I`d like to ask for advice as I have no idea what to do
Here are the embarassing details:
I live in Hamilton with my gf who is paying the rent at the moment as I am starting a new business. I have two friends. One lives in Toronto and works at RBC. The other lives in San Francisco working as a nurse.
My friend in Toronto has been renting there for 4 years paying around $1200 monthly. I keep telling him he needs to buy but he doesn`t know how and doesn`t want to learn.
I want to buy a property for him to live in and pay rent. I cannot afford to buy the house myself as I can only put down 5k, and I have no income YET so a mortgage would be doubtful. Although, my mother would be willing to cosign a mortgage for me because she knows my friend in Toronto well.
So here it is:
Me - can spend 5k, and get my mother to cosign if necessary
Toronto friend - can spend 5k, and could get a mortgage as he has a good job
San Fran friend - willing to put in 10k if it is a viable investment, since he knows and trusts my toronto friend as well.
Is there ay way we can live happily ever after? I am thinking of buying a cashflowing 300k house around toronto (15k down, and 5k for closing), where my toronto friend lives in and property manages, but am not sure how we would arrange the mortgage OR the cashflow income between the 3 of us. I`m lost can anyone help or direct me to help? I`m not sure if this is too messy to ever happen, or does this stuff happen all the time? I would hate to see him spend another 15k in rent this year..
Thanks
Here are the embarassing details:
I live in Hamilton with my gf who is paying the rent at the moment as I am starting a new business. I have two friends. One lives in Toronto and works at RBC. The other lives in San Francisco working as a nurse.
My friend in Toronto has been renting there for 4 years paying around $1200 monthly. I keep telling him he needs to buy but he doesn`t know how and doesn`t want to learn.
I want to buy a property for him to live in and pay rent. I cannot afford to buy the house myself as I can only put down 5k, and I have no income YET so a mortgage would be doubtful. Although, my mother would be willing to cosign a mortgage for me because she knows my friend in Toronto well.
So here it is:
Me - can spend 5k, and get my mother to cosign if necessary
Toronto friend - can spend 5k, and could get a mortgage as he has a good job
San Fran friend - willing to put in 10k if it is a viable investment, since he knows and trusts my toronto friend as well.
Is there ay way we can live happily ever after? I am thinking of buying a cashflowing 300k house around toronto (15k down, and 5k for closing), where my toronto friend lives in and property manages, but am not sure how we would arrange the mortgage OR the cashflow income between the 3 of us. I`m lost can anyone help or direct me to help? I`m not sure if this is too messy to ever happen, or does this stuff happen all the time? I would hate to see him spend another 15k in rent this year..
Thanks