A group of friends and I are going to buy a multi-family building to live in.?

What avenues to we take? Do we have to become a corporation or an LLC? What resources are available for us to research this kind of thing?

3 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    I don't know anything about the corp. thing but I know people and just to be very sure, I would be certain that there is a well worded agreement of each persons duties and requirements regarding the property you buy. I would go one step further and check the credit rating of all the people. I know this sounds harsh but sometimes people get in over their heads or realize it is not what they expected and it can be a real problem.

    Please don't think I am saying anyone involved is not worthy of the situation I just wanted to be honest w/you.

  • Anonymous
    1 decade ago

    Candidly - Don't do it if you value your friends.

    If you do value your financial future - don't do it.

    It is a slippery slope to get into. You must firgure as many exits out of this from every angle unless you like being cremated.

    visit DavewRamsey.com to understand why this is a serious bad idea.

    Got burnt twice .

  • Anonymous
    1 decade ago

    you are asking for trouble. there are to many things that could go wrong, [what if one of you want out, get transfered, needs money, get divorced, loses their job, has kids, and on and on] who is going to be the boss??

Still have questions? Get your answers by asking now.