sure.
I posted this on 780 too…not sure I should have :rolleyes:
Here is a bit more of what I wrote there in response to some healthy skepticism:
I understand the skepticism. It is okay but I think before this turns into a fiasco I will explain some more…
I am doing this for a few reasons:
Obviously I am doing it to make money. I would never give someone my hard earned money without anything in return. I think that is a reasonable expectation.
I also remember what it was like to graduate from university with tens of thousands of dollars in student loans and that it took me 12 years to pay it off. I don’t like the idea of how much an education costs kids now days and how screwed they are financially when they graduate. I would like to help.
I make money and the student makes money. I am not sure that is a bad thing. The more people I can help with this the more money I make but the more people I help. It is so cool.
Yes, I will legally and legitimately own half of the property but I am putting up the down payment and taking the financial risk. The student puts nothing down and pays basically the same in mortgage payments as they do in rent anyway. I like this arrangement because besides my profit down the road, it helps people out. It is also better for students to own half of something than 100% of nothing. Both parties are protected in a legal document called a Joint Venture Agreement.
There is no shady scam or unwritten deal. Of course everyone will judge for themselves. When I do this I always insist on my partners obtaining their own legal advice.
Lastly, there is the mortgage, insurance, and maintenance to consider. There is always an option of arranging the agreement to make these work for both parties.
Joint Venture agreements are done all the time. Everyone has heard about two individuals being business partners…that is, in essence, a joint venture. This is just unusual for people because it is for real estate and they are not used to this.
People are going to be skeptical when they see something that isn’t traditional way of doing things. That is understandable. Skepticism can be good…it can protect you. Having said that, it is also a good rule to investigate things before dismissing them outright.