My wife and I are considering buying a vacation home in Lake Havasu City. One idea we are toying with is buying the house in partnership with another couple with each family using the house on alternating weekends during the summer. The house would be rented to snowbirds during the winter.
Any ideas or opinions regarding whether this would work?
Man, thats a great Idea--wonder if anyone else has thought of thatjoking of course.
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Truely, its a great idea if you get along with the "partner" and never have a conflict of interest, i.e wanting the same weekend or wanting to go together with the other family. Prices are climbing fast so jump on it quick.
Yes it will work but if you can swing it on your own do it. The property values continue to follow Southern California up and it is getting much harder to find a home with a view and space. There is a few homes on the market that are good looking two homes connected like a duplex.
Do not buy a house with a partner. I repeat do not buy a house with a partner.
I would suggest trying to do it on your own. I'll admit it, I own my boat with my dad, but he's my dad and basically my best friend as well so it's different. I don't think I would buy soemthing like a house with one of my friends. It may work for you, but I would suggest you try swinging it on your own. If a hosue is not possible then look into a condo.
However, you really need to know your partner....three years/three summers my wife and I have had a river house with my best friend and it has been a blast...He does not go as much as us, but the trips are more fun when we are both down there.....You just have to be clear on how the finances and payments work and it can work...he gets a call with what the monthly is, and I get a check....We both don't have kids of own and he is not married but if we want a quiet weekend to take mellower family members up, then we respect each other.....I could show up if his family's there, just not bring a raging crew and vice versa....no drama in the three years we have had it...
Buy a house! Alone if you can. but any way you have to in order to make it happen! Buy as soon as you can, always. First home, second home, investment....it doesn't matter which. The government helps you buy a first or second home. Pay taxes or pay yourself, one or the other. The gas you save haulin your boat out here would pay a big chunk of the mortgage. Not to mention storage fees if you have that. Can't afford the "NICE" one you want. *#k it. Buy anything and make a move up later on if you decide to. You don't spend much time in the house out here anyway do ya? Meanwhile, appreciation will pay for the move up, a new boat or college eduacation for the kids if need be. Got a bad partner? By the time you fight yourselves out of the property you will still win financially. (But what a pain in the arse)
A property bought today will pay for many things tommorrow.
A boat bought today will....well.......is fun.
(Just my opinion of course)
I'd stay out of Havasu, it's a pretty messed up town, lousy marina, no one to detail your boat, crowded lake, long waits for dinner, hours from nowhere, and miserably hot in the summer and biting cold in the winter. Who the hell wants that?
Originally posted by summerlove
I'd stay out of Havasu, it's a pretty messed up town, lousy marina, no one to detail your boat
ROTFLMAO---good idea Summer, never know when Warlock25 is available
I love living here in LHC! My g/f and I just moved here this pasted May. We like here here so much better than OC where we original were from! I highly recommend Havasu! Very peaceful here and NO TRAFFIC!
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