Gee, wouldn’t it be swell if 2 friends could go in on a house together? Too bad no sane bank would lend good money to 2 oafs…

These long held thoughts, became verbalized over lunch between myself and my good friend and many year roommate Jon. We are running out of our lease at the place we are renting with some other roommates so new housing is in order. We have noticed rent houses we like in the areas near our place of work seem few and far between, however homes for sale are all over the place. Again, the question of buying a house with a friend has come to mind… is it really that crazy? We consulted google- sure enough, banks are dumb enough to lend good money to 2 oafs like Jon and I.

This is part of a work log documenting the victories and failures of the queen’s empire.

Read more about the house here »

After consulting google a bit buying a house with a trusted friend doesn’t seem that crazy. A few documents squaring away solutions for dealing with possible problems are needed between the two parties, but its not that uncommon. I won’t go into too much detail here, but since most people think we’re crazy for trying it- I’ll just say that we’ve thought a lot about it and we have ways of dealing with disagreement and fists. Basically it comes down to this; If we can’t reach an agreement within a given period of time- we sell the house. We realize that unless house prices sky rocket in the next 3-5 years we won’t make money on the place, but we should save money over renting pretty much no matter what we do. So if we get in a horrible situation and we hate each other- sell the house.

At this point we applied to a few banks to talk about lending and we’re pre-approved for a loan… Crazy is the only real word that comes to mind. No wonder banks are in trouble. Whatever, lets take advantage of their insanity and the governments healthy 8 grand first time home owners tax credit and buy a house!

A friend recommended us a realtor- it is time to figure out what we can afford and what that buys us near work.

An epic quest into adulthood has begun.

Tags: thehouse

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