Hello all. My friends and I (6 in total) are all recent college graduates or are going to be graduating soon (within the next 2 years). We all get along really well and think it is our best way to be able to move out of our parent's homes. We aren't the most financially savvy people though.
Since we each bring in a modest income (or very little in the case of the students) we figured that each of us on our own would not be able to get approved for a mortgage on a house that would house all 6 of us. On top of that it would be kind of awkward if one person was the landlord for everyone else in the house.
What would be the best way for us to go about getting a house that would allow us all to be present in the financing and ownership of the house so that one person does not have to incur all of the financial risk/burden of owning the home?
Essentially it would be nice if we all owned the house equally as if we were married without actually having to get married. Would creating something like a 501(c)(8) be the way to go?
If it helps this would likely be happening in Michigan. This is also something we plan on doing once everyone has graduated meaning we have some time to prepare. Hopefully this means the housing market will be a bit better.
Any and all help is appreciated. Thank you!
Edit: It seems like the overwhelming consensus is that this is a bad idea. Thank you all for a nice reality check before I did something stupid. Now if you will excuse me I have a very large bowl of crow to eat.
Submitted June 11, 2022 at 10:53PM by Pr0fessionalHack https://ift.tt/H4qbYfw
