Poll: Is this robbing my friends?
Poll Options
View poll results: Is this robbing my friends?
Yes, your totally @$$ raping them
87 58%
No, every hoe needs a pimp
106 71%
TS's wall of text makes me wanna punch babies!!!
94 63%
Voters: 150.
#1
So me and some of my friends are contemplating getting a house, we were originally planning on renting a place and keep in mind we live in hawaii so these numbers are yes high but also actual.

The house we wanted a 4br 3 bath going for 3500 a month so with 4 room mates equals to 875 a piece mmk

But what if i were to take out a mortgage on this same house still keeping my 3 other room mates and charging them the same... for them its just like paying rent except in the end i own it... not for another 30 years of course... But is taking 2600 from them each month and putting it toward me buying this house robbing them?
#3
I've thought about the same thing.

If they consent to it, and acknowledge that they are paying you rent (which is non-recoupable), then you're not robbing them. They are paying money for living space.

...modes and scales are still useless.


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#4
In a way, you become the landlord and they are paying you rent to live there, I don't know if it's legal to rent a home to someone when you aren't the owner though
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#5
Depends on if they're cool with it. I mean, strangers do it all the time to help pay off mortgages faster, but that's usually two different groups/people that don't interact very much and it's purely and economic thing. You're still paying to live there, and since it is now your house somewhat then I see no reason why they shouldn't pay you rent. Maybe just subsidize it a bit or something.
#6
You would have to ask them how they feel about it. I don't know if I would be cool with doing that for one of my friends if I didn't get anything out of it the way you will be. Also keep in mind that you'll have to come up with a pretty big down payment for a mortgage and if you want to own the house and rent it to your friends you will have to come up with the down payment yourself. In which case you will basically be their landlord.
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#9
Not if they are informed about it. Keep in mind, if they back out part-way through, you're screwed.
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#12
a lot of well off parents will do this when their kids go to college and look for off campus housing. its not robbing your friends if they are aware of it. youre taking all the risk by taking out a mortgage.

but i would advise it might not be the wisest thing to do with a bunch of friends in their 20s. should they stop paying rent, youll have to evict them. idk about your friends, but i get enough 'ill pay you back next thrusday when such and such happens' just with loaning them $20. then youll have to find a new roommate because im willing to bet you arent financially well off enough to cover the mortgage yourself if something happens.

plus youre the landlord, so you need to take care of all the maintenance, fix anything that breaks, and replace old appliances and fixtures as they wear out.

tl;dr - dont take out a mortgage if you dont have the means to cover it on your own. relying on people in their early 20s in financial matters is anything but a safe bet.
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#13
Quote by Casketcreep
Yes, your totally @$$ raping them 47.62%
No, every hoe needs a pimp 57.14%
TS's wall of text makes me wanna punch babies!!! 61.90%

I'm no mathematician, but something about those percentages doesn't add up.


its because i allowed multiple answers, so its actually dead on... i didnt realize UG did this til now but its brilliant
#14
It's not good to mix money and friends. But, a mortgage is better than rent.
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#15
Quote by megano28
In a way, you become the landlord and they are paying you rent to live there, I don't know if it's legal to rent a home to someone when you aren't the owner though

It is, and you own it once you take a mortgage on it. What the hell guys? This is obviously legal.
#17
Quote by SlayingDragons
TS, your poll percentages add up to more than 200%.


No it adds to 180, just like the angles of a triangle
#18
you might want to look up your landlord and tenant law because you'll probably have to take out extra insurance amongst other things. And if they don't live with you for the 30 plus years, will you be able to afford the payments?
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#19
Pretty damn risky.
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#20
Well, I'd be pretty pissed.

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#21
Its not robbing your friends if you tell them what's going on. But its a big committment on your part to actually buy a house.
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#22
It's illegal to rent space when you're not the landlord, but on the other hand, if they consent to it and are willing to pay you who cares ? As long as the bank gets its money you're ok..
I put a dollar in a change machine. Nothing changed.
#23
yeah you could do that. they might be annoyed though.
now extra flamey
#25
As long as they agree to it, it's not robbing them.

However, once you've become a landlord your relationship with them might change somewhat. For example, if something went wrong when you were renting, maybe a pipe burst and your kitchen flooded, you would call your landlord. But now you are the landlord so they'll be expecting you to deal with that and might get pretty pissed if you don't straight away. Plus you have to collect rent from your friends.

And you probably need to pay for extra insurance if you want it to be totally legal.
#26
Well its bound to cause an argument at some point, like if you owned the place you would value the house a lot more than the others, be more careful with it and it might piss you off if you see one of your friends being careless with something.

Plus you would see yourself as the one in charge of all decisions with the house and its a difficult dynamic to have between good friends.
#27
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#28
I think it's all perfectly legal and since you're the owner your friendships will be at stake. Will you be able to keep the payments when you're alone?

How about while renting and one or two move out, can you make rent?

Risky business I tell you.
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#29
Talk to them about it. However, I'd think the issue would be how you can handle this long term, and not whether or not it's fair to your friends. A group of people your age aren't going to want to live together in a house for the duration of a mortgage. The time of a lease, but not a mortgage. Eventually they'll move out. Then how will you handle the payments? Just replace them with other people who will pay? Then you've lost the dynamic of friends that you originally bought the house to have.
#30
What's wrong with renting, may I ask?
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#31
Well technically you're all still paying rent, just you have a certain amount to get to and when you get there you own the place, they'll have left by then anyway and they're paying the same amount so what's the problem? Unless your friends are very touchy about getting money back i don't see a problem.
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#32
I wonder how many people voted all 3 options just because they could...

I certainly did
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#33
Quote by Stugg334
What's wrong with renting, may I ask?


Nothing at all, but because i get paid pretty good and im gonna be living here for at least more 5 years everyone is advising me to buy while the market is low... like stocks buy low sell high
#34
Quote by captaincrunk
It is, and you own it once you take a mortgage on it. What the hell guys? This is obviously legal.



I never said it wasn't. I simply said I didn't know I'd rather tell the guy the truth then give him some bullshit answer when I'm not 100% sure
Quote by EndTheRapture51
Anyway I have technically statutory raped #nice

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since that promise was broken

i dont make promises any more