Updated over 3 years ago on . Most recent reply
Help me structure this deal with siblings living in the property!
Hi BP community,
I have been toying with how I want to structure a family purchase. I have convinced my siblings that we should buy a property (4bd, 4bth) instead of renting and throwing away their ~$2.2K/month.
Two out of the four of us will move into the property (this would be a single family home), while the other two will be living abroad (I will be abroad) and would rarely use the property.
Conundrum: My two siblings living in the property, want to do an even split (making their rent ~$550 each, and $20K down), but I can't wrap my head around this being a "fair split", given that I will not get any benefit and would instead just be subsidizing their cost of living.
What creative deal structures can you think of for a partnership like this?
Pumped to see your ideas!
What I have thought of:
- Occupancy-based split, where someone living in it pays a higher share of the cost for that month based on a set fee
- Buying the property myself and/or with my other sibling and renting it to them (my other siblings would probably not go for this)
- Walking - save me the frustration of subsidizing them