Updated 11 months ago on . Most recent reply
Co-ownership Payment Sorting
Hey BP community!
First post here. I currently co-own 2 different properties. One is my primary which I live in with my girlfriend - I'll call this property A. The other I co-own with a good friend - I'll call this property B. My co-owner lives full time in property B while I live full time in property A.
My question is, how should I view the monthly payment breakdown of property B (further details below)?
Currently, my friend and I split the monthly mortgage payment but he pays all utilities. If a major expense comes about (i.e. roofing repair, hvac, etc) we would split that as well.
I don't particularly want to sell my share of this property as it has appreciated quite a bit since we've initially invested and I'm hoping I can eventually get him moved out to turn it into a full-time rental property.
Our current mortgage is a 30 year conventional locked in at 2.75% and the monthly payment is roughly $1900 ($950/person).
I'm hoping to branch out into additional investment properties but the $950/month that I'm seemingly throwing away makes this difficult.
I thank you all in advance for your thoughts and feedback.