All Forum Posts by: Brian Mathews

What are the strings attached to the money?  I'm guessing since you're unemployed to get you off your butt.  How are you paying your $2100 a month rent with no job?  You state in your first post no family, but now you have family to give you $150K?   My honest suggestion would be to get a job and some discipline in your life.   There is absolutely zero reason not to have a job in your mid 20s.    Otherwise, this $150K will be pissed away and you'll be back to square one and owing your family some serious money.  

I think the question is what is the cash?   Is it yours in the bank?  Is somebody going to lend it to you?  What is the source of it?   I'd pay off any debt you have.   If you are planning on living in your area for the forseeable future.   Buy a house to live in.  

 It would be a shame for your husband to lose his brother over $100 profit a month.   Remember one thing,   no matter which version you read of the story.   The tortoise always wins the race.    I won't do business with family or friends in any way, shape, form or fashion.   I love my family too much to lose my relationship over having a few more bucks in my pocket every month to buy things I don't need.   Its just stuff.  

My advice is to not do it.   It doesn't matter what a piece of paper says.    Legally you will be in the right, but relationship wise you'll be in the toilet.   Who cares if you're right if your husband loses his brother?  Take your time, cut expenses, save up money and do it yourself.    Thanksgiving dinner will taste much better this way.   The borrower is always slave to the lender.   

 I'm an hvac Austin contractor and what he paid is about right.   It depends on the tonnage and seer rating.    A 1500 sq ft house with a 14 seer would be around $4500 with no ducting and add another $1000-$1500 for ducting.     If its city of Austin, then you have energy testing to do by a 3rd party which adds another $400 or so.   

If it's an exterior wall, it needs insulation.  

Do not do it.   It will turn into a huge mess.  Horrible idea.    If one of you want to buy a house and rent out rooms, that is fine.   But do not put 3  names on the mortgage.   It will ruin your friendship.    One of your future spouses will screw this up if one of you don't first.  Remember this always in your life.    The only ship that won't sail is a partnership.  

 Don't get in a rush.  You are still young.   Take your time and do it right.   Have a nice cushion of cash in the bank.   At least 6 months of salary.   Save up a good down payment for whatever you buy.   If you don't understand something, ask questions.   Not knowing what your degree is in.   I'd probably start working towards upping that to at least a bachelors as you will undoubtedly experience ups and downs in your career.  

 My initials are BM.   I've heard that more often than you can imagine.    It finally got old in my mid 20s when people thought they were the first ones to discover it.  

First thing is to pay off any student debt you have laying around or consumer debt.     Then do as Simon says.    (Couldn't help myself)   Buy a duplex, live in one side and rent out the other.   Get it rolling and then buy another one and do the same thing.