A while back I mentioned that I had a secret project going and that I would tell more when I knew more in the future.  The project I was working on was trying to buy a house, but it’s just not going to happen yet.  I could probably afford a mortgage on top of my current expenses, but I don’t know that I could afford a mortgage, homeowner’s insurance, taxes, utilities, and furnishings/tools/etc., on top of my current monthly bills.

I haven’t completely given up.  There is a method of buying a home with another person called Tennacy in Common where two people own proportionate rights to a single property.  It would be the fastest way for me to become part homeowner and start building some equity short of marrying into money.  The trick is to find someone like minded with similar goals and treat it like an investment that you live in.  If at some point one person wants the whole enchilada, he/she can buy out the other tenants in common.  Otherwise when the property is sold they both receive a proportionate share of the sale.  I know everyone is down about the economy and real estate is a huge part of that, but I’d really like to get in a house before the market rebounds.  I’m not in a big hurry, but maybe after Christmas I’ll start looking for a business partner.

Filed under: General by John