Buying property with a family member can be great and it can also me a nightmare. Are you really prepared to own property with family or friends. I created this list of questions to help my clients in the decision making process. There are more questions, of course, but this list is a great starter!
30 Questions to ask BEFORE you decide to buy property with a friend or family member.
1. What kind of property are you planning to purchase? (Home, Apartments, etc…)
2. Describe the property (bedrooms, bathrooms, etc…)
3. Where are you going to buy the property? (City, Area, etc…)
4. How long do you plan to keep the property?
5. Who is going to finance the property?
6. Who is going to provide the down payment?
7. How is the property going to be owned? Is it split evenly?
8. Who pays for the repairs?
9. Who does the repairs? Handyman? Do it yourself? Professional?
10. Who determines how a repair is made and how much will be spent on them?
11. Who will handle the accounting and will that person be compensated for it?
Want the rest of the questions? Please complete the following and I’ll gladly email you the entire list.
Aaron Zapata is the broker-owner of Zapata Realty, Inc. located in Yorba Linda, CA. He has been a licensed broker for over a decade. His growing practice includes residential and apartment sales in Southern California.
Aaron holds a degree in Biblical and Theological studies from BIOLA University and a Masters of Business Administration (MBA) from Cal State Fullerton. He has been quoted by the Los Angeles Times, Orange County Register, and the Associated Press and is an author and speaker. He is also maintains designations and memberships with nearly a dozen organizations aimed at raising the standards and ethics in the real estate industry. He gives each client his focused attention with the simple purpose of doing what is best for them. Nearly all of his business comes from referrals from his satisfied clients helping him to stay in the top 1% nationwide.
Aaron lives in Yorba Linda with his wife Dawn. They have been married for 18 years and have two boys and a Beagle named Sadie. He is an active member of Friends Church in Yorba Linda as a Board Member, and the Chamber of Commerce where he has served as the Chamber’s Network Connection President. In the summer of 2013 he travelled to India with his oldest son to care for and educate the poorest of the poor.
714-660-2122 x 1001 Office