buying property with family

[AAbsolute]

It probably sounds rather insane in the context of all the posts on this thread, but there are towns in the Northeast where families stick together and support one another above all else. The elders have earned the respect of the younger members through education and living as an example. It's still possible to get family values together and it starts with the youngin's having faith and respect in their elders.

 

[SHELLY]

It probably sounds rather insane in the context of all the posts on this thread, but there are towns in the Northeast where families stick together and support one another above all else. The elders have earned the respect of the younger members through education and living as an example. It's still possible to get family values together and it starts with the youngin's having faith and respect in their elders.

...I'm feeling that is not the case in this situation. The statement, "Also, can you advise how to keep others such as spouses, children, debt collecotrs from having ownership in the property?" was a dead giveaway. Not exactly a question John Boy Walton would ask.

 

[AAbsolute]

...I'm feeling that is not the case in this situation. The statement, "Also, can you advise how to keep others such as spouses, children, debt collecotrs from having ownership in the property?" was a dead giveaway. Not exactly a question John Boy Walton would ask.

Another insightful and wise observation. See ya

 

[Matt J]

It probably sounds rather insane in the context of all the posts on this thread, but there are towns in the Northeast where families stick together and support one another above all else. The elders have earned the respect of the younger members through education and living as an example. It's still possible to get family values together and it starts with the youngin's having faith and respect in their elders.

Are you referring to the Amish?

 

[AAbsolute]

Are you referring to the Amish?

No. It does sound antiquated though doesn't it.

There are communities, usually cohesive because of race or religion, who feel they must stick together and support one another. I know of communities where families still kick up and pool resources as an investment in the betterment of the finances. I've seen families sitting together on a weekend, with must be 3 or 4 generations, where everyone is listening to an elder. Those who earn the floor must have earned great respect and not abused it. It's probably rare.

 

[SHELLY]

Those who earn the floor must have earned great respect and not abused it. It's probably rare.

....rare as in rocking horse manure?

Seriously, I have a group of cousins from up north that owned a beach house together in Cape May, NJ. In the northeast it's fairly common for families to own these beach houses, but more likely than not (as was the case with my cousins) there was a grandpa who bought the house long ago for a song, died and passed it down to the family. These houses stayed in the family with minimal problems because they were usually paid off when they were inherited; the season was so short (they're usually shut down for the winter); and there wasn't any of the wallet-draining HOA fees and gated community drama crappola like we've got today. I would never recommend family members getting together to "invest" in a beach house--too many moving parts to go wrong.

BTW, my cousins sold off the house in 2003 and now rent wherever they go on vacation.

 

[dunebug]

Unfortunately we do not live in a perfect world so I want to make sure I have all the bases covered. I trust the people I am considering investing with but issues may arise (hopefully not). I think its a legimate question and knew my fellow SoWal bloggers would know the answer. Thanks for all the responses!

 

[AAbsolute]

....rare as in rocking horse manure?

Seriously, I have a group of cousins from up north that owned a beach house together in Cape May, NJ. In the northeast it's fairly common for families to own these beach houses, but more likely than not (as was the case with my cousins) there was a grandpa who bought the house long ago for a song, died and passed it down to the family. These houses stayed in the family with minimal problems because they were usually paid off when they were inherited; the season was so short (they're usually shut down for the winter); and there wasn't any of the wallet-draining HOA fees and gated community drama crappola like we've got today. I would never recommend family members getting together to "invest" in a beach house--too many moving parts to go wrong.

BTW, my cousins sold off the house in 2003 and now rent wherever they go on vacation.

Sounds like your family was one of the many on the Jersey Shore that owned generational vacation housing. As the market and economy deteriorate further some families will start sticking together again.