Good or bad choice co-signed on house

[sean360]

Hi, wondering what you guys thing of this situation, I have a very good friend that want to buy a house but does not qualify for a certain amount, and want to purchase a house.the options are

1/co-sign on a house mortgage?
2/ co own the home, purchase together
3/ purchase the home myself and rent it out to them?
In all three scenarios I see the potential for drama and if something happens and they can’t pay it could cause major issue with with friendship. What sat the coil? Thanks

 

[Estarossa]

Don’t.

 

[Matt504]

If you want to remain good friends with this person, tell them you can't get involved.

 

[BeeCityRoller]

Are you serious

 

[Methodical]

Bad idea

 

[Pseudonym]

Don’t do it. If I had to choose, I would go with option 3

 

[13473]

3/ purchase the home myself and rent it out to them?

this is the only one i'd consider & still no. why are u going out the way so much for a mere friend? i could see if this was your child or ex wife who has custody of your kids...but a friend's housing situation isn't your responsibility

if they want the house bad enough they could simply get a second job or train & find a better paying job

 

[Double Burger With Cheese]

Listen to these brehs and don’t get involved. Seems like you may have a hard time telling friends and fam no when they ask for or need help. Trust me, I’m a little of the same. But some shyt is just ridiculous. Like it’s irresponsible for your friend to even ask that of you. It’s almost certain that it won’t end well. And you already know this, but you resisting your instincts, which typically is not a good idea. You know the right choice. You just came to the coli to get motivation and courage to tell them no. So listen to the advice.

 

[BigMoneyGrip]

Consigning on a car is one thing but on a house? nikka is you crazy?

 

[Da Jungles]

Consigning on a car is one thing but on a house? nikka is you crazy?

 

[MikelArteta]

Don’t do it

My credit was destroyed for many years for being a co-signer

don’t

 

[GetSomeMoney]

what kind of friends do you all have??

 

[Standing on business]

You have to be bold as hell to ask some to co-sign a mortgage for you

 

[Geek Nasty]

Under absolutely no circumstances should you cosign or share ownership with your friend. They have bad credit because they're bad at paying bills on time. They will be bad at paying the mortgage on time as well and will use your friendship as an excuse to skip out on paying ("we're buddies, he's got it like that"). In the end, YOUR credit will suffer and you don't want to fukk around with a bad mortgage history on your credit report. The man don't care about "but it was my friend paying late".

Same goes for renting to your friend.

This is a TERRIBLE idea whichever option you pick.

 

[Family Lives Matter]

Worst decision you've ever made