Ownership and principal
From: ann (annslac.com)
Date: Fri, 5 Mar 2004 12:44:20 -0700 (MST)
We've been contemplating buying a duplex or triplex with friends, thus forming a teeny tiny cohousing community. In this area, purchasing a duplex or triplex would actually happen on a single loan initially, until we created legal condos. So...here's the question...some of the properties we've seen have units of unequal size, and, also, we would all like to be able to pay extra principal as we can. The thing is, we're all on one loan. If principal is the only criteria for ownership, you can get into strange situations where one family begins to own disproportionately more and more of the undivided property by paying small amounts of extra principal...the potential for strangeness is increased when the units are of unequal size and thus the families are paying unequal portions of the monthly payments...any ideas on good ways to handle this? If we just decide not ever to pay extra principal, it's easy, but we'd like to pay the loan off more quickly if we can.

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