OK - Im not even done closing on my first home and B is already wanting a 2nd. I want the good and bad... heres the situation...
Bs childhood friend K owns a cabin in the mountains. He just refinanced the house down to what its worth - $200k. He has offered 50% of the house to us and another friend of his and Bs - each at 25%.
So we would have 25% ownership, S would have 25% and K would have 50%. We would each pay our share of the homes mortgage, taxes, insurance, electric, etc. We haven't gone over EXACTS yet but its around $500/month for us.
We would get the cabin one week each month - but if its available (as in Keith isn't using his week/weekend) we can go up there. Holidays would rotate every 3rd year - 4th of July, Memorial Weekend, Labor Day - each would get one every year rotating, etc.
The cabin is local - 45 minutes away and weve been there a half dozen times and love it. We think it would be nice to be able to get away once a month and just relax. I guess this is kind of like a timeshare (which I know nothing about).....
OK - give me the good and bad (simplified please) on having a 2nd home. Thanks!


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