I haven’t been directly involved in any group housing, but the ones I’ve visited or learned about are predominantly rented, with a few exceptions of “owned by one, rented to the others”. And I’ve heard of but not interacted with “corporation formed for ownership, with some residents fully bought-in, some renting without ownership (but still voting on many decisions), and with the provision for (but not actual existence of, that I know of) non-resident investors.
The single biggest piece of advice I have is “plan for exit before you start.” When someone decides they want to do something else, how do they take any equity they have without crippling the remaining folks?
I haven’t been directly involved in any group housing, but the ones I’ve visited or learned about are predominantly rented, with a few exceptions of “owned by one, rented to the others”. And I’ve heard of but not interacted with “corporation formed for ownership, with some residents fully bought-in, some renting without ownership (but still voting on many decisions), and with the provision for (but not actual existence of, that I know of) non-resident investors.
The single biggest piece of advice I have is “plan for exit before you start.” When someone decides they want to do something else, how do they take any equity they have without crippling the remaining folks?
Nice. I’d be really interested to hear from, or about, the corporations formed for ownership.