it was suposed to be easy

So I had just moved back to my home state and wanted to buy a house and couldnt get a big enough loan but my brother was in the same situation so we decided to get a house and split it, improve it, earn money and part ways after a few years. While the looking for a house was going down my boyfriend was away for his job and got hurt and had to leave it and we got an apartment together while house hunting was happening. *we had decided on a long distance relationship but now that obviously changed and that is a whole different story (bf not financially stable). So now my brother and I decide on a house and purchase it and my bf is also moving in. So my brother and i decide to have everyone pay 1/3 of mortgage but my bf says my brother and i should be splitting the mortgage and he pay me rent toward my part. End goal is to split any profit made on the house 50/50 for my brother and I. Who is right? I can see both views. Now it has been almost 2 years and it got brought up again and there is feud. Wanting others opinions!!?

Whose name is actually on the mortgage?

Boyfriend is right. If his name isn’t on the deed, he shouldn’t be paying 1/3 of the mortgage. You can charge him whatever rent you like, that’s separate from the mortgage question. Why should he have to pay a full third when he builds no equity and gets no tax advantages?

I agree with Bill Door; if bf pays 1/3 mortgage, he should get 1/3 the proceeds.

And I agree with the Door and the mutt. And the BF.

You pay half the mortgage, your brother pays half. Your boyfriend pays rent. Make sure your boyfriend signs a lease.

“Simple” and “easy” are not words that apply very well to real estate.

Regards,
Shodan

If you guys are co-owners you should be co-landlords too. As in, you split the mortgage but then you also split the proceeds from your BF’s rent.

So if the mortgage is $1000, you and bro each pay $500. Then bf gives you a rent check for $300, and you give $150 of it to your bro.

Utilities can be split 3 ways though. No one is getting equity out of that.

A: Bill Door has the right of it.
B: Nice user name / post combo.

My brother and I were looking at it as my bf paying 200 to each of us as a rent payment. I see both ways of looking at it. Now that my bf and i are recently engaged and it got brought up agian its a problem again. How would i change something that was already agreed upon before buying the house? ! I know looking at it now it seems like I’m putting more money into the house than my brother.

You and your BF are using more house than your brother. You two pay more now and still get 1/2 the proceeds. That is fair.

StG

And that goes double when family is involved.

So bro pays his half of the mortgage and you pay your half. BF pays you $400/month rent, you give half to bro. Seems simple…

Word of caution:

Please see a tax person about the rental income aspect. One of our ex-landlords (A really nice guy), apparently took the rental money we were paying him and sent it directly to his house payment account–he bought the house for his mother to retire to–without declaring the rental payment as income on his taxes. Or something like that. Got into some kind of trouble later with the IRS.